The market for orthopedic software was valued at USD 272.46 million in 2019, and a CAGR of about 7.58 percent is anticipated to be recorded during the 2019-2025 forecast period.
Orthopedic software is an alternative to the antiquated scheme, relying on paper documents. The method of orthopedic software enables to improve medical skills in orthopedic surgery and therapy. The need to embrace technology has risen with the growing population of patients and advances in the healthcare industry. The need for the capacity to connect, combine and share information rapidly has also risen with the growing application of healthcare IT in the healthcare sector. Orthopedic software is a solution capable of creating a sustainable route for future development in the orthopedic sector. Additionally, other variables such as increasing orthopedic issues due to aging , growing R&D along with technological advances , and the implementation of minimally invasive surgery in developing and developed nations contribute to the development of the software industry for orthopedics.
Scope of the Report:
Orthopedic software treats a large amount of data from the results of the laboratory test, including imagery during diagnosis and patient charts during recovery for follow-up. It has become compulsory for orthopedic surgeons to handle a big number of laboratory test outcomes, particularly when it comes to diagnostic imaging. orthopedic software, such as EHR, is presently being used in the orthopedic care level for the sake of ease. The segmentation of the product type includes digital planning /pre-operative planning software, orthopedic electronic health record EHR , orthopedic practice management, orthopedic image archiving and communication systems PACS , orthopedic income cycle management, and other facilities and technologies.
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Key Market Trends:
Preoperative planning software segment is having the largest share over the forecast period.
Preoperative planning for elective total hip arthroplasty THA is becoming increasingly essential as it prevents complications and also optimizes significant geometric parameters such as leg length, rotation center, and femoral-acetabular offset changes. Many digital scheduling software programs are being provided with the growing use of digital radiography, which delivers high accuracy.
North America is expected to have high growth opportunities in the market growth, the Asia Pacific is poised to have the fastest growth rate
The largest share in the global orthopedic software market is the United States. According to the American Academy of Orthopedic Surgeons AAOS, each year in the United States, more than 7 million individuals receive hip or knee replacement surgery. This high amount of surgeries shows the country s enhanced burden of orthopedic disorders. In addition, population aging is also anticipated to drive the total number of orthopedic procedures. According to the assessment of the U.S. Census Bureau, the elderly population is projected to nearly double in the next 25 years. The Asia-Pacific region is anticipated to record the greatest development during the forecast period. As the healthcare IT sector is increasing in this region, the adoption of orthopedic software alternatives is anticipated to increase over the forecast period.
Competitive Landscape:
The global orthopedic software market is experiencing consolidation, with companies concentrating on mergers and acquisition strategies to enhance their orthopedic particular product profile. Key market players include Athenahealth Inc., Brainlab AG, CureMd Healthcare, GE Healthcare, Greenway Health LLC, IBM Corporation Merge Healthcare Inc. , Materialise NV, Medstrat Inc., and Nextgen Healthcare Information Systems LLC, among others.
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