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Medical Terminology Software Market size is set to grow by USD 2.75 billion from 2024-2028, Rising focus on minimizing medical errors boost the market, Technavio

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NEW YORK, June 11, 2024 /PRNewswire/ — The global medical terminology software market size is estimated to grow by USD 2.75 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 24%  during the forecast period. Rising focus on minimizing medical errors is driving market growth, with a trend towards growing adoption of HCIT. However, challenges associated with the development of healthcare software  poses a challenge. Key market players include 3M Co., Apelon Inc., B2i Healthcare Pte Ltd, BITAC MAP SL, BT Clinical Computing, Clinical Architecture LLC, Dreamsoft4u, Epic Systems Corp., Henry Schein Inc., HiveWorx, Intelligent Medical Objects Inc., Medaara Healthcare Solutions, Meditab Software Inc., Medocomp Systems Inc., Regenstrief Institute, Rhapsody, SNOMED International, Spellex Corp., West Coast Informatics LLC, and Wolters Kluwer NV.

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Medical Terminology Software Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 24%

Market growth 2024-2028

USD 2755.2 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

20.16

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 45%

Key countries

US, Canada, UK, China, and Germany

Key companies profiled

3M Co., Apelon Inc., B2i Healthcare Pte Ltd, BITAC MAP SL, BT Clinical Computing, Clinical Architecture LLC, Dreamsoft4u, Epic Systems Corp., Henry Schein Inc., HiveWorx, Intelligent Medical Objects Inc., Medaara Healthcare Solutions, Meditab Software Inc., Medocomp Systems Inc., Regenstrief Institute, Rhapsody, SNOMED International, Spellex Corp., West Coast Informatics LLC, and Wolters Kluwer NV

Market Driver

The healthcare industry’s increasing use of Health Information and Communication Technology (HCIT) is fueling the demand for medical terminology software. HCIT applications, including workflow optimization, revenue management, and patient engagement, require coded data for reimbursement and reporting.

Medical terminology software translates free text into coded data, improving clinical, operational, and financial outcomes. AI in medical imaging enhances diagnoses and personalized treatment recommendations, driving the need for interoperability among healthcare providers, epidemiologists, and physicians. This trend will continue to expand the global medical terminology software market during the forecast period. 

The market for Medical Terminology Software is thriving with advancements. Solutions help healthcare professionals manage and understand complex medical terminology. Recent trends include the integration of artificial intelligence and machine learning for improved accuracy and efficiency. These technologies enable automatic coding and diagnosis, reducing manual errors.

Additionally, cloud-based systems offer accessibility and flexibility for remote work. The market is projected to grow significantly due to the increasing demand for streamlined healthcare processes and regulatory compliance. Overall, Medical Terminology Software is a crucial investment for healthcare organizations seeking to enhance patient care and operational efficiency. 

Research report provides comprehensive data on impact of trend. For more details- Download a Sample Report

Market Challenges

The healthcare software market, including medical terminology software, faces numerous challenges. Regulations for third-party medical devices and software categorization vary by region and country.Compliance with healthcare standards like HL7 FHIR and MedMij requires technical and security audits, which take time. Continuous industry changes, such as new devices and compliance standards, necessitate adaptability from developers. These factors may negatively impact the growth of the medical terminology software market.The Medical Terminology Software market faces several challenges in providing accurate and efficient solutions. Errors in decoding medical terminology can lead to misdiagnosis and incorrect treatment plans. The complexity of medical terminology requires continuous updates and expansions to keep up with new terms and their meanings. Additionally, integrating these software solutions with electronic health records and other healthcare systems can be a significant challenge.Providers need user-friendly interfaces and seamless integration to ensure effective communication between healthcare professionals and accurate patient care. Furthermore, ensuring data security and privacy is crucial in this market. Providers must comply with regulations such as HIPAA and HITECH to protect sensitive patient information. Overall, the Medical Terminology Software market must address these challenges to provide valuable tools for healthcare professionals and improve patient outcomes.

For more insights on driver and challenges – Request a sample report!

Segment Overview 

End-user 1.1 Healthcare providers1.2 Healthcare payers1.3 Healthcare IT vendorsType 2.1 Services2.2 PlatformsGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Healthcare providers-  Medical terminology software is a crucial tool for the healthcare providers industry, generating approximately half of the global market revenue in 2023. Hospitals, clinics, doctor offices, long-term care facilities, and rehabilitation centers use this software for accurate clinical documentation, coding, and information sharing. The growing need for managing patient data and adhering to coding guidelines drives the adoption of medical terminology software. Significant investments in health research and development, such as the USD5 billion commitment for ARPA-H in the 2023 US Budget, will further fuel the market growth during the forecast period.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Research Analysis

The Medical Terminology Software Market is pivotal for healthcare organizations, enhancing interoperability across departments and enabling effective communication among providers. These solutions minimize medical errors in EHRs, ensuring patient safety. Compliance with government norms and reimbursement is streamlined via data aggregation and integration. Decentralized clinical trials, R&D, and clinical studies benefit from robust decision support systems. Additionally, data quality reporting and public health surveillance improve hospitalizations and claim submissions. Occupational Therapy Software, AI in healthcare, and ICT services in education also advance, optimizing medical billing processes and evolving to meet industry demands.

