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Orthopedic Software Market Worth $446.8 Million by 2026 | CAGR: 5.8%: Grand View Research, Inc.
SAN FRANCISCO, Nov. 7, 2019 /PRNewswire/ -- 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 Grand View Research, 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.
Key suggestions from the report:
- 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
Read 145 page research report with ToC on "Orthopedic Software Market Size, Share & Trends Analysis Report By Product (Digital Templating/Preoperative software, Orthopedic EHR), By Mode Of Delivery, By Application, And Segment Forecasts, 2019 - 2026'' at: https://www.grandviewresearch.com/industry-analysis/orthopedic-software-market
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.
Grand View Research has segmented the global orthopedic software market based on product, mode of delivery, application, and region:
- Orthopedic Software Product Outlook (Revenue, USD Million, 2014 - 2026)
- Digital Templating/ Preoperative Planning Software
- Orthopedic EHR
- Orthopedic Practice Management
- Orthopedic PACS
- Orthopedic RCM
- Orthopedic Software Mode of Delivery Outlook (Revenue, USD Million, 2014 - 2026)
- Web/Cloud Based
- Orthopedic Software Application Outlook (Revenue, USD Million, 2014 - 2026)
- Orthopedic Surgeries
- Fracture Management
- Orthopedic Software Regional Outlook (Revenue, USD Million, 2014 - 2026)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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