Orthopedic Software Market Size, Share, Market Research and Industry Forecast Report, 2019-2026 (Includes Business Impact of COVID-19)

  • TBI428774
  • November 28, 2020
  • Global
  • 132 pages
  • Lucintel

Industry Insights, Market Size, CAGR, High-Level Analysis: Orthopedic Software Market

The global orthopedic software market size was estimated at USD 284.6 million in 2018 and is projected to expand at a CAGR of 5.8% during the forecast period. Growing adoption of orthopedic EHR, templating, and preoperative planning software are the major factor propelling the growth. According to the Beckers Hospital Review 2017, more than 90% of orthopedic physician in U.S. were using orthopedic EHR system. An upsurge in demand for faster data sharing, especially focused on the rising number of orthopedic surgeries is anticipated to further propel the market. For instance, according to the National Inpatient Sample survey 2017, the annual number of Total Knee Replacements (TKR) and Total Hip Replacement (THR) in U.S. are projected to reach 1.28 and 0.63 million procedure respectively by 2030. Orthopedic software solutions can create sustainable path for the growth of the industry in near future. Technological advancements and the adoption of minimally invasive surgery in developing and developed countries are other major market drivers. For instance, in 2018, the U.S. Food and Drug Administration (FDA) approved OsteoDetect, a radiological computer assisted detection/diagnosis software for fracture by Imagen Technologies, Inc. Orthopedic software is an effective alternative for the traditional system, based on paper records. The software technique enhances the medical proficiency in treatment. The need to adopt newer technology has increased with growing patient population and advancements in healthcare industry. Furthermore, increasing implementation of IT in healthcare industry, has increased the need for combining, connecting, and sharing data leading to the faster adoption of orthopedic software. The technological advancements are further expected to propel growth of the connected healthcare in the forthcoming years. Moreover, smart devices with data collection features are expected to fuel the requirement for data sharing and access. For instance, TracPatch, by Consensus Orthopedics Inc.launched in 2015, orthopedic wearable device manufactured considering patient data collection and the power of data and analytics to reshape orthopedics. Furthermore, rising penetration of minimally invasive surgery benefits the hospitals and surgeons affiliated with the surgical centers. Software makes the process easier and faster for the surgeons, to deliver the better outcomes for patients, and on an outpatient basis, making it a cost-effective solution. Moreover, a more comprehensive treatment approach can be seen with the specialty hospitals implementing the orthopedic software.

Product Insights of Orthopedic Software Market

Orthopedic EHR segment commanded the maximum market share in 2018. Increasing demand for data sharing and faster treatment process are the major factors driving the growth. These EHR system are designed for the physicians to create personalized treatment plans for specific medical conditions by setting up patient education, prescriptions, and referral letters. The multi-functionality of this software favors its adoption, thereby anticipated to increase consumer base in near future. Digital templating and preoperative planning software are expected to grow at a higher rate during the forecast period. Preoperative planning for orthopedic procedure including elective total hip arthroplasty is gaining traction owing to the benefits, including prevention of complications, optimization of the important geometric parameters, center of rotation, such as the leg length, and femoro-acetabular adjustments.

Mode of Delivery Insights

On-premise software commanded the maximum share of the orthopedic software market in 2018, attributed to the factors such as availability of pocket-friendly locally installed orthopedic software to manage various financial and clinical workflow needs. Many local companies provide customized software based on the clients requirements such as templating and preoperative planning for the hospitals and clinic centers. For instance; PeekMed provide 3D planning software for the surgeries. On-Premise software is tailored, or fully customized software based on the need and size of the healthcare practice. Web/Cloud based software solutions are expected to expand at a significant CAGR during the forecast period. The major factor leading to the growth of the segment include increasing consolidation of the healthcare industry and rising number of multispecialty hospitals requiring one stop solutions for all specialty and for data collection and management. According to the Becker Hospital Review, in 2018, more than 80 mergers and acquisitions were completed in the healthcare industry.

Application Insights of Orthopedic Software Market

Orthopedic surgeries commanded the maximum market share in 2018. According to the Department of Orthopedic Surgery at the University of California (DOSUC) in 2016, an estimated 30% to 40% of patients visit the primary care physicians for musculoskeletal issues as a major concern every year. This growing number of procedures is anticipated to create huge demand for data sharing and storing in near future. Therefore, the implementation of these software is anticipated to rise in the hospital and specialized settings. Fracture management is expected to grow at the fastest CAGR during the forecast period. With a wide prosthesis template library and instinctive procedure-specific tools, the fracture management planning software permit surgeons to plan each of the procedure efficiently and to avoid potential complications in surgery. For instance, OrthoView, a preoperative planning software by Materialise, is used by surgeons with digital x-rays, for primary and revision knee and hip arthroplasties, small joints and shoulder replacements, deformities correction, and fracture management procedures.

Regional Insights of Orthopedic Software Market

North America accounted for a major market share followed by Europe. The major share is attributed to the high adoption of the software in U.S. and Canada. Growing elderly population and rising knee and hip related problems have also led to the increased demand. According to the American Academy of Orthopedic Surgeons (AAOS) study from 2017, over 7 million people in U.S. undergo hip or knee replacement surgery every year. These high number of surgeries shows the increased burden of various orthopedic disorders. However, increased adoption of data sharing and orthopedic EHR is continuously propelling the regional demand. Asia Pacific, on the other hand, is anticipated to register the fastest CAGR over the forecast period due to rising penetration of healthcare IT coupled with growing consumer awareness in developing countries such as China. Furthermore, rise in orthopedic procedures is another factor leading to the market growth. For instance,according to the World Health Organization (WHO), in Asian countries, sports injuries and deformities were the fifth most common area needed treatment in 2017.

Market Share Insights of Orthopedic Software Market

The global market is undergoing consolidation and the companies concentrate on the merger and acquisition plans to improve their orthopedic product profile. For instance; In October 2018, IBM Watson Health partnered with Consensus Orthopedics to develop wearable TracPatch. The partnership was meant to expand the formers business in the segment. Moreover, the company will also benefit from the data collected by these devices for future strategies in the segment. Major companies operating in the market are IBM; CureMD Healthcare; Athena Health; GreenWay Health LLC; Brain Lab; Medstrat Inc.; Materialise NV; NextGen Healthcare LLC; drchrono Inc.; and AllScript Healthcare Solution Inc.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Orthopedic Software Market Research Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2026. For the purpose of this study, this market research report has segmented the global orthopedic software market reports on the basis of product, mode of delivery, application, and region:

Products Outlook (Revenue, USD Million, 2014 - 2026)

  • Digital Templating/Preoperative Planning Software
  • Orthopedic EHR
  • Orthopedic Practice Management
  • Orthopedic PACS
  • Orthopedic RCM
  • Others

Mode of Delivery Outlook (Revenue, USD Million, 2014 - 2026)

  • Web/Cloud Based
  • On-Premise

Application Outlook (Revenue, USD Million, 2014 - 2026)

  • Orthopedic Surgeries
  • Fracture Management
  • Others

Table of Contents
Chapter 1 Methodology and Scope                   1.1 Market Segmentation and Scope                       1.1.1 Product                       1.1.2 Mode of delivery                       1.1.3 Application                       1.1.4 regional scope                       1.1.5 Estimates and forecast timeline                   1.2 Research Methodology                   1.3 Information procurement                       1.3.1 Purchased database:                       1.3.2 GVR’s internal database                       1.3.3 Secondary sources                       1.3.4 Primary res
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