The global orthopedic software market size is expected to reach USD 446.8 Million By 2026, registering a CAGR of 5.8%. The market is driven by the increasing pressure to curb medical expenditure by implementing cutting-edge technology. The number of orthopedic surgeries is on the rise, globally. According to a 2017 published report by by the National Inpatient Sample (NIS), the annual number of Total Hip Replacement (THR) and Total Knee Replacements (TKR) performed in the U.S. is anticipated to reach 1.28 and 0.63 million by 2030. Preoperative planning software reduces the procedure time and efficiency, simultaneously reducing the procedural risk to half, says BrainLab.
Prominent technological advancements such as Machine Learning (ML and Artificial Intelligence (AI) have propelled the development of specific software products for individual modalities. In July 2019, DrChrono announced its collaboration with DeepScribe to develop AI-based healthcare services for clients. The partnership was aimed at integrating DrChrono EHR with artificial intelligence to systematize and automate the physician appointment system
The presence of Favorable government regulations in the U.S. such as HITECH law is facilitating the promotion of digitalization of the healthcare industry. This is projected to have a positive influence on the market’s growth in the U.S. as the country has a more than 90% EHR adoption rate in the orthopedic specialty segment. 3D printed medical solutions is a key emerging trend in the orthopedic software market and is set to accelerate the demand for 3D printed implants over the forecast period.
Orthopedic Software Market Report Highlights
Amid the unprecedented Covid-19 crisis healthcare leaders have turned to seek orthopedic innovations such as their software, products, and services for pain-alleviating assistance and meet the emerging needs of Covid-19 patients
The market giants have entered into strategic alliancesand collaborations to enhance product innovation capabilities and stay ahead of the market competition. In January 2021, Stryker announced their acquisition of OrthoSensor and its intraoperative knee surgery sensor tech
Stryker aims to develop smart devices and digital platforms using OrthoSensor’s MotionSense remote patient monitoring wearables combined with the OrthloLogIQ cloud-based data platform and Stryker’s data analytics capabilities
Orthopedic EHR accounted for the highest revenue share in 2018, owing to the rising demand for data sharing for real-time monitoring of patients and boost the treatment process
On-premise software emerged as the widely accepted mode of delivery in 2018. This is attributed to the demand for stalled orthopedic software to monitor financial and clinical workflow needs
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Orthopedic Software Market Segmentation
Grand View Research has segmented the global orthopedic software market on the basis of 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
Others
Orthopedic Software Mode of Delivery Outlook (Revenue, USD Million, 2014 – 2026)
Web/Cloud Based
On-Premise
Orthopedic Software Application Outlook (Revenue, USD Million, 2014 – 2026)
Orthopedic Surgeries
Fracture Management
Orthopedic Software Regional Outlook (Revenue, USD Million, 2014 – 2026)
North America
U.S.
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Asia Pacific
Japan
China
India
Australia
South Korea
Latin America
Brazil
Mexico
Argentina
MEA
South Africa
UAE
Saudi Arabia
List of Key Players of Orthopedic Software Market• IBM• 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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