The global Orthopedic Software market size is expected to be worth around US$ 446.12 million by 2028, according to a new report by Vision Research Reports.
The global Orthopedic Software market size was valued at US$ 284.8 million in in 2020 and is anticipated to grow at a CAGR of 5.10% during forecast period 2021 to 2028.
Growth Factors
Rising pressure to curb healthcare cost by implementing faster and efficient technology along with rise in the number of orthopedic surgeries is driving the growth.
According to the National Inpatient Sample (NIS) survey 2017, the annual number of Total Knee Replacements (TKR) and Total Hip Replacement (THR) performed in U.S. is projected to reach 1.28 and 0.63 million by 2030. This is anticipated to drive the demand for faster and accurate treatment options in the future. According to BrainLab, preoperative planning software reduces the procedure time and efficiency, simultaneously reducing the procedural risk to half.
Technological advancements are also expected to further propel the growth of the orthopedic software market. Incorporation of Artificial Intelligence (AI) to develop specific software products for individual modalities is expected to further boost the demand. For instance, In July 2019, DrChrono partnered with DeepScribe to develop AI services for clients. The partnership was aimed at providing the medical practices currently using DrChrono EHR with artificial intelligence to automate the medical note taking directly from physician appointments. Such advancements will further reduce the physician time in paper works by directly uploading the collected notes into the software system.
Report Highlights
Orthopedic EHR segment commanded the maximum market share in 2020. Increasing demand for data sharing and faster treatment process are the major factors driving the growth. These EHR system are designed for the physicians to create personalized treatment plans for specific medical conditions by setting up patient education, prescriptions, and referral letters. The multi-functionality of this software favors its adoption, thereby anticipated to increase consumer base in near future.
Digital templating and preoperative planning software are expected to grow at a higher rate during the forecast period. Preoperative planning for orthopedic procedure including elective total hip arthroplasty is gaining traction owing to the benefits, including prevention of complications, optimization of the important geometric parameters, center of rotation, such as the leg length, and femoro-acetabular adjustments.
On-premise software commanded the maximum share of the orthopedic software market in 2020, attributed to the factors such as availability of pocket-friendly locally installed orthopedic software to manage various financial and clinical workflow needs. Many local companies provide customized software based on the clients requirements such as templating and preoperative planning for the hospitals and clinic centers. For instance; PeekMed provide 3D planning software for the surgeries. On-Premise software is tailored, or fully customized software based on the need and size of the healthcare practice.
Web/Cloud based software solutions are expected to expand at a significant CAGR during the forecast period. The major factor leading to the growth of the segment include increasing consolidation of the healthcare industry and rising number of multispecialty hospitals requiring one stop solutions for all specialty and for data collection and management. According to the Becker Hospital Review, in 2018, more than 80 mergers and acquisitions were completed in the healthcare industry.
Orthopedic surgeries commanded the maximum market share in 2020. According to the Department of Orthopedic Surgery at the University of California (DOSUC) in 2016, an estimated 30% to 40% of patients visit the primary care physicians for musculoskeletal issues as a major concern every year. This growing number of procedures is anticipated to create huge demand for data sharing and storing in near future. Therefore, the implementation of these software is anticipated to rise in the hospital and specialized settings.
Fracture management is expected to grow at the fastest CAGR during the forecast period. With a wide prosthesis template library and instinctive procedure-specific tools, the fracture management planning software permit surgeons to plan each of the procedure efficiently and to avoid potential complications in surgery. For instance, OrthoView, a preoperative planning software by Materialise, is used by surgeons with digital x-rays, for primary and revision knee and hip arthroplasties, small joints and shoulder replacements, deformities correction, and fracture management procedures.
North America accounted for a major market share followed by Europe. The major share is attributed to the high adoption of the software in U.S. and Canada. Growing elderly population and rising knee and hip related problems have also led to the increased demand. According to the American Academy of Orthopedic Surgeons (AAOS) study from 2017, over 7 million people in U.S. undergo hip or knee replacement surgery every year. These high number of surgeries shows the increased burden of various orthopedic disorders. However, increased adoption of data sharing and orthopedic EHR is continuously propelling the regional demand.
Key Players
IBM; CureMD Healthcare; Athena Health; GreenWay Health LLC; Brain Lab; Medstrat Inc.; Materialise NV; NextGen Healthcare LLC; drchrono Inc.; AllScript Healthcare Solution Inc.
Market Segmentation
Products Outlook
Digital Templating/Preoperative Planning Software
Orthopedic EHR
Orthopedic Practice Management
Orthopedic PACS
Orthopedic RCM
Others
Mode of Delivery Outlook
Web/Cloud Based
On-Premise
Application Outlook
Orthopedic Surgeries
Fracture Management
Others
Regional Outlook
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
The Orthopedic Software market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Orthopedic Software market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Orthopedic Software market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Orthopedic Software market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Orthopedic Software market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Orthopedic Software capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Orthopedic Software by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Orthopedic Software market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Orthopedic Software market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Orthopedic Software market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Orthopedic Software industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Orthopedic Software market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Orthopedic Software market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Orthopedic Software market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Orthopedic Software market. These factors have benefited the growth of the global market for Orthopedic Software. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Orthopedic Software. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Orthopedic Software are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Research Methodology:
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies.
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