The global medical terminology software market is projected to reach USD 2.5 billion by 2027 from an estimated USD 1.0 billion in 2022, at a CAGR of 19.3% during the forecast period. Growth in this market is driven by the rising focus on minimizing medical errors, and government initiatives for HCIT adoption. On the other hand, IT infrastructural constraints and the interoperability issues are limiting the growth of the global medical terminology software market to a certain extent.
The global medical terminology software market is consolidated with the presence of few regional and global players like Wolters Kluwer N.V. (Netherlands), 3M (US), Intelligent Medical Objects, Inc. (US), Clinical Architecture, LLC (US), Apelon, Inc. (US), CareCom (Denmark), BiTAC (Spain), B2i Healthcare (Hungary), BT Clinical Computing (Belgium), and HiveWorx (Ireland). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global market.
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Intelligent Medical Objects (IMO) was the dominant player in the global medical terminology software market in 2021. IMO develops the most widely accepted medical terminology solution for managing medical vocabularies and software applications in healthcare organizations worldwide. IMO’s terminology is used by more than 3,500 hospitals and 450,000 physicians daily, and this trusted terminology platform supports innovations by provider systems. IMO’s medical vocabulary and mapping products effectively capture clinical intent and help EMRs preserve and communicate this across the entire spectrum of care. IMO’s clinical terms are mapped to all standard coding systems, including ICD-9, ICD-10, and SNOMED.
Wolters Kluwer N.V. (Netherlands) held the second position in the global medical terminology software market in 2021. Kluwer offers a wide range of products through its Health business segment. Medical terminology solutions are offered through one of its subsidiaries—Health Language. The company has a strong presence in Europe, North America, Asia, and the Middle East. Over the years, the company has maintained its position in the market through continuous innovations in its software solutions. For instance, in January 2021, Wolters Kluwer partnered with Henry Schein to integrate Henry Schein MicroMD, a practice management and electronic medical record (EMR) solution, with Health Language’s Clinical Interface Terminology (CIT) to quickly map over a million medical abbreviations, typos, incomplete terms, and acronyms so as to standardize terminology.
Medical Terminology Software Market by Application (Data Aggregation, Reimbursement, Data Integration, Clinical Trials), Products & Services (Services, Platforms), End User (Healthcare Providers, Healthcare Payers, IT Vendors) - Global Forecast to 2027
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