Orthopedic Software Market - Growth, Trends, and Forecast (2019 - 2024)
The orthopedic software market was valued at USD 272.46 million in 2018, and it is expected to register a CAGR of about 7.58 % during the forecast period, 2019-2024.
Orthopedic software is an alternate for the antiquated system, based on paper records. Orthopedic software technique helps to enhance medical proficiency in orthopedic surgeries and treatment.
With increasing patient population and advancements in the healthcare industry, the need to adopt technology has increased. With the increasing implementation of healthcare IT in the healthcare industry, the need for the ability to connect, combine, and share data quickly has also increased.
Orthopedic software is a solution that can create a sustainable path for the growth of the orthopedic industry in the future. In addition, other factors, such as increasing orthopedic problems (due to aging), rising R&D (along with technological advancements), and adoption of minimally invasive surgery in developing and developed countries are contributing to the growth of the orthopedic software market.
Scope of the Report
Orthopedic software deals with a large amount of data from lab test results, including imaging during diagnosis and for follow-ups charts of the patient during recovery. For orthopedic surgeons, it has become mandatory to deal with a large amount of lab test results, especially when it comes to diagnostic imaging. For the sake of ease, orthopedic software, such as EHR, are being used currently in the orthopedic point of care.
The product type segmentation comprises of digital templating/pre-operative planning software, orthopedic electronic health record (EHR), orthopedic practice management, orthopedic picture archiving and communication systems (PACS), orthopedic revenue cycle management, and other equipment and systems.
Key Market Trends
The Digital Templating/Preoperative Planning Software Segment is Expected to Grow at Rapid Pace
Preoperative planning for elective total hip arthroplasty (THA) is becoming important, as it prevents complications and also optimizes important geometric parameters, such as leg length, the center of rotation, and femoro-acetabular offset adjustments. With the increasing use of digital radiography, many digital planning software programs are being offered, which are delivering high precision. Combining digital radiography with digital templating has the potential to eliminate errors associated with the manual manipulation of acetate templates and analog radiographs. Furthermore, the companies are innovating new software for precision in total hip replacement (THR) and total knee replacement (TKR). Thus, this is likely to further augment the growth of the segment.
North America is Expected to Dominate the Market, in Terms of Revenue, and Asia-Pacific is Poised to Grow at the Fastest Rate
The United States accounts for the largest share in the global orthopedic software market. As per the American Academy of Orthopedic Surgeons (AAOS), over 7 million people in the United States undergo hip or knee replacement surgery each year. This high number of surgeries indicates the increased burden of orthopedic disorders in the country. Moreover, population aging is also expected to drive the total number of orthopedic procedures. According to the US Census Bureau analysis, the elderly population is expected to nearly double in the next 25 years.
The Asia-Pacific region is expected to register the highest growth, during the forecast period. As the healthcare IT industry is growing in this region, the adoption of orthopedic software solutions is expected to rise during the forecast period.
The global orthopedic software market is experiencing consolidation, the companies are focusing on the merger and acquisition strategies to improve their orthopedic specific product profile. Key players in the market include Athenahealth Inc., Brainlab AG, CureMd Healthcare, GE Healthcare, Greenway Health LLC, IBM Corporation (Merge Healthcare Inc.), Materialise NV, Medstrat Inc., and Nextgen Healthcare Information Systems LLC, among others.
Reasons to Purchase this report:
The market estimate (ME) sheet in Excel format
Report customization as per the client's requirements
3 months of analyst support
Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook