Orthopedic Software Market Size to Hit around US$ 458 Million by 2027


[150+ Pages Research Report] According to the recent analysis research report; the global Orthopedic Software Market in 2020 was approximately USD 312 Million. The market is expected to grow at a CAGR of 10% and is anticipated to reach around USD 458 Million by 2027. Top market players are Materialise NV (Belgium), Brainlab AG (Germany), Medstrat, Inc. (US), CureMD Healthcare (US), Greenway Health (US), NextGen Healthcare LLC (US), McKesson Corporation (US), GE Healthcare (US), Philips Healthcare (Netherlands), and Merge Healthcare Incorporated (US).

Overview of Orthopedic Software Market Study

Orthopedic Software market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.

Get your Customized Research Report@ https://www.novaoneadvisor.com/report/customization/5402

Growth Factors:

The increasing incidence of orthopedic conditions due to the rising geriatric population, rising pressure to improve the quality of care and reduce healthcare costs, rising adoption of EHRs and other eHealth solutions, and the growing demand for minimally invasive treatments are the major factors driving the growth of this market. However, reluctance among orthopedicians to use orthopedic software due to privacy- and data security-related concerns, shortage of trained and skilled resources, and requirement of heavy infrastructure investments and high cost of deployment of software solutions are expected to restrain the growth of this market during the forecast period.

Orthopedic Software Market Dynamics
Drivers: Increasing incidence of orthopedic conditions due to the rising geriatric population
Musculoskeletal conditions can be a major burden on patients and healthcare systems as a whole. Osteoarthritis, osteoporosis, rheumatoid arthritis, and lower back pain are some of the most commonly occurring musculoskeletal conditions globally. Increasing life expectancy and the growth in the geriatric population are expected to make osteoarthritis the fourth-leading cause of disability by 2020. According to the National Osteoporosis Foundation, around 54 million people aged 50 years and above were affected by osteoporosis and low bone mass; this figure is expected to reach around 64.4 million by 2030.

The incidence of other orthopedic conditions is also expected to increase in the coming years in line with the growth in the geriatric population. According to a study conducted by the United Nations Department of Economic and Social Affairs, by 2050, around 21% of the world’s population is expected to be aged 60 years and above.

Restrains: Shortage of trained and skilled resources
The shortage of qualified resources is a major barrier to implementing as well as the efficient use of orthopedic software in healthcare facilities. Currently, the demand for HCIT professionals far exceeds their supply in both developing and developed markets. According to a report by the US Bureau of Labor Statistics, hospitals and physician practices in the US needed an additional 35,000 HCIT workers till 2018. The bureau stated that an additional 41,000 professionals would be required in the healthcare information management (HIM) field by 2022 in the US. Other major markets such as Germany, the Netherlands, England, and Australia are also witnessing a significant shortage of HCIT professionals.

The effective utilization of orthopedic software demands strong IT infrastructure and support within the organization as well as at the solution provider’s end. In a healthcare organization, there is a continuous need for technical support for maintaining the server and network. If the maintenance is inadequate, it leads to the generation of screen loads, which slows down several procedures. As healthcare organizations become increasingly sophisticated with their IT initiatives, human resource leaders are experiencing a new set of hiring challenges. Although healthcare IT jobs are projected to increase from 15% to 37% by 2020, the inability to fill IT positions has forced some hospitals to keep projects on hold. The lack of in-house IT experts, as well as a trained workforce with cross-functional skills, may hinder the growth of the orthopedic software market during the forecast period.

Opportunities: Availability of orthopedic software as cloud-based solutions and their use in mobile platforms
The healthcare industry has witnessed several advancements in the field of information technology. Moreover, owing to the rising use of smartphones and tablets, mobile applications are increasingly penetrating the orthopedics market. The combined benefits of mobility, accessible interfaces, storage capacity, and wireless access make these solutions perfect for use by orthopedic surgeons. These solutions enable easy access to reference information from any location and facilitate easy sharing of images, videos, and audio clips among orthopedic surgeons. Currently, most of the orthopedicians are utilizing these technologies to increase the accessibility to patient records from remote locations, thereby improving workflow efficiency. According to a study conducted by HIMSS, in the US, nearly 75% of clinicians used mobile technology to collect patient data in 2018 as compared to 30% in 2011.

Mobile interfaces enable organizations that have a database of thousands of documents and reference files to access the required information in a quick and efficient manner. Some of the commonly used apps by orthopedic surgeons include AO Surgery Reference, BoneFeed, AO Classification, and AAOS Code X-Lite.

Cloud-based orthopedic software are also finding greater acceptance by orthopedicians, as these solutions help organizations to share information in real-time and free up IT staff to focus on more critical tasks. This increases the productivity and cost-efficiency of processes in healthcare organizations. Cloud-based solutions can also be easily adjusted and scaled up or down by service providers without incurring any capital expenditure. Owing to the various advantages provided by cloud-based and mobile solutions, an increasing number of market players, including Medstrat, Inc. (US) and Materialise NV (Belgium), are focusing on developing these solutions.

