Orthopedic Software Market In-depth Analysis, Business Strategies

Posted by Monali Raghuwanshi on May 28th, 2020

The need for orthopedic software arises due to the increasing amount of time spent by the orthopedic physician or surgeon in maintaining critical patient paperwork and coordinating that information pertaining to the patient with other physicians. Orthopedic software aids in accurate delivery of patients information regarding medical parameters. Orthopedic software pertains to maintaining electronic health records (EHR) and also guides surgeons while operating the patients. It also helps them in preparing a pre-operative plan which can be used as guidance during surgery. This process, if carried out manually, is not only highly time consuming, but also increases chances of introducing an error. This issue is easily overcome by installing orthopedic software in the hospitals, surgery centers and orthopedic specialty clinics. The rise in population suffering from arthritis, especially osteoarthritis across the globe, coupled with upsurge in geriatric population is set to propel the market for orthopedic software worldwide. The escalation in sports-based injuries as well as injuries due to road accidents will lead to a rise in orthopedic procedures and thus impact the growth of orthopedic software market. For instance, as per statistics from the WHO, traffic accidents worldwide bring about nearly 1.24 million deaths a year. 

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The global orthopedic software market is segmented by type of software, end-user and mode of delivery. Based on type of software, the market can been divided into pre-operative planning & templating software, orthopedic EMR & Medical Billing software, practice management (PM) software, orthopedic picture archiving and communication systems (PACS) software, and orthopedics revenue cycle management (RCM) software. Based on end-user, the market is divided into hospitals, independent orthopedic clinics, surgery centers and others. The others segment includes nursing homes and research centers.  The market based on mode of delivery is segmented by three types, namely, web-based, cloud based, and on premises systems. The procedures that the software assists in include joint arthroplasty and revisions, orthopedic trauma, limb deformity correction, osteotomy and pediatric and spinal assessment and is chosen by end users widely to meet the specific needs of planning such as deformity corrections and joint alignment calculation before commencing the surgery process.

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Geographically, North America was observed to be the largest orthopedic software market due to extensive technological advancements in the region. Countries such as the U.S. and Canada have been successful in implementing eHealth and mHealth as well as advanced visualization systems in their healthcare system, which would in turn boost the orthopedic software market growth. The rising preference for minimally invasive procedures and constantly improving reimbursement scenario would further propel the market growth. Europe was observed to be the second largest market in the orthopedic software market owing to enhanced digitization of the healthcare processes and rise in geriatric population prone to knee ailments and falls. The major factor that would drive the market in Asia Pacific include the acceptance and demand for high end medical infrastructure in the region. China, Japan and India are the most developing countries in the region and hence would fuel the market growth for orthopedic software market. Also the Asia Pacific region is witnessing high incidence of bone disorders and lifestyle related knee, spine and cervical ailments, which would in turn boost the market for orthopedic software. However, the perceived lack of expertise by orthopedic physicians as well as medical staff regarding software usage and cost of installing the software for hospitals and clinics already operating on a conservative budget is likely to retrain the market in this region.

The major players operating in this market include Exscribe Orthopedic Healthcare Solutions, Materialise NV, Merge Healthcare Incorporated, Brainlab AG, CureMD, Medstrat, Inc., HealthFusion Inc., McKesson Corporation, and Greenway Health among other significant players worldwide.

Monali Raghuwanshi

About the Author

Monali Raghuwanshi
Joined: July 12th, 2019
Articles Posted: 512

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