Medical Terminology Software Market projected to reach USD 4.95 billion by 2032, growing rapidly.

From GlobeNewswire: 2025-01-23 08:00:00

The Medical Terminology Software Market is projected to reach USD 4.95 billion by 2032, with a CAGR of 17.09% from 2024-2032. The increasing integration of healthcare IT solutions and the need for standardized medical terminology are driving market growth. Leading companies in this market include 3M, Apelon, Cerner Corporation, and others.

In 2023, the Services segment dominated the market, accounting for 60% of the market share. Data Integration was the dominant application, essential for improving care coordination and enhancing clinical outcomes. The North American region held the largest market share in 2023, while Asia Pacific is expected to exhibit the highest growth rate in the coming years.

Recent developments in the industry include Google’s Vertex AI Search for Healthcare, an AI-powered search tool, and AI-powered dictation software aimed at alleviating administrative burdens for physicians. Vital also launched a Doctor-to-Patient Translator powered by AI and LLMs, making medical information more accessible for patients. The global market for medical terminology software is growing due to the demand for cloud-based solutions and the increase in the elderly population. Healthcare organizations are facing challenges with inconsistent medical terminology, leading to documentation errors, driving the need for standardized software solutions. North America contributes approximately 50% of the USD 95 billion spent on healthcare IT systems globally. Nearly 75% of hospitals in North America have adopted EHR systems, with a growing integration of medical terminology software to improve accuracy and data interoperability. The demand for standardized medical terminology in clinical trials is increasing, accounting for 20% of the total market share for medical terminology software with a projected growth rate of 8% annually.



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