Orthopedic Software Market is expected to foresee significant growth. Asia-Pacific to lead the growth!
Orthopedic Software Market is expected to grow at a CAGR of around 7% during the forecast period 2021-2027. The market stood at around US$ XX billion in 2020. The global orthopedic market has been experiencing considerable growth over the past few years. With the rapid change in lifestyle the prevalence of disorders including obesity is increasing, which, in turn, is boosting the incidences of orthopedic problems. The process of treating the orthopedic problem, if done manually, is not only time-consuming but also increases the chances of errors. This issue is easily overcome by the deployment of orthopedic software in orthopedic specialty clinics, hospitals, and surgery centers. The orthopedic software allows surgeons or physicians to enhance the way of information management related to the treatment procedures and clinical data by effectively saving time. Therefore, the need for orthopedic software is rising dramatically owing to the mounting amount of time spent in maintaining crucial patient information and coordinating that information about the patient with other physicians. The surging population suffering from arthritis coupled with the rise in geriatric population is expected to boost the market for orthopedic software across the globe.
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Overall Orthopedic Software industry is expected to witness strong and long-term demand, primarily due to the technological advancements in orthopedic devices along with the surge in the demand for the adoption of healthcare IT technologies to optimize the workflow. In addition, the outbreak of the COVID-19 pandemic had a slight negative impact on the market growth due to increased inclination and resource allocation toward protecting the spread of the disease.
Based on the application, the market is segmented into joint replacement, fracture management, and pediatric assessment. Of these three, joint replacement acquires the largest share of the orthopedic software market. Knee replacements are among the most common and effective surgeries performed worldwide. Osteoarthritis, which causes decreased function and quality of life, is the most common reason for joint replacement surgery. Because of the rising incidence of chronic conditions, which has increased the number of joint surgeries performed and the number of revision surgeries performed, the adoption of orthopedic software is increasing significantly.
Furthermore, fracture management is expected to grow the most during the forecast period. The fracture management planning software allows surgeons to plan each procedure efficiently and avoid potential complications in surgery by providing a large prosthesis template library and intuitive procedure-specific tools.
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Based on end-user, the market is segmented into hospitals, independent orthopedic clinics, surgery centers, and others. Among these segments, orthopedic software is in high demand in hospitals because it provides advanced tools to orthopedic surgeons to improve visualization of complex cases, improve medical care efficiency, reduce time and healthcare costs, improve data management, and many other benefits. In addition to this, a rise in the number of healthcare facilities across countries coupled with the surging investment in the research and development by the hospitals are resulting in the growth of the orthopedic software market. Furthermore, the government across countries are investing in the healthcare industry for advancements and technological upgradation. Moreover, rising patient footfall in hospitals owing to ease of accessibility to the majority of healthcare services in one place is likely to boost the segment growth.
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For a better understanding of the market, the report is analyzed based on different regions including North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Rest of Europe); Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific); and Rest of World. North America dominates the global orthopedic software market. The primary factor contributing to the growth of the market in the region is the increasing adoption of advanced technologies and software among countries including the U.S. and Canada. In addition to this, the rising elderly population coupled with a surge in knee and hip-related problems have also led to the increased demand for orthopedic software. Moreover, increasing adoption of orthopedic EHR and data sharing is continuously augmenting the regional demand.
Furthermore, Asia Pacific is projected to register the fastest growth during the forecast period due to mounting penetration of healthcare IT entwined with increasing consumer awareness in developing countries such as China and India. Along with this, a rise in orthopedic and sport-associated injuries are further expected to boost the market growth.
Orthopedic Software Market Segmentation
Market Insight, by Product
- Pre-operative Planning and Templating Software
- Orthopedic Electronic Health Record (EHR)
- Orthopedic Practice Management
- Orthopedic Picture Archiving and Communication Systems (PACS)
- Orthopedic Revenue Cycle Management
Market Insight, by Application
- Joint Replacement
- Fracture Management
- Pediatric Assessment
Market Insight, by Mode of Delivery
Market Insight, by End-User
- Independent orthopedic clinics
- Surgery centers
Market Insight, by Region
- North America
- United States
- Rest of North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Materialise NV
- Brainlab AG
- Medstrat, Inc.
- CureMD Healthcare
- Greenway Health
- NextGen Healthcare LLC
- McKesson Corporation
- GE Healthcare
- Philips Healthcare
- Merge Healthcare Incorporated