Global Medical Terminology Software Market: Growing initiatives by governments to adopt Healthcare Information Technology (HCIT) to improve the clinical data operations is also expected to boost the growth of the medical terminology software market.

The medical terminology software market is projected to reach USD 1,786 million by 2027 from USD 707 million in 2020, at a CAGR of 20.4 % during the forecast period. The rising focus of the medical sector and hospitals on minimizing medical errors while maintaining standardized information related to patients is expected to drive the growth of the market. Growing initiatives by governments to adopt Healthcare Information Technology (HCIT) to improve the clinical data operations is also expected to boost the growth of the medical terminology software market.

Additionally, increasing demand for advanced healthcare data software is expected to create better business opportunities for solution providers of medical terminology software. Hospitals are facing difficulties in maintaining and keeping standardized records of patients, which is a factor that may adversely impact patients during the treatment period. Medical terminology software helps medical institutes and hospitals to maintain standardized records of the patients with all medical history. Thousands of patients die every year because of medical errors. Medical terminology software is used to handle the large additional data in the healthcare sector and regulate the individual patient’s data.

This software can be used to decrease medical errors and provide correct treatment to patients. Medical terminology software also helps in integrating, managing, extending data standards, and deploying standard terminology in the healthcare sector. It helps hospitals to improve patient documentation processes and records the clinical information. Medical terminology software is applicable in decision support, clinical trials and guidelines, reimbursements, quality reporting, and public health surveillance. Adoption of medical terminology software is increasing among hospitals and healthcare companies to improve data related operations.

Hospitals are ignoring the use of medical terminology software and other healthcare software solutions to maintain the patient’s clinical records, which restrains the growth of the market.Lack of knowledge and awareness about the use of medical terminology software among medical professionals is expected to hamper the growth of the market.
Some of the key players in the global medical terminology software market are Wolters Kluwer (Netherlands), 3M (US), Intelligent Medical Objects (US), Apelon (US), Clinical Architecture (US), CareCom (Denmark), Bitac (Spain), B2i Healthcare (Hungary), BT Clinical Computing (Belgium), and HiveWorx (Ireland).

The Americas is expected to hold a major share in the global medical terminology software market can be attributed to the growing demand for accurate data exchange between healthcare providers and payers to streamline workflows in the region.

Europe is expected to hold the second largest share in the medical terminology software market due to the increasing need to maintain data integrity is expected to provide further growth opportunities for market players in the coming years.

Asia-Pacific was projected to be the fastest growing region for the global medical terminology software market due to the high adoption of HCIT technologies, regulatory requirements regarding patient safety. The Middle East and