Global Orthopedic Software Market is valued at approximately USD 302 million in 2019 and is anticipated to grow with a healthy growth rate of more than 5.8% over the forecast period 2020-2027.
The Centers for Medicare and Medicaid Services report that US healthcare expenditures grew by 4.6% to US$ 3.8 trillion in 2019, or US$ 11,582 per person, and accounted for 17.7% of GDP. Also, the federal government accounted for 29.0% of the total health expenditures, followed by households (28.4%). State and local governments accounted for 16.1% of total health care expenditures, while other private revenues accounted for 7.5%.
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The orthopedic software is an alternative to the antiquated system that allows orthopedic surgeon or physician to extemporize the way of sustaining the information concerning clinical data and treatment procedures by proficiently saving time. This software also helps in continuing electronic health records (EHR) and assists surgeons throughout the surgeries. It further ensures precise delivery of information regarding the medical factors, thereby encouraging the adoption of orthopedic software across the globe. Furthermore, the rise in incidence of osteoporosis and arthritis due to growing geriatric population, increasing number of orthopedic surgeries, and surging R&D activities are the few factors responsible for the market growth during the forecast period. According to the International Osteoporosis Foundation report 2017, osteoporosis affects higher than 8.9 million fractures among people each year.
Comprehensively, 1 in 3 women by the age 50 and 1 in 5 men by the age of 50 is expected to experience osteoporotic fractures in their lifetime. Also, more than 1.6 million hip fractures occur worldwide every year and it is expected to grow more than 4.5 million by 2050. In addition, as per the source, about 75% of all hip fractures occur in women and 25% of hip fracture in people are caused over 50 years of age. Thus, the rise in cases of osteoporosis is likely to promote the adoption of the orthopedic software all over the world. However, the high cost of orthopedic surgeries and the dearth of skilled professionals are the major factors limiting the market growth over the forecast period of 2020-2027.
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The regional analysis of the global Orthopedic Software market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rise in number of orthopedic surgeries, along with the presence of a significant number of market vendors in the region. Whereas Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the rise in in burden of orthopedic disorder due to growing geriatric population coupled with surging adoption orthopedic software solutions across developing countries, such as China and India, would create lucrative growth prospects for the Orthopedic Software market across the Asia-Pacific region.
Major market player included in this report are:
International Business Machines Corporation
Greenway Health, LLC
Nextgen Healthcare LLC
Allscripts healthcare solution Inc.
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
Digital templating and preoperative planning software
Orthpedic Practice Management Software
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Rest of the World
What are the aspects of this report that relate to regional analysis?
The report’s geographical regions include North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The report provides a comprehensive analysis of market trends, including information on usage and consumption at the regional level.
Reports on the market include the growth rates of each region, which includes their countries, over the coming years.
How are the key players in the market assessed?
This report provides a comprehensive analysis of leading competitors in the market.
The report includes information about the key vendors in the market.
The report provides a complete overview of each company, including its profile, revenue generation, cost of goods, and products manufactured.
The report presents the facts and figures about market competitors, alongside the viewpoints of leading market players.
A market report includes details on recent market developments, mergers, and acquisitions involving the key players mentioned.
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