Orthopedic Software Market to Grow at a CAGR of 8.56% over the forecast period 2023 to 2032; Quince Market Insights

Quince Market Insights
Quince Market Insights

The Global Orthopedic Software Market to reach USD 310.45 Million during forecast period 2023 to 2032

Pune, Nov. 28, 2022 (GLOBE NEWSWIRE) -- The Global Orthopedic Software Market to reach USD 310.45 Million during forecast period 2023 to 2032 and is expected to exhibit a CAGR of 8.56% over the forecast period 2023 to 2032, according to a recent global market study by Quince Market Insights.

Orthopedic software is time-saving software that helps orthopaedic doctors and surgeons keep track of clinical data and information about treatments. This software assists surgeons in maintaining electronic medical records and during surgeries (EHR). Workflow management for orthopaedic patients is aided by orthopaedic software. This application keeps track of orthopaedic patients stays from the time they are admitted until the last bill is paid. An growth in orthopaedic conditions and procedures, as well as advancements in healthcare technology, will fuel market expansion throughout the forecast period.

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The growing amount of time orthopaedic doctors and surgeons spend keeping vital patient records and coordinating patient-related information with other doctors necessitates the development of orthopaedic software. Orthopedic software assists in correctly communicating medical information to patients. Orthopedic software aids in the maintenance of electronic health records (EHRs) and directs surgeons during patient operations. They can utilise it to create a pre-operative strategy that serves as a roadmap for the procedure. If this procedure were carried out manually, it would take a long time and be more likely to introduce errors. By putting orthopaedic software in hospitals, surgical centres, and specialist orthopaedic clinics, this issue may be readily solved. The worldwide orthopaedic software market will be driven by the rising number of patients with arthritis, particularly osteoarthritis, and the ageing population. The expansion of the orthopaedic software sector will be impacted by the rise in sports- and traffic-related injuries, which will lead to more orthopaedic procedures. The WHO estimates that 1.24 million people die in car accidents each year worldwide.

Orthopedic software solutions might pave the way for the industry's expansion in the near future. Other significant market drivers include technological development and the uptake of minimally invasive surgery in both developed and developing nations.

An efficient replacement for the conventional paper-based record-keeping approach is orthopaedic software. The use of software in medicine improves therapeutic skill. The need for adopting more recent technologies has grown as a result of the expanding patient population and developments in the healthcare sector. Orthopedic software has been adopted more quickly as a result of the growing use of IT in the healthcare sector and the rising requirement to consolidate, link, and exchange data.

Future technical advancements are anticipated to accelerate the growth of connected healthcare even more. The need for data sharing and access is also projected to rise as a result of smart devices' data collecting capabilities. For instance, Consensus Orthopedics Inc. introduced TracPatch, an orthopaedic wearable, in 2015 with the goal of gathering patient data and redefining orthopaedics through data and analytics. Additionally, as minimally invasive surgery spreads, hospitals and doctors affiliated with surgical centres benefit. The software helps and speeds up this process for surgeons, enabling them to deliver better results for patients while still being economical. Additionally, specialised facilities with orthopaedic software can offer a more thorough treatment plan.

IMPACT OF COVID-19

Medical practises of all sizes are experiencing extreme stress as a result of the global COVID-19 epidemic, and healthcare professionals are turning to telemedicine technologies to monitor and treat patients. EHR systems are demonstrating their value in this area by streamlining and simplifying billing with appropriate codes and reducing human mistakes. Additionally, interim ICD-10, LOINC, COVID-19, SNOMED-CT, and CPT codes are offered by EHR solutions. Such codes simplify revenue administration and billing during the COVID-19 outbreak.

In many nations, the pandemic has had a significant influence on orthopaedic everyday practises. The indications for surgery have changed, with urgent procedures requiring great care, especially in patients who are suspected or who have COVID-19 positivity, and elective cases being promptly delayed. The administration of inpatients has been significantly impacted by this, necessitating the use of specialised staff, isolation of patients, and severe regulations on visiting hours. On the other hand, outpatient visits have been limited to reduce patient-hospital staff interaction, which has had a substantial impact on the postoperative quality of care and the human element of medical practise.

Market Segmentation

Orthopedic Software Market, By Product: 

  • Pre-operative Planning software

Digital templating and preoperative planning tools are anticipated to expand more quickly within the anticipated time frame. Due to the advantages of preventing issues, optimising crucial geometric elements, including leg length, and femoro-acetabular alterations, preoperative planning for orthopaedic surgeries, including elective total hip arthroplasty, is growing in popularity. Using accurate patient data from the records, surgeons may develop a preoperative plan that will serve as a guide during surgery. Orthopaedic software is being adopted in hospitals, surgery centres, and specialised orthopaedic clinics due to the lengthy nature of this therapy.