Challenges: Consolidation of technologies due to mergers between healthcare set-ups
Consolidation of technologies, through mergers and acquisitions between healthcare organizations, is aimed at providing clinical and financial benefits to the healthcare organizations undertaking these consolidations. However, this trend can pose problems for orthopedic specialty clinics. When specialty clinics join larger hospitals, the pre-existing technologies of larger hospitals are fused into the existing technologies within specialty clinics. Specialty clinics are used to utilizing certain tools and have their own workflow for diagnosing and treating patients. The consolidation of technologies under such circumstances often prevents specialty clinics from utilizing their technologies. This, in turn, compels them to use the technologies that are at the disposal of larger hospitals. This may result in the lower adoption of orthopedic software by specialty clinics.

The Orthopedics PACS segment accounted for the largest market share in 2019.
Based on products, the orthopedic software market is segmented into orthopedic digital templating/preoperative planning software, orthopedic electronic health records (EHRs), orthopedic practice management (PM), orthopedic picture archiving and communication systems (PACS), and orthopedic revenue cycle management (RCM). In 2019, the orthopedic picture archiving and communication systems (PACS) segment accounted for 32.9% of the global orthopedic software market. The availability of orthopedic PACS integrated with digital templating software increases the demand for orthopedic PACS as it enables surgeons to undertake digital templating more effectively. This reduces the focus on tedious surgical procedures. It also reduces the extra costs required for the sterilization of equipment

The On-premises segment accounted for the largest market share in 2019.
Based on the mode of delivery, the orthopedic software market is segmented into on-premise and cloud-based models. In 2019, the on-premise models segment accounted for a larger share of 79.1% of the orthopedic software market. This can be attributed to the enhanced control and safety of patient data offered by on-premise solutions.

The Joint Replacement segment accounted for the largest market share in 2019.
Based on applications, the orthopedic software market is segmented into four major categories—joint replacement, fracture management, pediatric assessment, and other applications. In 2019, the joint replacement segment accounted for the largest share of 50.9% of the market. This segment also registered the highest CAGR of 8.5% during the forecast period. The rising incidence of chronic conditions has spurred a corresponding increase in the number of joint surgeries performed and, by extension, the number of revision surgeries conducted; this is driving the market growth. However, due to the impact of COVID-19, non-emergency surgeries have been pushed back. This is expected to reduce the demand for orthopedic surgical devices in the coming months.

The Hospitals segment accounted for the largest market share in 2019
By end user, the orthopedic software market is segmented into hospitals, ambulatory care centers, and other end users. The hospitals segment holds a major share of the orthopedic software market. In 2019, it accounted for 75.6% of the market. The high demand for orthopedic software among hospitals, owing to the emergence of the COVID-19 pandemic and the need for patient data for PHM, is the key driver of market growth.

Asia Pacific recorded the highest CAGR for orthopedic software market in 2019
The orthopedic software market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2019, North America accounted for the largest share of 70.9% of the market during the forecast period. Factors such as the rising adoption of EHRs, government initiatives for the development of the healthcare system, and the growing number of ongoing research activities are driving the growth of the orthopedic software market in North America.

The Asia Pacific, on the other hand, is expected to record the highest growth during the forecast period. Lower penetration of orthopedic software in this market, the need to improve healthcare infrastructures, and the rising need to curtail healthcare costs will drive the growth of the orthopedic market in this region.

Buy Complete Assessment of Orthopedic Software market Now@ http://novaoneadvisor.com/report/checkout/5402

COVID-19 Impact on Orthopedic Software Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Orthopedic Software market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Orthopedic Software market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Orthopedic Software market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Orthopedic Software market include:

Materialise NV (Belgium), Brainlab AG (Germany), Medstrat, Inc. (US), CureMD Healthcare (US), Greenway Health (US), NextGen Healthcare LLC (US), McKesson Corporation (US), GE Healthcare (US), Philips Healthcare (Netherlands), and Merge Healthcare Incorporated (US).

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

By Type of Product

  • Orthopedic Picture Archiving and Communication Systems (PACS)
  • Orthopedic Electronic health records
  • Digital templating/Pre-operative Planning software
  • Orthopedic Practice management
  • orthopedic revenue cycle management (RCM)

By Mode of Delivery

  • on-premises software
  • Cloud-based software

By Application

  • Joint Replacement
  • Fracture Management
  • Pediatric Assessment
  • Others

By End Users

  • Hospitals
  • Ambulatory Care centers
  • Others (research centers, government organizations)

Why Buy this Report?

The purpose of Nova one advisor’s Orthopedic Software market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

Download This Full Research Report, Click Here@ http://novaoneadvisor.com/report/checkout/5402

About Us

Nova One Advisor is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Nova One Advisor has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.

Contact Us:

Mr. Alex

Sales Manager

Call: +1 9197 992 333

Email: sales@novaoneadvisor.com

Web: https://www.novaoneadvisor.com/

James Root

James Root have over 6+ years of experience working in business development, and customer retention. I’ve gained my experience through serving higher education, healthcare, automotive, aerospace, manufacturing, local government and hospitality businesses with technical solutions.

View all posts by James Root →

Leave a Reply

Your email address will not be published. Required fields are marked *