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(Medical-NewsWire.com, November 17, 2022 ) According to Precision Business Insights (PBI) latest report, the global medical terminology software market size was valued at USD 849.8 million in 2021, growing at a CAGR of 20.2% over the forecast period 2022-28. A vocabulary that is used to precisely explain the frame, along with its components, processes, conditions that affect it, and procedures carried out on it, is what is meant by the term medical terminology. The use of medical terminology in the field of medicine is supported by software that helps close the communication gap between specialists and laypeople. The software for medical terminology makes it easier to document patients and makes it easier to record clinical data.
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Medical Terminology Software Market Growth Factors
The sector is expanding as a result of the growing demand for interoperability among various healthcare departments. One of the main causes of death worldwide is medical error. The third largest cause of death in the US, behind heart disease and cancer, is clinical errors, which, in accordance with John Hopkins research, result in more than 270,000 fatalities annually. One of the main reasons for medical errors is the absence of standardized nomenclature. The healthcare sector and hospitals are expected to put more emphasis on eliminating clinical errors while keeping standard patient information, which will support industry growth. The government has been acting proactively in recent years to hasten Health Information Technologies (HITs) use in healthcare environments.
Medical Terminology Software Market Trends
• The market is expanding as a result of factors such as the growing specialization in decreasing medical errors while still being driven by the growing need to maintain information integrity.
• The market's growth is being constrained by various challenges, such as the hesitation to choose new solutions over conventional methods. Hospitals have trouble maintaining and keeping consistent patient records, which could be a problem that negatively affects patients throughout the course of their treatment.
• The medical terminology software is used to manage the enormous amount of additional information in the healthcare industry and control the data specific to each patient.
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Medical Terminology Software Market Segmentation
1) By Product: Platforms and Services.
2) By Application: Data Aggregation, Decision Support, Clinical Trials, Clinical Guidelines, Reimbursement, Public Health Surveillance, Quality Reporting, Others.
3) By End User: Healthcare IT Vendors, Healthcare Payers, Healthcare Providers, and Other End Users
Medical Terminology Software Market Regional Analysis
North America held the biggest market share, with Asia Pacific coming in second. Due to the enhanced precision and accuracy of medical termination software, North America currently dominates the market. Additionally, the market for medical termination software is anticipated to expand in the Asia Pacific region thanks to the adoption of improved technology.
The major players operating in the Medical Terminology Software Market are Intelligent Medical Objects (US), Apelon (US), Clinical Architecture (US), CareCom (Denmark), Bitac (Spain), B2i Healthcare (Hungary), BT Clinical Computing (Belgium), HiveWorx (Ireland)
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