Global Orthopedic Software Market

Global Orthopedic Software Market

Global Orthopedic Software Market reached US$ YY million in 2022 and is expected to reach US$ YY million by 2030, growing with a CAGR of YY % during the forecast period 2024-2031.

Orthopedic software refers to specialized computer programs and applications designed to support the workflow and tasks related to orthopedic medicine, which focuses on the treatment of musculoskeletal conditions and injuries. This type of software is used by orthopedic surgeons, healthcare professionals, and administrative staff to streamline various aspects of patient care, management, and documentation within orthopedic practices and hospitals.

Orthopedic software helps in maintaining comprehensive electronic health records (EHR), ensuring that healthcare providers have quick access to patient information. This facilitates better-informed decisions and personalized treatment plans. Integration with imaging tools and PACS allows orthopedic software to handle and analyze medical images effectively. This contributes to more accurate diagnoses and enables surgeons to plan and execute procedures with precision.

Market Dynamics: Drivers and Restraints

Rising the technological advancements

The medical specialty of orthopaedics focuses on the diagnosis, treatment, and prevention of conditions affecting the musculoskeletal system. Fractures, sprains, and chronic diseases like arthritis are among them. While there are many different ways to treat these diseases, new strategies and methods were made possible by technology advancements.

For instance, according to Orthopaedic Associates of Central Maryland 2023, stated that, instead of importing orthopedic equipment and prosthetics from abroad, three-dimensional (3D) printing allows companies to create them locally. This makes it easier to get access to implants and prosthetics designed specifically for user needs. 3D printing is also used to create preoperative planning surgical guides and models. This not only helps orthopedic surgeons operate accurately and effectively, but it also reduces the risks of complications.

Additionally, new software-based tools are deployed in orthopedics to diagnose and perform surgery and clinical analysis. For examples of this are digital X-rays that produce an image on a computer screen faster than traditional X-rays. This bypasses the chemical processing and production necessary to create the X-ray image, making diagnosis more convenient and efficient. Thus rise of technological advancements helps to accelerates the market growth.

Market Dynamics: Restraint

Limited reimbursement policies

Limited or inadequate reimbursement for orthopedic software may create financial barriers for healthcare providers. The high upfront costs associated with implementing and maintaining sophisticated software solutions may outweigh the perceived financial benefits, dissuading providers from investing in these technologies. Healthcare organizations often evaluate the return on investment before adopting new technologies.

Smaller orthopedic practices and outpatient facilities, in particular, may be more sensitive to reimbursement issues. Limited financial resources make it challenging for these practices to invest in advanced software solutions, even if they could improve patient care and practice efficiency. Limited reimbursement may discourage software developers from investing in research and development for continuous innovation and upgrades. The lack of financial incentives to improve and expand the capabilities of orthopedic software may lead to stagnation in the market.

Segment Analysis

The global orthopedic software market is segmented based on product type, mode of delivery, application, end-user and region.

The orthopedic surgical planning software segment from the product type segment accounted for approximately 24.19% of share

Advances in technology, such as improved imaging techniques like 3D and 4D imaging, can lead to the development of more sophisticated orthopedic surgical planning software. New launches may leverage these technological advancements to provide more accurate and detailed preoperative planning. The incorporation of AI and ML algorithms can enhance the capabilities of surgical planning software. New launches may emphasize the use of these technologies to analyze patient data, predict potential complications, and optimize surgical strategies.

For instance, on October 21, 2021, Intellijoint Surgical is launched a new preoperative surgical planning product for total hip arthroplasty. Intellijoint VIEW is a surgical planning software that provides targets for functional cup position accounting for hip-spine relationship and implant templating to generate targets for leg length inequality and offset restoration without requiring CT imaging.

Additionally, on May 23, 2023, Stryker launched of its Ortho Q Guidance system, enabling advanced surgical planning and guidance for hip and knee procedures, easily controlled by the surgeon from the sterile field. The system combines new optical tracking options via a redesigned, state-of-the-art camera with sophisticated algorithms of the newly launched Ortho Guidance software to deliver additional surgical planning and guidance capabilities. Thus above factors accelerates the segment growth.

Geographical Analysis

North America accounted for approximately 32.4% of the market share in 2022

North America is anticipated to control the orthopedic software market over the forecast period due to the factors such as the rising prevalence of orthopedic disorders, rising strategies by the key players, increasing demand for minimally invasive procedures, and growing technological advancements.

For instance, according to an article published in NIH, estimated that, each year an estimated 1.5 million individuals suffer a fracture due to bone disease. The risk of a fracture increases with age and is greatest in women. Roughly 4 in 10 White women age 50 or older in the United States will experience a hip, spine, or wrist fracture sometime during the remainder of their lives.

Additionally, on October 19, 2023, PeekMed expanded to PeekMed LLC, its formal subsidiary in Warsaw, Indiana, United States. This expansion aligns perfectly with the future launch of PeekMed Web, currently undergoing beta testing, and set soon to hit the market in the US. The decision to form PeekMed LLC is driven by a desire to strengthen presence in the world’s largest and most influential healthcare market. Thus, above factors help to boost the region growth.

COVID-19 Impact Analysis

Coronavirus disease (COVID-19) cases were first reported in China in December 2019 and the World Health Organization declared COVID-19 as a worldwide pandemic on 12 March 2020. The COVID-19 related lockdowns or restrictions have dramatically changed the daily lives of people around the world. It had a major impact on the healthcare system and forced the orthopedic field to execute fundamental changes. The pandemic has widely affected the field of orthopedics.

Most studies have reported that the number of cases in all aspects decreased significantly. Orthopedic education and training, research, and psychological pressure, which have been less noted, have also been significantly impacted. Externally, the overall change seems to be rooted in patients’ fear, lockdowns, and restrictions. Internally, the overall change seems to be attributable to the redeployment or redistribution of personnel in response to the pandemic. In the future, regardless of whether the pandemic has not stopped, it will be important to maintain the normal operation of treatment and surgery to avoid squeal caused by delayed treatment.

Market Segmentation

By Product Type
• Electronic Health Record (EHR) Software
• Picture Archiving and Communication System (PACS)
• Orthopedic Practice Management Software
• Orthopedic Surgery Planning Software
• Orthopedic Rehabilitation Software
• Others

By Mode of Delivery
• On-Premise Solutions
• Cloud-Based Solutions

By Application
• Orthopedic Surgery
• Fracture Management
• Joint Replacement
• Orthopedic Imaging
• Others

By End-User
• Hospitals
• Ambulatory Surgical Centers
• Orthopedic Clinics
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Spain
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Competitive Landscape

The major global players in the market include PrecisionOS, Philips Healthcare, Breg Inc, Kareo, DrChrono, Olympus Corporation, CureMD Healthcare, Exscribe, NextGen Healthcare, Inc, Brainlab AG and among others.

Key Developments
• In October 2023, SmartTRAK, is a global Medtech business and market software intelligence solution in the Orthopedics, Wound Care, Regenerative Medicine and Neuro Therapy markets, launched of enhanced software products and strategic reports available for purchase in Q4 to help clients position themselves for growth in 2024 and beyond.
• In July 2022, Enovis had launched a wearable augmented reality (AR) device, ARVIS, to be used for orthopaedic surgeries but more specifically customized towards knee and hip replacements. ARVIS is an independent surgical guidance device that can be controlled by surgeons and attached to the wearer’s head to make sure it does not interfere with the operation.

Why Purchase the Report?
• To visualize the global orthopedic software market segmentation based on product type, mode of delivery, application, end-user and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of orthopedic software market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global orthopedic software market report would provide approximately 69 tables, 58 figures and 187 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies