Orthopedic Software Market to Grow with a CAGR of 5.91% through 2028
Growing adoption of orthopedic EHR (Electronic Health
Record) are expected to drive the Global Orthopedic Software Market in the
forecast period 2024-2028.
According to TechSci Research report, “Orthopedic
Software Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Orthopedic Software Market
stood at USD 282.75 million in 2022 and is anticipated to grow with a CAGR of 5.91%
in the forecast period, 2024-2028. The increasing adoption of orthopedic
Electronic Health Records (EHR), templating, and preoperative planning software
is the primary driver of market growth. According to a 2017 report from
Becker's Hospital Review, over 90% of orthopedic physicians in the United
States had already integrated orthopedic EHR systems into their practices. The
demand for rapid data sharing, particularly in response to the rising number of
orthopedic surgeries, is expected to further boost the market. For instance, as
per the National Inpatient Sample survey of 2017, the annual projections for
Total Knee Replacements (TKR) and Total Hip Replacements (THR) in the U.S. are
estimated to reach 1.28 million and 0.63 million procedures, respectively, by
2030. Orthopedic software solutions offer a sustainable growth path for the
industry in the near future. Technological advancements and the adoption of
minimally invasive surgery techniques in both developing and developed
countries are additional key drivers. For instance, in 2018, the U.S. Food and
Drug Administration (FDA) granted approval to OsteoDetect, a radiological
computer-assisted detection/diagnosis software developed by Imagen Technologies,
Inc. Orthopedic software represents an efficient alternative to traditional
paper-based record-keeping systems, enhancing medical efficiency in treatment.
The growing patient population and advancements in the healthcare sector have
intensified the need to embrace new technology. Moreover, the increasing
integration of information technology in the healthcare industry has heightened
the demand for data amalgamation, connectivity, and sharing, thus expediting
the adoption of orthopedic software. These technological advancements are
poised to drive the growth of connected healthcare in the coming years.
Additionally, the proliferation of smart devices equipped with data collection
features is expected to fuel the necessity for data sharing and accessibility.
For example, TracPatch, introduced by Consensus Orthopedics Inc. in 2015, is an
orthopedic wearable device designed to collect patient data and harness the
power of data analytics to reshape orthopedics. Furthermore, the increasing
penetration of minimally invasive surgery offers benefits to hospitals and
surgeons associated with surgical centers. Orthopedic software streamlines
processes, enabling surgeons to deliver better outcomes for patients, often on
an outpatient basis, making it a cost-effective solution. Moreover, specialty
hospitals implementing orthopedic software can offer a more comprehensive
approach to treatment.
Orthopedic software refers to specialized computer
programs and applications designed for use in the field of orthopedics, which
is a medical specialty focused on the diagnosis, treatment, and rehabilitation
of musculoskeletal conditions and injuries. These software solutions are
tailored to meet the unique needs of orthopedic surgeons, physicians, nurses,
and other healthcare professionals involved in orthopedic care. Here are key
aspects and functionalities of orthopedic software: Electronic Health Records
(EHR): Orthopedic EHR software allows healthcare providers to digitize and
manage patient records, including medical histories, diagnostic images (X-rays,
MRIs), treatment plans, and progress notes. It enhances the organization and
accessibility of patient data. Preoperative Planning: Orthopedic software
offers tools for precise preoperative planning. Surgeons can visualize the
patient's anatomy, simulate procedures, and select the most appropriate
implants or surgical techniques. Imaging and Diagnostics: Many orthopedic
software solutions integrate with medical imaging devices and provide tools for
analyzing and interpreting radiological images, aiding in the diagnosis of
musculoskeletal conditions. Surgical Navigation: Some orthopedic software is
used during surgery to assist surgeons in real-time navigation, ensuring
precise implant placement and optimal surgical outcomes. Rehabilitation
Management: Orthopedic software often includes modules for designing and
managing personalized rehabilitation programs. These programs help patients
regain mobility and strength after orthopedic procedures.
