Oct 1, 2020 9:23 PM ET
iCrowd Newswire – Oct 1, 2020
Zion Market Research has published a new report titled “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), and by Application (Fracture Management, Orthopedic Surgery, Pediatric Assessment, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2019 – 2025”. According to the report, global demand for orthopedic software market was valued at approximately USD 274.4 million in 2018, and is expected to generate revenue of around USD 417.2 million by end of 2025, growing at a CAGR of around 6.2% between 2019 and 2025.
Orthopedic software deals with large data including lab test results such as follow-ups charts of the patients and imaging during diagnosis. Rising adoption of templating, preoperative planning software and orthopedic EHR are some of the factors propelling market growth. As per stats by Becker’s Hospital Review 2017, 90% of the orthopedic physicians in the U.S. are using orthopedic softwares.
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Orthopedic software have created viable path for the industry growth. Approval and acceptance of minimally invasive surgeries, and technology advancements in under developed and developed nations are among the other elements boosting market growth. The U.S. FDA in 2018 approved OsteoDetect, a radiological computer assisted diagnosis and detection software by Imagen Technologies, Inc.
The market for orthopedic software is segmented based on mode, product, application, and regions. Based on product the market is segmented into orthopedic EHR, preoperative planning software/ digital templating, orthopedic PACS, orthopedic practice management, orthopedic RCM, and others. The segment for orthopedic EHR held major share of the market in 2018. Proper data sharing and growing demand of faster treatment process are major factors responsible for growth of this segment. On the basis of mode the market is segmented into cloud-based and on-premise. The segment for cloud-based is likely to grow at high CAGR in the forecast period owing to rising number of hospitals which require one stop solution for data management and collection and growing number of consolidations taking place in the healthcare industry. On the basis of application the market is segmented into orthopedic surgery, fracture management, pediatric assessment, and others. The segment for orthopedic surgeries held major share of the market in 2018.
Regional segmentation includes the current and forecast demand for Asia Pacific, North America, Latin America, Europe, and Middle East & Africa with its further bifurcation into major countries. Asia Pacific is likely to grow at high CAGR in the forecast period owing to growing consumer awareness along with rising penetration of healthcare IT services in under developed countries like India, China and countries of Southeast Asia.
Some of the key players included in the market are Nextgen Healthcare LLC, Medstrat, Inc., McKesson Corporation, Brainlab AG, Greenway Health, Materialise NV, HealthFusion, Inc., Merge Healthcare Incorporated, Allscripts Healthcare Solution, Inc., and IBM.
This report segments the orthopedic software market as follows:
Global Orthopedic Software Market: Product segment Analysis
- Digital Templating/ Preoperative Planning Software
- Orthopedic EHR
- Orthopedic Practice Management
- Orthopedic PACS
- Orthopedic RCM
Global Orthopedic Software Market: Mode Segment Analysis
Global Orthopedic Software Market: Application Segment Analysis
- Fracture Management
- Orthopedic Surgery
- Pediatric Assessment
Global Orthopedic Software Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Keywords: Orthopedic Software Market