Browse in-depth TOC on "Medical Terminology Software Market"
74 – Tables
26 – Figures
124 – Pages

The quality reporting segment is expected to witness the highest growth rate in the medical terminology software market, by application

Based on application, the quality reporting segment is expected to register the highest CAGR during the forecast period. Factors responsible for the growth of this segment are the benefits offered by the segment such as improved patient safety, improvements in the quality of care, efficient healthcare services & patient outcomes.

By end user, the private payers segment accounted for the largest share of the medical terminology software market, by healthcare payers in 2021.

The private payers segment is estimated to have the largest share by healthcare payers end user of the market. The large share of the segment is attributed to the advantages offered to the private payers such as benefits of normalization through fully integrated medical terminology management solutions to ensure more effective communication, less inconsistency, and more streamlined administrative costs.

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North America dominated the medical terminology software market in 2021

North America accounted for the largest share of the medical terminology software market in 2021, followed by Europe and Asia Pacific. The large share of North America in the global market can be attributed to the presence of a strong IT infrastructure in the region, the high adoption rate of HCIT technologies, regulatory requirements regarding patient safety, and the growing demand for accurate data exchanges between healthcare providers & payers to streamline workflows. The presence of major market players in the US and a large number of outpatient healthcare facilities are further contributing to the growth of the market in the region.

Although the adoption of medical terminology solutions is gradually increasing, several healthcare providers are still reluctant to use these solutions over conventional practices. This can be attributed to the lack of IT knowledge among healthcare providers. For instance, physicians and practice managers are well-adapted to complicated groups of spreadsheets and have experience in searching codes across multiple sources.