Orthopedic Software Market: Current Analysis and Forecast (2021-2027)

Orthopedic Software Market: Current Analysis and Forecast (2021-2027)

Orthopedic Software Market is anticipated to display a CAGR of around 7% over the forecast period (2021-2027). The increase in the number of orthopedic surgeries, as well as the rising incidences of orthopedic problems such as arthritis and osteoporosis, are expected to drive the market for orthopedic software in the coming years. In addition, the growing geriatric population, as well as an increase in injuries from car accidents and sports-related injuries, are expected to boost the market growth. Moreover, the adoption of minimally invasive surgery in both developing and developed countries is another crucial factor driving the market. Besides, an increase in demand for faster data sharing, particularly the growing number of orthopedic surgeries is proliferating the market growth. Orthopedic software is a viable alternative to the traditional paper-based system. The software technique improves medical treatment proficiency. Furthermore, the rising need to adopt advanced technology along with the growing patient population and development in the healthcare industry is leading to the faster adoption of orthopedic software.

Insights Presented in the Report

“Amongst Product, Orthopedic Electronic Health Record (EHR) segment held significant market share in 2020”

Based on the product, the market bifurcated into pre-operative planning and templating software, orthopedic electronic health records (EHR), orthopedic practice management, orthopedic picture archiving and communication systems (PACS), and orthopedic revenue cycle management. Among these segments, orthopedic EHR are anticipated to account for the largest share of the orthopedic software market. Orthopedics EHR software enables surgeons or physicians to store digital imaging alongside the rest of the patients' records. Using orthopedic EHR, various steps included in the treatment process, such as surgeries, post-operative follow-ups, and the patient's current range of motion become easier to document and manage. In addition to this, rising demand for data sharing and a faster treatment process is contributing to the segment growth. The EHR system is intended to assist physicians in developing personalized treatment plans for specific medical conditions by establishing patient education, prescriptions, and referral letters. This software's multifunctionality encourages its adoption, and it is expected to grow in popularity shortly.

“Amongst Application, Joint Replacement acquires largest market share”

Based on the application, the market is segmented into joint replacement, fracture management, and pediatric assessment. Of these three, joint replacement acquires the largest share of the orthopedic software market. Knee replacements are among the most common and effective surgeries performed worldwide. Osteoarthritis, which causes decreased function and quality of life, is the most common reason for joint replacement surgery. Because of the rising incidence of chronic conditions, which has increased the number of joint surgeries performed and the number of revision surgeries performed, the adoption of orthopedic software is increasing significantly.

Furthermore, fracture management is expected to grow the most during the forecast period. The fracture management planning software allows surgeons to plan each procedure efficiently and avoid potential complications in surgery by providing a large prosthesis template library and intuitive procedure-specific tools.

“North America will Dominate the Market During the Forecast Period”

For a better understanding of the market adoption of orthopedic software, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific), and Rest of World. In 2020, the North American region held the highest market share in the global Orthopedic Software market. Some of the major players operating in the market are Materialise NV, Brainlab AG, Medstrat, Inc., CureMD Healthcare, Greenway Health, NextGen Healthcare LLC, McKesson Corporation, GE Healthcare, Philips Healthcare, Merge Healthcare Incorporated.

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