Medical Terminology Software Market Outlook 2027

Medical terminology is the language used to describe components and processes of the human body, medical procedures, diseases, disorders, and pharmacology. It is the vocabulary that medical professionals use to describe the body, what it does, and the treatments they prescribe. Medical software is any software item or system used within a medical context, such as, standalone software used for diagnostic or therapeutic purposes, software embedded in medical device,and the software that drives a medical device or determines how it is used. It is used as software that acts as an accessory to a medical device, software used in the design, production, and testing of a medical device. Furthermore, the software provides quality control management of a medical device.

Medical Terminology Software Market scope and structure analysis

COVID-19 scenarioanalysis

Pharmaceutical and biotechnological companies together with governments around the globe are working to combat with the COVID-19 outbreak, from supporting the development of vaccines to schedule for medicines supply chain challenges. Furthermore, there are around 115 vaccine candidates and other 155 molecules that are kept in the R&D pipeline in the coming years. Moreover, commonly used drugs such as hydroxychloroquine have seen huge boost in demand for the management of COVID-19. Increase in demand for drugs has been witnessed, which is likely to offer lucrative opportunity for manufacturers of COVID-19 management drugs, as many developed countries are short of these drugs. Owing to the demand for vaccine and treatment drugs for COVID-19, the pharmaceutical and biotechnology industry is anticipated to witness a substantial growth in the next few years.

Top impacting factors:market scenario analysis, trends, drivers, and impact analysis

The major factor affecting the industry includes surge in the focus on minimizing medical errors, government initiatives for healthcare information technology (HCIT) adoption, and disparity &fragmentation in the terminology content of healthcare organizations. In addition, surge in the need to maintain data integrity is aiding the growth of the market. However, reluctance to use terminology solutions over conventional practices isrestraining the growth of the overall market.

Risein number of product launches

Increase has been witnessed in the demand for software,which are able to manage medical terminologies, as the data is humongous and hence the companies are launching products, which are meetingthe current demand. For instance, in March 2018, Clinical Architecture, a software development company focusing on healthcare enterprise content management, announced that it expanded its offerings to include Symedical on fast healthcare interoperability resource(FHIR), a RESTful application programming interface (API) based on the FHIR Terminology Service standard.

The company is excited to make the Symedical product compatible with FHIR, giving clients and partners another way to leverage its platform to provide access to high-quality data.

Surge in number of mergers and acquisitions

Increase in the number of mergers and acquisitions is anticipated toboost the growth of the industryin the coming years. For instance, in June 2018, Tieto and CareCom signed a strategic partnership solving the challenge of semantic interoperability for healthcare IT systems. The agreement is strengthening the cooperation and product offering for CareCom’s terminology platform, HealthTerm.

HealthTerm handles all tasks related to terminologies, code systems, and structured content from creation of new code systems to translation of international code systems or mappings between local code lists and international standards. Together with CareCom, Tieto will offer solutions to one of the healthcare systems big challenges of semantic interoperability and integration.

Key segments covered

Key benefits of the report:

• This study presents the analytical depiction of the global medical terminology softwaremarketalong with the current trends and future estimations to determine the imminent investment pockets.

• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global medical terminology softwaremarket share.

• The current market is quantitatively analyzed from 2020 to 2027 to highlight the medical terminology software market growth scenario.

• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.

• The report provides a detailed medical terminology software market analysis depending on competitive intensity and how the competition will take shape in coming years.

Questions answered in the global medical terminology software market research report:

• Which are the leading players active in the global medical terminology softwaremarket?

• What are the current trends that will influence the market in the next few years?

• What are the driving factors, restraints, and opportunities of the market?

• What are the projections for the future that would help in tasking further strategic steps?