  • Orthopedic Electronic health records

The orthopaedic EHR market share was the highest. Faster treatment procedures and a greater requirement for data interchange are the main factors propelling expansion. Through the establishment of patient education, prescriptions, and referral letters, these EHR systems are meant to assist clinicians in creating individualised treatment regimens for certain medical illnesses. The versatility of this programme promotes acceptability, and it is anticipated that it will gain popularity soon.

  • Orthopedic Picture Archiving and Communication Systems (PACS)

Orthopaedic PACS (picture archiving and communication systems), in addition to revenue cycle management (RCM). Orthopaedic picture archiving and communication systems, or PACS, made up 32.9% of the world market for orthopaedic software in 2019. The availability of orthopaedic PACS linked with digital templating software increases demand for orthopaedic PACS because it enables surgeons to do digital templating more successfully. This reduces the importance of laborious surgical procedures. Additionally, it does away with the extra costs related to equipment sterilisation.

  • Orthopaedic Revenue Cycle Management (RCM)

In RCM healthcare activities, using specialised software to track patient data is typical (such as patient charts, specific services rendered, and visit notes). Before approving the submission of a charge ticket, many payer organisations (such as health insurance providers and governmental bodies) need precise details on patient visits.

Orthopedic Software Market, By Applications: -

In 2021, Orthopaedic Procedures held the largest market share 30 to 40 percent of patients visit primary care doctors each year with musculoskeletal issues as their major concern, according to the Department of Orthopedic Surgery at the University of California (DOSUC). In the near future, it is anticipated that the growing number of activities will lead to a huge increase in demand for data exchange and storage. As a result, it is anticipated that this software will be used more frequently in hospitals and other specialised settings.

The joint replacement industry had the significant market share in 2021. The number of joint replacements has grown as a result of the rising incidence of chronic conditions.

Fracture management is predicted to see the fastest CAGR of growth throughout the forecast period. The fracture treatment planning program's extensive prosthesis template library and user-friendly procedure-specific features enable surgeons to efficiently plan each procedure and steer clear of any surgical challenges. For primary and revision knee and hip arthroplasties, minor joint and shoulder replacements, deformity correction, and fracture management procedures, for instance, doctors utilise Materialise's OrthoView preoperative planning software.

Orthopedic Software Market, By Mode of Delivery: -

  • On-premises Software

Due to factors including the availability of locally installed, cost-effective orthopaedic software to handle different financial and clinical workflow demands, on-premise software maintained the greatest share of the orthopaedic software market. Numerous local companies provide specialised software according on customer requirements, including preoperative planning and templating for hospitals and clinics. For instance, PeekMed provides 3D surgical planning software. The demands and size of the healthcare practise are taken into account when on-premise software is modified or totally customised. In-house resource deployment within IT infrastructure, complete control over protection and customization, increased privacy and security, and a host of other benefits are just a few of the benefits that make on-premises data orthopaedic software so popular.

  • Cloud-based Software

Cloud-based software solutions are anticipated to expand at a sizable CAGR throughout the projected period. The main drivers of the segment's growth are the expanding healthcare industry's consolidation and the rise of multispecialty hospitals, which demand one-stop solutions for all specialties as well as data collection and administration. The Becker Hospital Review reports that the healthcare sector saw more than 80 mergers and acquisitions. Orthopaedic software that is cloud-based is also becoming more and more popular among orthopedicians since it allows businesses to exchange data instantly and frees up IT staff to work on other essential tasks. In healthcare firms, this increases process productivity and financial effectiveness. Additionally adaptable and easily scaled up or down, cloud-based solutions.

Orthopedic Software Market, By End User: -

The global market for orthopaedic software is segmented by end user into healthcare facilities, hospitals, and ambulatory facilities. Hospitals have a significant need for orthopaedic software because it gives orthopaedic surgeons better tools for better visualising difficult circumstances, improving medical treatment effectiveness, reducing time and healthcare costs, improving data administration, and many other advantages.

