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.
The orthopedic software can be defined as it is the software that helps physicians or surgeons for maintaining the information about treatment procedures and clinical data by efficiently saving time. In orthopedics this software’s are referred as alternative for traditional system which involve paper based records. These orthopedic software assists the surgeons while performing surgeries. The orthopedic software also check the accurate delivery of information about the medical factors. The orthopedic software’s has wide application in medical database of diagnoses, histories, tests, treatment plans and surgical procedures.
The rise in the number of orthopedic surgeries in Asia Pacific and increasing incidences of orthopedic problems such as arthritis & osteoporosis are the major factors propelling the growth of the market. Likewise, increasing implementation of IT in healthcare industry in Asia Pacific has resulted into the growth and deep market penetration for the orthopedic software market. The technological advancement in these software provide more accuracy as well as potency will causes rise in trend towards orthopedic software. Nevertheless, lack of skilled professionals to use orthopedic software research and high costs of software’s are 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 Asia Pacific orthopedic software market based on type of product, mode of delivery, application, end users and country.
The type of product included in the orthopedic software market is bifurcated 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 was the largest revenue generating segment in 2020. As it plays vital role in in healthcare organizations to securely store and digitally transmit electronic images and clinically-relevant reports. The advanced digital imaging functionalities in PACS will fuel market growth in upcoming years.
According to the various mode of delivery available in the orthopedic software market is segmented into on-premises software and cloud-based software. The on-premises segment accounted for the largest share in the orthopedic software market. It has several advantages like complete control, allowing to modify, expand, and consolidate as per requirement, allows staff to conveniently access it at any time and implementation of tailored measures for security and uptime. Also it provide full data access control appropriate for organizations with regulatory requirements.
Depending on the application the market is categorized into joint replacement, fracture management, pediatric assessment and others. The joint replacement segment is anticipated to grow at highest market share owing to, rise in knee and hip replacement surgeries in Asia Pacific region. Likewise, a large number of patients visit the primary care physicians for musculoskeletal issues every year will act as a driving force for the market growth.
Based on the end users the orthopedic software market is classified into hospitals, ambulatory care centers and others (research centers, government organizations). The hospitals segment dominated the market in 2020 and is expected to maintain its dominance during the forecast period 2021-2027. The implementation of these software is anticipated to rise in the hospital and specialized settings. As it provide more accurate results, hence demand for these software has increased.
The countries covered in the Asia-Pacific orthopedic software market report are China, Japan, India and rest of APAC. The China held the largest market share of Asia Pacific orthopedic software market and is likely to dominate the market over the estimated time frame. China is one of the major contributing country in medical field and also it is well developed country. The advancement in hospital facilities and technological development are the major factor for the market growth in the region.
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 Asia Pacific orthopedic software market based on type of product, mode of delivery, application, end users and country. 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. Country wise study comprises countries like China, India and Japan. The China held the largest market share of Asia Pacific orthopedic software market and is likely to dominate the market over the estimated time frame.
Why to buy this report:
