SWOT Analysis
Strength: Medical terminology software offers standardized and organized clinical documentation which enhances treatment quality and safety of patients. It allows consolidating medical terminologies and coding systems. The software helps in automating encoding, indexing and retrieval of medical records.
Weakness: High initial purchase and implementation cost of medical terminology software limits its adoption, especially among small healthcare facilities. Limited customization options in few software restricts their usage.
Opportunity: Growing digitization of healthcare industry presents an opportunity for medical terminology software vendors to expand their offerings. Adoption of AI and ML technologies can help vendors enhance capabilities of their software.
Threats: Open-source and free medical terminology tools pose pricing pressure on commercial vendors. Lack of training and technical expertise among healthcare staff hinders effective use of such software.
Key Takeaways:
Global Medical Terminology Software Market Demand is expected to witness high growth, exhibiting CAGR of 17% over the forecast period, due to increasing digitization of healthcare sector and need for standardized recording and retrieval of medical data. Growing investment by governments and private players to modernize healthcare infrastructure is driving adoption of such software.
Regional analysis: North America dominates the global market and is expected to maintain leading position during the forecast period. Presence of advanced healthcare IT infrastructure and major players in the region attributes to its large market share. Asia Pacific is projected to witness fastest growth owing to rising healthcare expenditure, growing demand for quality healthcare and improving access to healthcare insurance in developing countries.
Key players operating in the medical terminology software market are Wolters Kluwer, 3M, Apelon, Intelligent Medical Objects, Clinical Architecture, CareCom, Bitac, B2i Healthcare, HiveWorx, BT Clinical Computing, EzCoder, Acupedia, Savante International, Vocera Communications, IntraMed Abbreviation Engine, CloudPital, SoftMed Systems, DXC Technology Company, DECISIONQ, GenoLogics. These players are focusing on new product launches, partnerships, and M&A activities to expand their presence and offerings worldwide.
Global Medical Terminology Software To Witness High Growth Owing To Rise In Healthcare Spending
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