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 software which pertains to maintaining electronic health records (EHR) and also guides surgeons while operating the patients are called as orthopedic software. This technique enhances the medical proficiency in treatment. The orthopedic software plays vital role in preparing a pre-operative plan which can be used as guidance during surgery. By installing this orthopedic software in hospitals and other sector the chances manual errors get reduced. The orthopedic software’s has wide application in medical database of diagnoses, histories, tests, treatment plans and surgical procedures.
The increasing amount of time spent by the orthopedic physician or surgeon in maintaining critical patient paperwork, enhanced digitization of the healthcare processes and rise in geriatric population prone to knee ailments and falls are expected to drive the market over the predicted years. Besides this, rising preference for minimally invasive procedures and constantly improving reimbursement scenario would further propel the market growth. As these software automates access to information and has the potential to streamline the clinician's workflow. 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 North America orthopedic software market based on type of product, mode of delivery, application and end users.
The type of product involve in 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 owing to, increased due to its advantages such as enhanced viewing & analysis and improved management of data. Nevertheless, advanced digital imaging functionalities will fuel the market growth.
By mode of delivery the various mode of delivery available in the orthopedic software market is classified on-premises software and cloud-based software. The on-premises accounted for the largest market share in 2020. It can be accredited to the growing safety and control regarding patient data which is offered by on-premise solutions. Also it provide full data access control appropriate for organizations with regulatory requirements.
According to the orthopedic software market has application in various sectors such as joint replacement, fracture management, pediatric assessment and others. The joint replacement segments holds the significant share in orthopedic software market. The increase in population who are suffering from osteoarthritis along with, upsurge in geriatric population is set to propel the market for orthopedic software in United States. Likewise growing number of joint surgeries performed will boosts the market growth.
Based on the end users orthopedic software market is classified into hospitals, ambulatory care centers and others (research centers, government organizations). The hospitals segment is projected to dominate the market by the end of forecast period. The software helps in preparing a pre-operative plan which can be used as guidance during surgery hence, it has wide application in hospitals. The rise in demand for software in market will fuel market growth as it provide more accuracy and potency.
The major key players of market includes 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 United States 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.
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