Orthopedic Software Market, By Region: -

The North American, European, Asian Pacific, Central and South American, Middle Eastern, and African areas make up the bulk of the world's orthopaedic software market. the area of North America that accounts for the largest market share. Europe is keeping an eye on him. Greater software implementation in Canada and the USA is credited with a significant portion. Demand has grown as a result of the ageing population's growth as well as an increase in hip and knee ailments. Over 7 million Americans get knee or hip replacement surgery each year, according to the American Academy of Orthopedic Surgeons (AAOS) assessment from 2017. This higher surgical rate suggests that there are more orthopaedic issues on the rise. Conversely, more widespread adoption of data sharing and orthopaedic EHRs increases the regional demand.

Europe has been witnessed to be the next largest market for orthopedic software due to improved digitization of healthcare procedures and increase in the number of elderly people prone to knee complaints.

In contrast, it is anticipated to experience a high CAGR throughout the projection period due to increased healthcare IT penetration and rising customer awareness in emerging nations like China. Another significant factor driving the development of the orthopaedic software industry is the expansion of orthopaedic procedures. The World Health Organization (WHO) reports that in 2017, sports-related malformations and injuries were the fifth-highest treatment demand among Asian nation states. Because they are the most rapidly expanding countries in the area, China and India will be the key factors in the growth of the orthopaedic software industry.

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Recent Developments in the Global Orthopedic Software Market

  • PrecisionOS, a pioneer in orthopaedic VR software based in Canada, is getting ready to introduce InVisionOS, a VR tool for surgery planning that has received FDA clearance. The VR surgical planning tool is specially created to examine the individual anatomy of each patient, further assisting patients in making plans and getting ready for surgery. The software can quickly produce 3D reconstructions from CT images.

  • Breg Inc. released Orthopedic Software Vision 7.5 in October 2021 to allow increased efficiency and supply accuracy across athletic clubs, hospitals, and clinics. The programme simplified the administrative process while enhancing patient care.

  • Today, Olympus Corporation of the Americas announced that the first 510(k) use case of the authorised e-ORTHO Shoulder software created by FH ORTHO, a business purchased by Olympus in 2016, was successfully completed.

  • In January 2021, Exscribe, a provider of orthopaedic electronic health records (EHRs), was bought by Modernizing Medicine. The transaction unites two of the top all-in-one orthopaedic EHR suppliers in the healthcare sector, who have a same goal of improving practise efficiency by revolutionising the creation, use, and consumption of healthcare information.

  • NextGen Healthcare, Inc., a top supplier of ambulatory technology solutions, announced the launch of the following iteration of its behavioural health suite in September 2020. The NextGen Behavioral Health Suite is the only platform in the market that combines complete physical, behavioural, and dental health into a single software solution. It is built on an award-winning electronic health record (EHR) and practise management system.

  • In order to create a comprehensive innovation of radiation-free 3D printing to be utilised in pre-operative planning in orthopaedic treatments, the University Medical Center Utrecht, MRIguidance, and Axial3D jointly obtained a European Eurostars grant in March 2020.

  • In October 2020, EOS imaging announced that Macquarie University Hospital would get the first Australian installation of the EOSedgeTM system.

  • In September 2019, NextGen Healthcare said that University Hospitals Health System, a preeminent healthcare system, had chosen NextGen Population Health to support them in enhancing patient care. NextGen provides strong patient analytics that assist detect care practise gaps or variances in behaviour that enhance population health.

  • In June 2019, the orthopaedic joint repair branch of Brainlab was acquired by Smith & Nephew plc , a worldwide medical technology company. The purchase supports Smith & Nephew's plan to invest in world-class innovations that will boost its multi-asset ecosystem for robotic surgery.

  • In March 2018, Materialise and DePuy Synthes introduced the TRUMATCH Personalized Solutions shoulder system. DePuy Synthes will distribute the product as part of this partnership in Canada, the United States, New Zealand, Australia, and Europe.

What Does This Report Provide?

This report provides a detailed understanding of the global Orthopedic Software   market from qualitative and quantitative perspectives during the forecast period. The major market drivers, challenges, and opportunities for the global Orthopedic Software   market have been covered in the report.

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Major Companies: In this report, the major companies studied are 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), and Merge Healthcare Incorporated (US).

Find more insights on this topic from this report, “Orthopedic Software Market, By Product (Digital Templating/ Preoperative Planning Software, Orthopedic EHR, Orthopedic Practice Management, Orthopedic PACS, Orthopedic RCM, and Others), By Mode (On-Premise, and Cloud-Based), By Application (Fracture Management, Orthopedic Surgery, Pediatric Assessment, and Others), By Region (North America, Europe, Asia Pacific, Middle East & Africa, And South America) Market Size and Forecast to 2032

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