Global orthopedic software market was valued at USD 284.6 millions in 2018. It is expected to grow at a CAGR 5.8% over the forecast period. The key factors driving the growth are increasing adoption of ortho EHR, templating and preoperative planning. According to Becker's Hospital Review 2017, over 90% of U.S. orthopedic physicians were using an orthopedic EHR system.
The market is expected to grow further due to a rise in demand for faster data sharing, particularly with regard to the increasing number of orthopedic surgeries. According to the National Inpatient Sample Survey 2017, the number of total knee replacements (TKR), and total hip replacements (THR), in the United States is projected to rise to 1.28 million and 0.63 millions, respectively, by 2030.
The industry's future growth could be supported by orthopedic software solutions. Other major market drivers include technological advancements and the acceptance of minimally invasive surgery both in developed and developing countries. Imagen Technologies, Inc. approved OsteoDetect, a radiological, computer-assisted detection/diagnosis program for fracture, in 2018.
Orthopedic software can be an alternative to the paper-based system. Software technology improves medical proficiency and treatment. With the increasing patient population and advances in healthcare, there is a greater need to adopt new technology. The increasing use of IT in the healthcare industry has led to a greater need for data sharing, combining and connecting. This has allowed orthopedic software to be adopted more quickly.
In the coming years, technological advances are expected to drive growth in connected healthcare. Smart devices that have data collection capabilities are expected to increase data sharing and access. TracPatch by Consensus Orthopedics Inc. was launched in 2015. It is an orthopedic wearable device that collects patient data and uses data and analytics to transform orthopedics.
The hospitals and surgeons associated with these centers also benefit from the increasing use of minimally invasive surgeries. Software allows surgeons to perform the procedure faster and more efficiently. This makes it cost-effective and easier for patients. The software can also be used in specialty hospitals to provide a more complete treatment plan.
The Orthopedic EHR segment held the largest market share in 2018. The main drivers of the growth are increasing demand for data sharing, faster treatment processes, and an increase in the number of patients. EHR systems allow doctors to design personalized treatment plans for particular medical conditions. They can set up prescriptions and letters, as well as patient education. This software's multifunctionality is a major advantage and will be adopted by more people in the near future.
The growth of digital templating and preoperative plan software is expected to be faster during the forecast period. Preoperative planning for orthopedic procedures, including elective total hip arthritis, is growing in popularity due to its many benefits. These include avoiding complications, optimizing the important geometric parameters, the center of rotation such as the leg length and femoroacetabular adjustments.
In 2018, the largest share of the orthopedic software market was held by on-premise software. This is due to the availability of locally-installed orthopedic software that can manage various clinical workflows and financial requirements. Local companies offer customized software that can be tailored to meet the needs of their clients. This includes pre-operative planning and templating for hospitals and clinics. PeekMed, for example, offers 3D planning software to help with surgeries. On-Premise software can be tailored or completely customized to fit the needs of a healthcare practice.
The forecast period will see a significant increase in web/cloud-based software solutions. The main factors driving the segment's growth include the increasing consolidation in the healthcare industry and the rising number of multispecialty hospital that require one-stop solutions for all specialties and data collection and management. According to Becker Hospital Review (2018), more than 80 acquisitions and mergers took place in the healthcare sector.
In 2018, orthopedic surgeries held the largest market share. In 2018, Orthopedic surgeries commanded the largest market share. In the near future, this growing number of procedures will lead to a huge demand for data storage and sharing. These software are expected to be more widely used in hospitals and other specialized settings.
The fastest expected CAGR for fracture management will be during the forecast period. The fracture management planning software allows surgeons to efficiently plan every procedure and avoid any complications. It has a large prosthesis library and intuitive procedure-specific tools. OrthoView is a preoperative planning tool by Materialise. It can be used for small joint and shoulder replacements, correction of deformities, and other procedures.
