Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Musculoskeletal conditions may be causes pressure on patients and healthcare systems as well. The various common occurring musculoskeletal conditions that are observed globally such as osteoarthritis, osteoporosis, rheumatoid arthritis, and lower back pain. Orthopedic software provide advantages over traditional system, based on paper record. This technique deals with the medical proficiency and accuracy in the treatment. It also includes pre-operative planning system. These software’s helps surgeons through medical database of diagnoses, histories, tests, treatment plans and surgical procedures.
The orthopedic software market has been seeing tremendous growth from the past few decades. The primary growth factors behind the market growth are increasing incidence of orthopedic conditions due to the rising geriatric population and rising pressure to improve the quality of care and reduce healthcare costs. Likewise, rising adoption of EHRs (electronic health record) and other eHealth solutions. The orthopedic software automates the access to information and has the potential to streamline the clinician's workflow. Nevertheless, lack of skilled professionals to use orthopedic software research is the major restraining factor that could hamper the growth of the market.
The COVID-19 pandemic had a noteworthy impact on the orthopedic software market as the COVID- 19 is associated with respiratory syndrome as the software helps to keep accuracy in records. Likewise, EHR solutions are playing vital role in improving the efficiency of billing by optimizing and simplifying billing with correct codes, results in decrease in manual errors. Such software’s are also helps in revenue management during COVID 19 pandemic. It also helps in the monitoring and treating patients. Hence orthopedic software market is positively affected the market growth.
The study analyses global orthopedic software market based on type of product, mode of delivery, application, end users and geography.
Based on the type of product the orthopedic software market is segmented into orthopedic picture archiving and communication systems (PACS), orthopedic Electronic health records, digital templating/pre-operative planning software, orthopedic Practice management and orthopedic revenue cycle management (RCM). The orthopedic picture archiving and communication systems (PACS) segment dominated the market in 2020 and is expected to maintain its dominance during the forecast period 2021-2027. It also provide digital templating software is integrated with orthopedic picture archiving and communication systems (PACS) hence demand for these software in the market increased.
The various mode of delivery available in the orthopedic software market is bifurcated on-premises software and cloud-based software. The on-premises segment accounted for the largest market share in 2020 owing to, increased control and safety of patient data offered by on-premise solutions. Nevertheless, availability of pocket-friendly locally installed orthopedic software which helps in financial and clinical workflow will drive the market growth.
The orthopedic software market finds its application in joint replacement, fracture management, pediatric assessment and others. The joint replacement segment is expected to account for the largest share of the market. The rising prevalence of chronic conditions results in the growing number of joint surgeries performed and, by extension, the number of revision surgeries conducted which will driving the market growth.
Depending on the various end users in the orthopedic software market is bifurcated into hospitals, ambulatory care centers and others (research centers, government organizations). The hospitals segment is likely to witness the largest market growth in the coming years. The factors that driving the market growth are growing demand for orthopedic software in hospitals due to its accuracy and potency.
Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific, Latin America, Middle East & Africa and Rest of the World. Asia Pacific held the largest market share of global orthopedic software market owing to, growing adoption of EHRs and government has started taking initiatives for the development of the healthcare system. Likewise, growing awareness about technologically advanced animal genetic products and services in this region will fuel the market growth.
The major key players of market includes Materialise NV (Belgium), Brainlab AG (Germany), Medstrat, Inc. (US), CureMD Healthcare (US), Greenway Health (US), NextGen Healthcare LLC (US), McKesson Corporation (US), GE Healthcare (US), Philips Healthcare (Netherlands), Merge Healthcare Incorporated (US), IBM (US), Athena Health (US) and All Script Healthcare Solution Inc.(US)
January 2020: MTBC (US) acquired CareCloud Corporation (US). The acquisition of CareCloud Corporation helped MTBC yield greater operating efficiencies, accelerate growth, and provide more flexibility for future expansion.
March 2019: Smith & Nephew (US) announced the acquisition Of Brainlab AG (Germany) Orthopedic Joint Reconstruction. This acquisition supports Smith & Nephew’s strategy to invest in best-in-class technologies that expand its multi-asset digital surgery and robotic ecosystem.
January 2019: Allscripts Healthcare Solutions (US) entered into a partnership with Premier Orthopaedics Group (US) through this partnership, Allscripts will integrate a suite of solutions into the technology Premier currently uses. This combined technology and single platform will make it easier for Premier physicians to integrate information about a patient’s care across the ambulatory care continuum.
June 2019: NextGen Healthcare LLC (US) announced the launch of new HER Behavioral Health Suite
The study analyses global orthopedic software market based on type of product, mode of delivery, application, end users and geography. The orthopedic software’s helps surgeons through medical database of diagnoses, histories, tests, treatment plans and surgical procedures. The primary growth factors behind the market growth are increasing incidence of orthopedic conditions due to the rising geriatric population and rising pressure to improve the quality of care and reduce healthcare costs. Likewise, adoption of minimally invasive surgery in developing and developed countries will driving the market growth in upcoming years. Nevertheless, technological advancement in orthopedic software helps in clinician’s workflow and enhances the medical proficiency in treatment hence, it is expected to impede market growth over the forecast period 2021-2027. Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific, Latin America, Middle East & Africa and Rest of the World.
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