Accordign to market research report, "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", 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 using consistent, standardized clinical terminology to help medical practitioners access and understand clinical data found in healthcare applications, government initiatives to adopt HCIT solutions, and fragmentation in terms of medical content & infrastructure. However, high cost of infrastructure & maintenance in developing countries are expected to restrain market growth to a certain extent. 

Currently, healthcare ecosystems are quite fragmented in terms of content and infrastructure. A health delivery organization may manage 40 or more separate IT systems, with each system having its own clinical terminology content and infrastructure.

These terminology silos make it difficult for organizations to leverage isolated clinical data, which impacts downstream activities such as data analytics. The problem further intensifies when a health system seeks to share data with other healthcare partners. In that scenario, the relevant data resides in numerous isolated systems scattered across multiple healthcare organizations. 

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The lack of a common clinical vocabulary across a magnitude of standalone systems is a key obstacle to national efforts to increase interoperability, transparency, and collaboration within the healthcare system. 

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The healthcare industry is highly information-intensive, wherein patient information is generated in all departments at all points of care within a healthcare organization. However, this information can be unusable if not integrated properly to create an exhaustive and accurate patient record. 

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.

Healthcare institutions have a growing need for solutions that fully utilize clinical data from within and outside the EHR system. Clean, accurate data is fundamental to maintaining the integrity of information shared across the healthcare industry.

However, hospitals face several difficulties in keeping up with the changes in requirements, coding, and the exchange of patient records across different healthcare providers.

Currently, the exchange of EHR data from within the healthcare ecosystem does not work as implemented, and incorporating external data is sub-optimal. Without solutions to properly standardize, organize, clean, and maintain clinical data, granularity is lost during the exchange of information, usually due to human or machine readability errors.

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Key Players in Medical Terminology Software Market:

  1. Wolters Kluwer N.V. (Netherlands),
  2. 3M (US),
  3. Intelligent Medical Objects, Inc. (US),
  4. Apelon, Inc. (US),
  5. Clinical Architecture, LLC (US),
  6. CareCom (Denmark),
  7. BiTAC (Spain),
  8. B2i Healthcare (Hungary),
  9. BT Clinical Computing (Belgium), and
  10. HiveWorx (Ireland) are the major players in this market.