Market Research Overview

The Medical Terminology Software market, integral to enhancing clinical documentation and coding accuracy, now incorporates advanced solutions such as Occupational Therapy Software and AI in healthcare. These innovations streamline healthcare workflows and improve patient outcomes. Integration with EHRs and billing systems, along with features like spell-check and autocomplete, are standard. The growing adoption of digital health solutions and regulatory demands fuel this market’s expansion. Additionally, the role of Information and Communications Technology Services in Education is crucial, providing the necessary training and support for effective utilization of these technologies in healthcare settings.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

End-userHealthcare ProvidersHealthcare PayersHealthcare IT VendorsTypeServicesPlatformsGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Schematic Raises $4.8M in Funding For the Last Mile of Pricing and Packaging For SaaS Companies

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Schematic is transforming pricing and packaging for B2B SaaS companies, allowing product and engineering teams to implement flexible models with minimal maintenance. By eliminating fragmented, homegrown systems, Schematic helps businesses adapt to modern buying preferences and maximize revenue. Now publicly available, the platform includes embeddable UI components and integrates deeply with Stripe. Backed by $4.8M in seed funding, Schematic offers a streamlined solution for managing the full pricing and packaging lifecycle.

BOULDER, Colo., Sept. 20, 2024 /PRNewswire-PRWeb/ — Schematic is transforming pricing and packaging for B2B SaaS companies by getting product and engineering teams out of billing projects. With just a few lines of code, businesses can implement pricing and packaging into any application, bridging the gap between outdated, inflexible billing tools and the demands of modern software businesses.

“Maintaining pricing and packaging has been messy for product and engineering teams. Tools exist for finance, but none bridge the gap to support feature fulfillment and user experience. Schematic fills that gap, offering control and transparency from rollout to revenue,” said Fynn Glover, CEO

The company announced today that it is now available to the public after a year in development with a select set of beta customers, and that it is launching Components – embeddable UI elements for purchasing experiences – and a deep integration with Stripe providing a full stack solution for pricing and packaging.

The current pricing and packaging landscape is dominated by fragmented systems and frankenstein implementations. Schematic surveyed 100s of product and engineering leaders and found that their homegrown systems and processes weren’t built for flexibility or to support modern buying preferences such as metering and modular packaging. Consistently, teams struggled to adequately resource pricing and packaging initiatives and, as a result, left significant money on the table.

“Historically, maintaining pricing and packaging for product and engineering teams has been a mess. The market has tools for finance teams in spades, but none that bridge the gap to the application to support feature fulfillment, the end user experience, and internal tools, so we end up building them from scratch. We built Schematic to address that gap, and our product allows businesses to handle the entire lifecycle of a feature from rollout to revenue, offering best-in-class control and transparency to end users out of the box,” said Fynn Glover, CEO of Schematic.

The company wants to eliminate the need for businesses to reinvent the wheel to support pricing and packaging in applications. Schematic offers the flexibility to launch, package, meter, and monitor features from one place, without the tax of architecting and maintaining homegrown systems.

Pricing and packaging sits within a $30B market that includes the tools to license, fulfill, and bill end customers. It faces significant challenges due to the consumerization of B2B SaaS that has led to evolving buying preferences and expectations, pressure on back office operations, and legacy tools that are difficult to implement, costly, and do not integrate well with modern tools and applications. This has led to fragmented, homegrown systems and processes that divert resources to maintain and delay growth initiatives.

Schematic believes that an integrated platform, rather than disconnected tools and processes, should support customers from purchase to feature delivery and the operators tasked with supporting them. The launch of Components extends Schematic’s value proposition with embeddable UI elements that deliver best-in-class purchasing experiences to SaaS customers.

Schematic’s co-founders Jasdeep Garcha, Benjamin Papillon, Giovanni Hobbins, and Fynn Glover are seasoned entrepreneurs with experience on many sides of this problem having most recently led Operations, Product, Growth, and Engineering functions at Automox, Twilio, and Relay Payments. They have previously built successful startups and bring their expertise to Schematic to address the evolving needs of B2B SaaS companies.

