Market Synopsis

As per the Market Research Future (MRFR), Medical Terminology Software Market Size is projected to be worth USD 5.91 billion by 2030, registering a CAGR of 7.29% during the forecast period (2022 - 2030), The market was valued USD 3.12 billion in 2021. The growing adoption of vaccination to eliminate bacterial meningitis is expected to increase the demand for immunization therapies, which can augment the global market in the assessment period. The growing initiatives by the government and various authorities to counter the increasing prevalence of meningitis is likely to offer efficient methods of immunization, which is predicted to strengthen the industry. Furthermore, the surging funds for R&D are projected to combat the increasing cases of meningococcal infection that is likely to offer lucrative opportunities to vaccine manufacturing companies, which can boost the trade.

On the other hand, stringent government regulations for the approval of the new vaccines are likely to hamper the market in the coming period. However, effective meningococcal vaccination programs and the rising healthcare expenses can counter the impeding cause that can boost the market growth during the forecast period.

Medical Terminology Software Market Overview and Report Analysis by Product & Service (Services, Platforms), Application (Public Health Surveillance, Data Integration, Clinical Trials), End User (Healthcare Providers, Payers, IT vendors)- Forecast till 2030

Market Segmentation

The segmental analysis of the global Medical Terminology Software Market is done by end-user and treatment type.

·         The end-user segments of the global market for meningococcal vaccines are research & academic institutes, hospitals & clinics, and others.

·         The treatment-type segments of the global market for meningococcal vaccines are polysaccharides, meningococcal conjugate vaccine, and subcapsular vaccine.

Regional Analysis

On the basis of region, the global Medical Terminology Software Market Research is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).

The global market is anticipated to be dominated by North America during the forecast period due to the growing support from the government of various regions. High investments in R&D are predicted to be another significant cause that can strengthen the regional market during the forecast period. Among all, the US is projected to make the most significant contribution in developing vaccines owing to the increasing incidence of meningococcal diseases.

Europe is anticipated to acquire a significant market value during the forecast period owing to the increasing research in the concerned field. Furthermore, the growing favorable initiatives taken by the government of various countries of the region are recognized to be another salient cause that can develop the regional market in the coming period.

APAC is expected to grow at a significant rate during the review period owing to the increasing incidence of meningococcal diseases. Therefore, there has been a rise in the production of the vaccine. The growing pediatric population and the rising initiatives taken by the government of various countries to combat the diseases are projected to augment the regional market during the review period.

MEA is expected to acquire a small Medical Terminology Software Market during the forecast period owing to high prices of the vaccine and limited availability. The MEA countries have expressed interest in introducing a multivalent and conjugate vaccine into the National Immunization Program Schedule but have failed to do so owing to the prevailing economic crisis among the countries.

Industry News

·         November 2020

A renowned French pharma company, Sanofi, has received approval from the European Commission for its Meningococcal (MenACWY) vaccine MenQuadfi. The EC has given conformity for immunizing the individuals from the age of 12 months and older.

Key Players

The Global market for Medical Terminology Software Market Players are Serum Institute of India Ltd., Pfizer Inc., Baxter International, Novartis Pharmaceuticals Canada Inc, JN-International Medical Corporation, Sanofi S.A., Biomed Pvt. Ltd., and GlaxoSmithKline, among others.

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