North America held the largest market share, followed by Europe. This is due to the large adoption of the software in the U.S. and Canada. The increased demand has been attributed to the growing elderly population as well as rising hip and knee problems. According to an American Academy of Orthopedic Surgeons' (AAOS), more than 7 million Americans have hip or knee replacements each year. This high number of operations reflects the increasing burden of orthopedic disorders. The demand for regional services is increasing due to increased data sharing and orthopedic EHR adoption.
Asia Pacific is expected to experience the fastest CAGR during the forecast period. This is due to the growing penetration of healthcare IT and the increased consumer awareness in countries like China. The market is also being driven by an increase in orthopedic procedures. According to the World Health Organization, Asian countries had sports injuries and deformities as the fifth most prevalent area that required treatment in 2017.
Global market consolidation is underway and companies focus on mergers and acquisition plans to enhance their orthopedic product portfolio. Consensus Orthopedics and IBM Watson Health joined forces in October 2018 to create the wearable TracPatch. This partnership was intended to grow the business of the former in the segment. The company will also be able to benefit from data collected through these devices in order to plan for the future.
The market is dominated by IBM, CureMD Healthcare, Athena Health; GreenWay Health LLC and Brain Lab; Medstrat Inc., Materialise NV; NextGen Healthcare LLC and drchrono Inc.
This report predicts revenue growth at the global, regional and country level and offers an analysis of industry trends in each sub-segment from 2014 to 2026. Grand View Research has divided the global orthopedic software market report on the basis product, mode, delivery, application, region, and purpose.
Products Outlook (Revenue USD Million, 2014- 2026)
Digital Templating/Preoperative Planning Software
Orthopedic EHR
Orthopedic Practice Management
Orthopedic PACS
Orthopedic RCM
Other
Mode of Delivery Outlook (Revenue USD Million, 2014-2026)
Web/Cloud Based
On-Premise
App Outlook (Revenue USD Million, 2014-2026)
Orthopedic Surgery
Fracture Management
Other
Regional Outlook (Revenue USD Million, 2014-2026)
North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Russia
Asia Pacific
Japan
China
India
Australia
South Korea
Latin America
Brazil
Mexico
Argentina
MEA
South Africa
UAE
Saudi Arabia
b. Global orthopedic software market was valued at USD 300.85 Million in 2019, and is forecast to grow to USD 318.08 Million in 2020.
How is the growth of the market for orthopedic software?b. Global orthopedic software market will grow at a compound annual rate of 5.8% between 2019 and 2026, to reach USD 446.83 millions by 2026.
Which segment had the largest market share in orthopedic software?b. With a 45.23% share in 2019, North America was the dominant market for orthopedic software. This can be attributed to the high adoption of software in U.S.A and Canada, rising elderly population, and increasing knee and hip problems.
Who are the major players in the orthopedic software market?b. Some of the key players in the market for orthopedic software include IBM, CureMD Healthcare, Athena Health, GreenWay Health LLC and Brain Lab.
What are the key factors that drive the market for orthopedic software?b. The market is growing due to increasing adoption of ortho EHRs, templating and preoperative planning software.
Up Market Research published a new report titled “Orthopedic Software Market research report which is segmented by Product (Orthopedic EHR, Digital Templating/Preoperative software), By Players/Companies IBM; CureMD Healthcare; Athena Health; GreenWay Health LLC; Brain Lab; Medstrat Inc; Materialise NV; NextGen Healthcare LLC; drchrono Inc; and AllScript Healthcare Solution Inc”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Orthopedic Software Market Research Report |
By Product | Orthopedic EHR, Digital Templating/Preoperative software |
By Companies | IBM; CureMD Healthcare; Athena Health; GreenWay Health LLC; Brain Lab; Medstrat Inc; Materialise NV; NextGen Healthcare LLC; drchrono Inc; and AllScript Healthcare Solution Inc |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 231 |
Number of Tables & Figures | 162 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Product (Orthopedic EHR, Digital Templating/Preoperative software).
Orthopedic Software Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Orthopedic Software Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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