The global orthopedic software market size is expected to reach USD 446.8 million by 2026, registering a 5.8% CAGR during the forecast period, based on a new report by Radiant Insights, Inc. 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.
Favorable government regulations, such as HITECH law in U.S. to promote digitalization of healthcare industry is expected to positively influence the demand for the software. U.S. is the only country with more than 90% EHR adoption rate in orthopedic specialty segment. U.K., on the other hand, is further expected to adopt the technology in the forthcoming years. According to the BrainLab, publication almost 70% of the hospitals in U.K. implemented TraumaCad in by 2017.
The companies enter into strategic collaborations to gain greater market share. For example, in August 2019, Materialise NV announced a strategic investment in Engimplan, a Brazil-based manufacturer of orthopedic and Cranio-Maxillofacial (CMF) implants and instruments. The combination of its expertise in 3D printed medical solutions with Engimplan’s innovative product portfolio is anticipated to accelerate the introduction of 3D printed, personalized implants and instruments in the Brazilian market.
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Further key findings from the report suggest:
• Orthopedic EHR was the largest revenue-generating segment in 2018, owing to the high adoption the software in orthopedic centers
• The digital templating and preoperative planning software are expected to register significant CAGR during the forecast period, attributed to the accurate and time saving mapping of the complex orthopedic procedures
• On-premise mode of delivery accounted for the largest market share in 2018 and is expected to maintain its dominance throughout the forecast period. Rising adoption by the healthcare facilities in the developed as well as developing economies to manage various financial and clinical workflow needs is expected to fuel the growth
• North America was held the largest market share in terms of revenue in 2018 mainly due to the increased R&D activities by the key market players present in the region
• Asia Pacific is expected to expand at the fastest CAGR during the forecast period owing to rising acceptance of healthcare IT coupled with rising awareness in developing countries such as China
• IBM; CureMD Healthcare; Athena Health; GreenWay Health LLC; Brain Lab; Medstrat Inc.; Materialise NV; NextGen Healthcare LLC; drchrono Inc.; and AllScript Healthcare Solution Inc. are some of the key market players
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Table of Contents
Chapter 1 Methodology and Scope1.1 Market Segmentation and Scope1.1.1 Product1.1.2 Mode of delivery1.1.3 Application1.1.4 regional scope1.1.5 Estimates and forecast timeline1.2 Research Methodology1.3 Information procurement1.3.1 Purchased database:1.3.2 GVR’s internal database1.3.3 Secondary sources1.3.4 Primary research1.3.5 Details of primary research1.3.5.1 Data for primary interviews in North america1.3.5.2 Data for primary interviews in Europe1.3.5.3 Data for primary interviews in Asia Pacific1.3.5.4 Data for primary interviews in Middle East and Africa1.4 Information or Data Analysis1.4.1 Data analysis models1.5 Market Formulation & Validation1.6 Model Details1.6.1 Commodity Flow Analysis (Model 1)1.6.2 Volume price analysis (Model 2)1.6.2.1 Approach 2: Volume price analysis1.7 List of Secondary Sources1.8 List of Primary Sources1.9 Objectives1.9.1 Objective 11.9.2 Objective 21.9.3 Objective 31.9.4 Objective 4
Chapter 2 Executive Summary2.1 Market Outlook2.2 Competitive Insights
Chapter 3 Orthopedic Software Market Variables, Trends & Scope3.1 Market Lineage Outlook3.1.1 Parent market outlook3.1.2 Ancillary market outlook3.2 Penetration & Growth Prospect Mapping3.3 Market Dynamics3.3.1 Market driver analysis3.3.1.1 Rising adoption of orthopedic software3.3.1.2 increasing orthopedic medical practices to cater increased demand3.3.1.3 Techcological advancements to propelthe market growth3.3.2 Market restrain analysis3.3.2.1 Stringent regulatory framework3.3.2.2 High Cost of software3.4 Orthopedic demand supply and need for software3.5 Orthopedic Software Market: Market Analysis Tools3.5.1 Industry analysis – Porter’s3.5.2 PESTLE analysis3.5.3 Political Landscape3.5.4 economic Landscape3.5.5 social Landscape3.5.6 technology Landscape
Chapter 4 Orthopedic Software Market: Segment Analysis, By Product, 2014 – 2026 (USD Million)4.1 Definition and Scope4.2 Product Market Share Analysis, 2018 & 20264.3 Segment Dashboard4.4 Global Orthopedic Software Market, by Product, 2014 to 20264.5 Market Size & Forecasts and Trend Analyses, 2014 to 20264.5.1 Digital templating and preoperative planning software4.5.1.1 Digital templating and preoperative planning software market, 2014 – 2026 (USD Million)4.5.2 Orthopedic EHR4.5.2.1 Orthopedic EHR market, 2014 – 2026 (USD Million)4.5.3 Orthpedic Practice Management Software4.5.3.1 Orthopedic practice management software market, 2014 – 2026 (USD Million)4.5.4 Orthopedic PACS4.5.4.1 Orthopedic PACS market, 2014 – 2026 (USD Million)4.5.5 Orthopedic RCM4.5.5.1 Orthopedic RCM market, 2014 – 2026 (USD Million)4.5.6 Others4.5.6.1 Others market, 2014 – 2026 (USD Million)
Chapter 5 Orthopedic Software Market: Segment Analysis, By Mode of Delivery, 2014 – 2026 (USD Million)5.1 Definition and Scope5.2 Mode of delivery Market Share Analysis, 2018 & 20265.3 Segment Dashboard5.4 Global Orthopedic Software Market, by Mode of Delivery, 2014 to 20265.5 Market Size & Forecasts and Trend Analyses, 2014 to 20265.5.1 Web/Cloud based5.5.1.1 Web/cloud based market, 2014 – 2026 (USD Million)5.5.2 On Premise5.5.2.1 On premise market, 2014 – 2026 (USD Million)
Continued ………
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