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IMARC Group has recently released a new research study titled“ Orthopedic Software Market: Global industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028 ”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
How big is the orthopedic software market?
The global orthopedic software market size reached US$ 312.3 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 438.0 Million by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.
Global Orthopedic Software Market Trends:
The increasing integration of orthopedic software with broader healthcare information technology (IT) systems, such as electronic medical records (EMR) and practice management systems (PMS), to facilitate seamless information flow and centralize patient data management is propelling the market growth. Additionally, the introduction of regulatory policies and reimbursement frameworks that favor the adoption of digital health solutions, including orthopedic software, is driving the market growth. Besides this, the growing patient preference for minimally invasive surgeries (MIS) due to their benefits, such as smaller incisions, reduced pain, shorter recovery periods, and lower risk of complications, is supporting the market growth. Furthermore, the expansion of telehealth services and the rising use of remote monitoring technologies, which have extended the application scope of orthopedic software, are fueling the market growth.
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Factors Affecting the Growth of the Orthopedic Software Industry:
Increasing Prevalence of Orthopedic Conditions:
The rising incidence of orthopedic disorders, such as osteoporosis, arthritis, and bone degenerative diseases, is propelling the market growth. In line with this, the rising geriatric population more susceptible to such conditions due to age-related physiological changes and decreased bone density, is acting as another growth-inducing factor. Moreover, orthopedic software solutions facilitate comprehensive management of patient data, enable precise diagnostic imaging and modeling, and assist in creating personalized treatment plans. Additionally, healthcare systems and providers are increasingly seeking efficient and effective tools to cater to the growing patient load, thereby driving the adoption of orthopedic software. Moreover, the introduction of public health initiatives and awareness campaigns aimed at early diagnosis and treatment of bone-related ailments is fostering the market growth.
Emphasis on Cost-effective Treatment Modalities:
The ongoing shift towards cost-effective treatment options in the healthcare industry is significantly influencing the market growth. Orthopedic software streamlines clinical workflows reduces the likelihood of surgical errors, and minimizes the duration of hospital stays, thereby contributing to substantial cost savings for healthcare providers and patients. Furthermore, the ability of orthopedic software to enhance procedural efficiency and patient throughput is acting as another growth-inducing factor. Moreover, these software solutions offer detailed analytics and reporting features, enabling healthcare facilities to optimize resource allocation and improve service delivery. Additionally, the precision facilitated by orthopedic software in surgical planning and execution, leading to better clinical outcomes and reducing the need for costly postoperative care and readmissions, is driving the market growth.
Technological Advancements in Orthopedic Software:
Technological advancements, such as three-dimensional (3D) imaging, computer-assisted surgery (CAS), and artificial intelligence (AI), which have revolutionized orthopedic care, are boosting the market growth. These technologies enable detailed preoperative planning, real-time intraoperative guidance, and accurate postoperative assessments, thereby improving the safety and efficacy of orthopedic procedures. In line with this, 3D imaging provides surgeons with comprehensive visualizations of the anatomy, aiding in the meticulous planning of surgical interventions. Along with this, AI-driven tools can predict potential complications and suggest optimal surgical approaches, personalizing patient care. Moreover, the integration of such advanced technologies into orthopedic software not only supports clinical decision-making but also enhances operational efficiency within healthcare facilities.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Allscripts Healthcare Solutions Inc. Athenahealth Brainlab AG CureMD Healthcare DrChrono Inc. General Electric Company Greenway Health LLC International Business Machines Corporation Materialise Medstrat Inc. NextGen Healthcare Inc
Orthopedic Software Market Report Segmentation:
By Product:
Digital Templating/Preoperative Planning Software Orthopedic Electronic Health Record (EHR) Orthopedic Practice Management Orthopedic Picture Archiving and Communication Systems (PACS) Orthopedic Revenue Cycle Management Others
Orthopedic electronic health record (EHR) holds the majority of the market share due to its critical role in centralizing patient information, streamlining workflow, and ensuring compliance with healthcare regulations.
By Deployment Mode:
On-premises accounted for the largest market share , reflecting healthcare providers' preference for direct control over their data and systems, coupled with concerns over data security and privacy in cloud-based solutions.
By Application:
Orthopedic Surgery Fracture Management Joint Replacement Pediatric Assessment
Orthopedic surgery represented the largest segment due to the increasing demand for precise surgical planning, navigation, and post-operative care facilitated by specialized orthopedic software solutions.
By End User:
Hospitals Independent Orthopedic Clinics Surgery Centers Others
Hospitals hold the majority of the market share, owing to their extensive infrastructure for conducting a wide range of orthopedic procedures and the consequent higher adoption rate of orthopedic software.
Regional Insights:
North America Asia-Pacific Europe Latin America Middle East and Africa
North America's dominance in the market is attributed to advanced healthcare infrastructure, high adoption rates of digital health technologies, and significant investment in healthcare IT across the United States and Canada.
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About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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