Orthopedic Software Market To Reflect Tremendous Growth Potential With A CAGR Of 5.8% By 2026: Grand View Research Inc.

Orthopedic Software Market To Reflect Tremendous Growth Potential With A CAGR Of 5.8% By 2026: Grand View Research Inc.

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According to a recent report published by Grand View Research Inc., growing demand for effective organization and management of clinical data and workflow is accelerating the orthopedic software market expansion.

The global orthopedic software market size is expected to reach USD 446.8 Million By 2026, registering a CAGR of 5.8%. The market is driven by the increasing pressure to curb medical expenditure by implementing cutting-edge technology. The number of orthopedic surgeries is on the rise, globally. According to a 2017 published report by by the National Inpatient Sample (NIS), the annual number of Total Hip Replacement (THR) and Total Knee Replacements (TKR) performed in the U.S. is anticipated to reach 1.28 and 0.63 million by 2030. Preoperative planning software reduces the procedure time and efficiency, simultaneously reducing the procedural risk to half, says BrainLab. 

Prominent technological advancements such as Machine Learning (ML and Artificial Intelligence (AI) have propelled the development of specific software products for individual modalities. In July 2019, DrChrono announced its collaboration with DeepScribe to develop AI-based healthcare services for clients. The partnership was aimed at integrating DrChrono EHR with artificial intelligence to systematize and automate the physician appointment system

The presence of Favorable government regulations in the U.S. such as HITECH law is facilitating the promotion of digitalization of the healthcare industry. This is projected to have a positive influence on the market’s growth in the U.S. as the country has a more than 90% EHR adoption rate in the orthopedic specialty segment. 3D printed medical solutions is a key emerging trend in the orthopedic software market and is set to accelerate the demand for 3D printed implants over the forecast period.

North America orthopedic software market size, by product, 2014 - 2026 (USD Million)

Orthopedic Software Market Report Highlights

  1. Amid the unprecedented Covid-19 crisis healthcare leaders have turned to seek orthopedic innovations such as their software, products, and services for pain-alleviating assistance and meet the emerging needs of Covid-19 patients  

  2. The market giants have entered into strategic alliancesand collaborations to enhance product innovation capabilities and stay ahead of the market competition. In January 2021, Stryker announced their acquisition of OrthoSensor and its intraoperative knee surgery sensor tech

  3. Stryker aims to develop smart devices and digital platforms using OrthoSensor’s MotionSense remote patient monitoring wearables combined with the OrthloLogIQ cloud-based data platform and Stryker’s data analytics capabilities

  4. Orthopedic EHR accounted for the highest revenue share in 2018, owing to the rising demand for data sharing for real-time monitoring of patients and boost the treatment process 

  5. On-premise software emerged as the widely accepted mode of delivery in 2018. This is attributed to the demand for stalled orthopedic software to monitor financial and clinical workflow needs

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Orthopedic Software Market Segmentation

Grand View Research has segmented the global orthopedic software market on the basis of product, mode of delivery, application, and region:

Orthopedic Software Product Outlook (Revenue, USD Million, 2014 – 2026)

  • Digital Templating/ Preoperative Planning Software

  • Orthopedic EHR

  • Orthopedic Practice Management

  • Orthopedic PACS

  • Orthopedic RCM

  • Others

Orthopedic Software Mode of Delivery Outlook (Revenue, USD Million, 2014 – 2026)

  • Web/Cloud Based

  • On-Premise

Orthopedic Software Application Outlook (Revenue, USD Million, 2014 – 2026)

  • Orthopedic Surgeries

  • Fracture Management

  • Others

Orthopedic Software Regional Outlook (Revenue, USD Million, 2014 – 2026)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • Russia

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • MEA

    • South Africa

    • UAE

    • Saudi Arabia

List of Key Players of Orthopedic Software Market
• CureMD Healthcare
• Athena Health
• GreenWay Health LLC
• Brain Lab
• Medstrat Inc.
• Materialise NV
• NextGen Healthcare LLC
• drchrono Inc.
• AllScript Healthcare Solution Inc.

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Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

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