Medical terminology software market to be valued at $4.95b by 2032

Its growth is driven by the need for standardisation and better health data integration.

The global medical terminology software market is projected to reach $4.95b by 2032 at a compound annual growth rate of 17.09%, according to SNS Insider.

The sector’s expansion is attributed to the need for standardisation, better integration of healthcare data, and improved clinical outcomes.

Healthcare systems use medical terminology standards like ICD, SNOMED CT, and CPT to ensure consistent and accurate clinical documentation, billing, and diagnosis coding.

“These advancements are coupled with the increasing complexity of medical data and the rising need for regulatory compliance in clinical and healthcare settings,” the report said.