The company is launching with $4.8M in seed funding led by MHS Capital with participation from NextView Ventures, Active Capital, Atlanta Ventures, and the founders of LaunchDarkly, Salesloft, Salesforce Pardot, and Crowdstrike.

“The decision to back Schematic was easy, given the clear market need and the team’s proven track record. Schematic is poised for rapid growth by providing an integrated solution for SaaS pricing and packaging,” said Vijay Naggapan, partner with MHS Capital.

Schematic’s platform allows businesses to outsource pricing and packaging with a few lines of code, enabling them to quickly launch new packaging models, take the burden off of engineering almost entirely, and flexibly adjust their pricing and packaging to individual customer preferences. The product has been in beta for a year with customers ranging from early-stage startups to growth-stage scale-ups, all benefiting from the flexibility and control it provides.

“There should be a standard for how digital businesses operate pricing and packaging. Schematic provides that standard, eliminating fragmented systems that frustrate teams and slow down businesses,” said Fynn.

“Schematic has allowed us to manage entitlements and metering with ease, setting us up in just a few days,” said Daniel Chalef, CEO of Zep, an early-stage SaaS company that replaced manual processes with Schematic’s automation. By implementing Schematic Zep has adapted to customer demands for new offerings easily without major engineering investments.

Learn more about Schematic. The product is free for early stage businesses.

Media Contact

Jasdeep Garcha, Schematic, 1 9192158521, jasdeep@schematichq.com, https://schematichq.com/

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SOURCE Schematic

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Edifier Announces Opening of SoundStudio Showroom in New York

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Edifier, a leading audio brand, is thrilled to introduce its cutting-edge audio products to the American market with a pop-up showroom, allowing customers to explore and experience the latest innovations in audio technology firsthand.

RICHMOND, BC, Sept. 20, 2024 /PRNewswire/ — Edifier, the renowned audio brand, is set to open its SOUNDSTUDIO pop-up showroom in New York City from September 21 to September 28, 2024. Located at 545 W 23rd St, New York, the event will showcase Edifier’s flagship products, offering attendees a unique opportunity to experience top-tier audio equipment.

Visitors will have a chance to explore a wide range of Edifier products, including Planar Magnetic Headphones (STAX SPIRIT S10, S5, S3), Earbuds (NeoDots, NeoBuds Pro 2), Over-ear Headphones (WH950NB, W830NB, W800BT Pro), Table Speakers (D32, D12, MP230), 2.0 Speakers (R1280DB, S1000W, S3000MKII), and the Q Series Speakers (QR65, QD35, QS30). This carefully curated lineup is designed to cater to different audio preferences, from high-fidelity listening to immersive soundscapes.

Edifier is hosting this event to highlight its audio products and further solidify its position as a leader in the American audio market, offering attendees the chance to engage with the brand, share their “Passion for Sound,” and be among the first to experience the brand’s innovative audio solutions.

The showroom will feature Edifier’s latest state-of-the-art speakers and headphones in a stylish studio space, allowing visitors to experience their performance and design in real-life settings. This immersive environment will enable the American public to appreciate Edifier’s meticulous attention to audio quality and design, while fostering a friendly atmosphere for social gatherings and hands-on testing of the Edifier audio range.

The event will include special appearances from NBA, NFL, and AFL stars, including Edifier W830NB ambassadors Jared McCain (Philadelphia 76ers) and Donte DiVincenzo (New York Knicks), Tyrod Taylor (New York Jets) and Tyler Nubin (New York Giants). Attendees will have the opportunity to see how Edifier’s W830NB headphones play a vital role in keeping these sports stars connected to their passion for sound.

Attendees will not only have the chance to experience Edifier’s cutting-edge products but will also be treated to exclusive giveaways. Prizes include W800BT Plus headphones, W320TN earbuds, MP100 Plus speakers, NeoBuds Pro 2, W830NB headphones, and the Comfo Run series.

Frank He, Marketing Director at Edifier, stated “Edifier are delighted to be holding this event in New York. The event is crucial for showcasing the company’s leading products and innovative technology. The presence of the AFL, NFL and NBA stars discussing their use of the Edifier W830NB headphones reinforces Edifier’s status as a top contender in the consumer audio market.”

There are many surprises to explore throughout the week! Don’t miss out on this unique opportunity to meet your favorite athletes and experience EDIFIER’s cutting-edge audio technology firsthand. More highlights and sidelights will be detailed on the Edifier global Instagram account (@edifier_global).

Full Event Schedule:

Sep 21st: Kick off the week with our Grand Opening, featuring electrifying beats by DJ Leisan Valieva.Sept 22nd: Get close with Tyrod Taylor of the New York Jets at an exclusive Meet and Greet.Sept 23rd: Get close with Tyler Nubin of the New York Giants at an exclusive Meet and Greet.Sept 24th: Join us for an incredible appearance with Jared McCain of the 76ers and Donte DiVincenzo of the New York Knicks!

