Rising adoption of medical terminology software in hospitals to drive market growth: study
The emerging technology can manage redundant patient information in hospitals.
The global medical terminology software sector is expected to become a US$1.7b market by 2027 amid rising adoption among healthcare providers, a report by Technavio showed.
In a recent report, the technology research and advisory firm expects the end-users or healthcare providers like hospitals, clinics, doctors' offices, and other medical institutions, to see their share of the market rise significantly between 2022 and 2027.
The global market for medical terminology software, a computer program that helps professionals better understand data in various healthcare settings, is projected to register a compound annual growth rate of 19.34% in five years’ time according to Technavio. Managing redundant patient information in hospitals is among its common use.
“Increasing demand for medical terminology software is the key factor driving the growth of the market,” it said in a statement. “[The software] delivers clinically verified terminology, proactively recognises information gaps, and enhances data quality.”
The United States’s US$5b budget to Advanced Research Projects Agency for Health, a research funding agency, could also support increased adoption of medical terminology software according to the study.
For instance, it said the terminology solutions provided by Intelligent Medical Objects could process descriptions written in a language familiar to clinicians as well as adapt the clinician's language to administrative coding systems, simplifying workflows to access and assess patient data.