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Orthopedic Software Market”
The Global Orthopedic Software Market is driven by
several key factors that collectively contribute to its growth and evolution: Increasing
Demand for Electronic Health Records (EHR): The adoption of orthopedic EHR
software is on the rise, driven by the need for efficient and organized patient
data management in orthopedic practices and hospitals. Preoperative Planning
and Surgical Navigation: Orthopedic software empowers surgeons with advanced
preoperative planning tools and real-time surgical navigation capabilities,
enhancing surgical precision and outcomes. Telemedicine Integration: The
integration of orthopedic software with telemedicine platforms has gained
prominence, especially in remote patient consultations, monitoring, and
follow-up care. Data Analytics and Research: Orthopedic software supports data
analytics, aiding in patient outcome analysis, research, and evidence-based
decision-making in orthopedic care. Patient Engagement: Patient-facing
orthopedic software engages patients in their care, providing education,
monitoring, and communication tools to enhance patient involvement and
satisfaction. Technological Advancements: The continuous evolution of software
technology, including AI, machine learning, and 3D printing, propels innovation
within the orthopedic software market, enabling more advanced diagnostic and
treatment capabilities. Global Expansion: The expansion of healthcare
infrastructure and orthopedic services in emerging markets drives the demand
for orthopedic software solutions worldwide. Regulatory Compliance: The need
for orthopedic software to adhere to healthcare regulations, such as HIPAA,
ensures data security and privacy, fostering trust among healthcare providers. Minimally
Invasive Surgery: The increasing adoption of minimally invasive surgical
techniques in orthopedics necessitates software support for planning and
executing these procedures efficiently. Population Aging: As the global
population ages, the prevalence of orthopedic conditions and the demand for
orthopedic care continue to grow, fueling the market's expansion. Collectively,
these drivers reflect the industry's commitment to innovation, patient-centric
care, and the optimization of orthopedic treatment. As technology continues to
advance and healthcare delivery models evolve, the Global Orthopedic Software
Market is poised for continued growth and transformation.
The Global Orthopedic Software Market is segmented
into product, mode of delivery, application, regional distribution, and
company.
Based on Product, the market is segmented into Digital
Templating/Preoperative Planning Software, Orthopedic Electronic Health Record
(EHR), Orthopedic Practice Management, Orthopedic Picture Archiving, and
Communication Systems (PACS), Orthopedic Revenue Cycle Management, Other
Equipment, and Systems. The Orthopedic EHR segment is expected to rise in the
forecast period. This is attributed due rising need for expedited data sharing
and treatment procedures. Electronic Health Record (EHR) systems are
specifically crafted to enable physicians to tailor treatment plans for
individual medical conditions, incorporating features like patient education,
prescription management, and referral letter generation. The versatile nature
of this software makes it highly appealing, and as a result, an expansion of
its user base is expected in the near future.
Based on region, the market is segmented into North
America, Europe, Asia Pacific, Central & South America, Middle East &
Africa. The North America segment was dominated the market in 2022. This is due
to extensive utilization of the software in the United States and Canada. The
expanding elderly demographic and the rising occurrence of knee and hip-related
issues have additionally resulted in heightened demand. According to a study
conducted by the American Academy of Orthopedic Surgeons (AAOS) in 2017, an
excess of 7 million individuals in the United States undergo hip or knee
replacement surgeries annually. This substantial volume of surgical procedures
underscores the growing prevalence of various orthopedic ailments. Furthermore,
the growing acceptance of data sharing and the adoption of orthopedic
Electronic Health Records (EHR) continue to stimulate demand within this
region.
Major companies operating in Global Orthopedic
Software Market are:
- International Business Machines Corp
- CureMD Healthcare
- Athena Health
- GreenWay Health LLC
- Brain Lab
- Medstrat Inc.
- Materialise NV
- NextGen Healthcare LLC
- drchrono Inc.
-
AllScript Healthcare Solution Inc
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“The Global Orthopedic Software Market is driven by
the growing adoption of orthopedic Electronic Health Records (EHR),
preoperative planning software, and templating tools, which enhance patient
care and surgical precision. The demand for faster data sharing, particularly
in response to the rising number of orthopedic surgeries, further propels the
market. Technological advancements and the embrace of minimally invasive
surgery techniques, along with increasing implementation of information
technology in healthcare, also play a pivotal role in market growth. Additionally,
the integration of artificial intelligence (AI) and machine learning in
orthopedic software solutions augments diagnostic accuracy and personalized
treatment planning, contributing to market expansion contributes to foster the
demand for Global Orthopedic Software Market in the forecast period” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Orthopedic Software
Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028
Segmented By Product (Digital Templating/Preoperative Planning Software,
Orthopedic Electronic Health Record (EHR), Orthopedic Practice Management,
Orthopedic Picture Archiving, and Communication Systems (PACS), Orthopedic
Revenue Cycle Management, Other Equipment, and Systems), By Mode of Delivery
(Cloud/Web Based, On-premise), By Application (Orthopedic Surgery, Fracture
Management, and Other), By Region and Competition” has evaluated
the future growth potential of Global Orthopedic Software Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Orthopedic Software Market.
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