About Edifier:

Edifier specializes in the design and manufacture of premium audio solutions that showcase technological innovation and design excellence. Founded in 1996 and headquartered in Beijing, China, Edifier delivers outstanding sound experience through a wide range of audio systems for personal entertainment and professional use. Renowned for its award-winning design philosophy, expertise and innovation in acoustic technology, and superior manufacturing standards, Edifier is one of today’s leading innovators of audio electronics.  

More information about Edifier is available online at www.edifier.com/global

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SOURCE Edifier

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Volar Air Mobility and Exim Finance Partner to Pioneer Green Financing Solutions for Sustainable Aviation

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MONTREAL, Sept. 20, 2024 /PRNewswire/ — Volar Air Mobility has formed a strategic partnership with Exim Finance to accelerate the commercialization of electric aircraft. This collaboration, formalized by a Memorandum of Understanding (MoU), focuses on developing innovative green financing solutions to support sustainable aviation globally.

The partnership centers around Volar’s RX-series Electric Aircraft, including the RX4E, the world’s first four-seater electric plane expected to receive commercial approval. Together, Volar and Exim Finance will create financial models that include green financing options and carbon credit offsets, making eco-friendly aircraft more accessible.

Key highlights of the collaboration include:

Development of sustainable financing models for RX-series Electric Aircraft.Introduction of carbon credit offsets to promote green aviation.Broadening access to electric aircraft in emerging markets.Aligning with global decarbonization goals like the UAE’s Net Zero by 2050.

Revolutionizing Air Mobility, Driving Innovation and Sustainability

Volar Air Mobility sets itself apart with an aircraft-agnostic technology platform, allowing it to integrate a variety of sustainable aircraft. The RX4E, a fully electric four-seater, is leading the charge toward a greener aviation future. Volar’s focus is on making electric air travel affordable and accessible in developing regions, supporting environmental goals while boosting local economies. By collaborating with Volar, Exim Finance is breaking new ground in green aviation. Exim Finance offers a range of financial services across Asia, Africa, Europe, and North America.

Industry Leaders Comment on the Partnership

Mr. Salah Ibrahim Al Nasser, Chairman of Exim Finance, commented: “We are honored to be part of this significant initiative aimed at transforming the future of aviation through sustainable practices. As a financial institution committed to supporting innovation and environmental responsibility, EXIM Finance recognizes the critical importance of green aviation in reducing the industry’s carbon footprint. By partnering with key stakeholders, this Memorandum of Understanding represents a major step forward in creating a more sustainable aviation ecosystem.”

Mr. Henry Hooi, Chairman of Volar Air Mobility Holding Company Limited, added: “Volar Air Mobility is honored to be working with EXIM Finance on a pioneering initiative to develop a series of green financing solutions to enable green aviation. The opportunity is to co-develop pioneering solutions in UAE to enable broader adoption of green aviation globally, thus contributing meaningful environmental impacts and fulfilling the aspirations of many, including those outlined in the UAE Net Zero by 2050.”

Mr. Saif Aldarmaki, Founding Partner of Volar Air Mobility Industries, stated: “This partnership reflects our shared commitment to revolutionizing the green aviation sector. By working with Exim Finance, we are taking a bold step forward in realizing the promise of electric aviation and supporting the global transition to sustainable technologies.”

Mr. Anwar Hussein, Managing Partner and Co-founder of Volar Air Mobility Industries, emphasized the collaboration’s significance, stating: “With this MoU, we are laying the groundwork for the future of green aviation financing. Our combined expertise will allow us to create financing structures that support early adopters of electric aircraft and help expand the global market for eco-friendly aviation solutions.”

About Volar Air Mobility

Volar Air Mobility is a green air mobility technology company focused on the commercialization of electric aircraft worldwide. The company holds exclusive commercialization rights for the RX-series Electric Aircraft, developed by the Liaoning General Aviation Academy (LGAA), and is dedicated to fostering sustainable aviation technologies that contribute to a greener future.

About Exim Finance

Exim Finance provides investment, corporate, and commercial banking solutions across several continents, helping drive growth through innovative financial solutions. With a strong global presence, Exim Finance leverages a diverse team whose extensive connections with Export Banks and Credit Insurance providers enable them to deliver tailored financial solutions that empower clients’ success.

For more information, visit www.volarairmobility.com and www.eximfinance.ae.

Media Contact:
Miss Wyam Amiri
Inovartic Investment
Abu Dhabi, UAE
Email: 383409@email4pr.com 
Phone: +971561090758

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SOURCE Volar Air Mobility

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