New York, March 28, 2022 (GLOBE NEWSWIRE) -- Post the enactment of the Affordable Care Act (ACA), also known as Obamacare, in the United States on the 23rd of March 2010 by the then president of the nation, Barack Obama, the healthcare industry, not just in the nation, but on a global level, has witnessed a major reform in the adoption of electronic health records as well as digital health. Invested funding in the field of digital health around the globe touched nearly USD 20 Billion in the year 2020, up from around USD 1 Billion in 2010, while in the United States alone, the share of adoption of the electric medical record (EMR) or electric health record (EHR) systems, amongst the office-based doctors, touched nearly 90% in the year 2018, up from around 20% in the year 2000.
Kenneth Research has recently released a report on “Global Orthopedic Software Market” which covers a detailed analysis of the five major regions, i.e., North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa during the forecast period, i.e., 2021-2030. The market research report, which is studied using both primary and secondary research processes, also includes an in-depth analysis of the growth drivers, opportunities, recent trends, and the major challenges associated with the market growth in the coming years. In addition to this, the report also includes a competitive analysis of the key players operating in the market along with insights on their product offerings.
Healthcare service providers around the globe are increasingly adopting information technology applications to enhance the quality of their service offerings. One of the major factors to this adoption is the surge in the number of outpatient visits in hospitals. For instance, the number of hospital outpatient visits in the United States alone increased from around 1800 visitors per 1000 population in the year 2000 to about 2400 visitors in the year 2019. On the other hand, the surge in different types of orthopedic disorders globally has raised the need amongst the healthcare service providers that provide orthopedic disorder-related services, to adopt orthopedic software for enhancing their existing services. According to the statistics by the International Osteoporosis Foundation, globally more than 8.9 Million fractures annually are caused due to osteoporosis. The statistics also stated that as compared to the rates of incidence of hip fracture globally in the year 1990, it is expected that the incidence of the disorder would increase by 310% in men and 240% in women by the end of 2050. Furthermore, the World Health Organization (WHO), in one of its statistics, stated that globally, around 1.71 Billion people had musculoskeletal conditions and that among all the musculoskeletal disorders, the prevalence of low back pain caused the highest burden, thereby affecting 568 Million people.
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The global orthopedic software market registered a revenue of USD 338.5 Million in the year 2020 and is further expected to touch USD 636.5 Million by the end of 2030, by growing with a CAGR of 6.6% during the forecast period. The growing prevalence of orthopedic disorders globally, followed by the increasing need amongst the healthcare providers to improve the quality of their service offerings by lowering the costs, and the surge in adoption of EHRs and other eHealth solutions are some of the major factors anticipated to drive the growth of the market in the coming years. The market growth can also be attributed to the rising cases of orthopedic-related injuries caused due to road traffic accidents. For instance, according to the WHO, between 20 and 50 Million people around the globe suffered non-fatal injuries due to road traffic accidents. On the other hand, the increasing geriatric population around the world who are prone to different types of orthopedic conditions is also expected to create numerous opportunities for market growth. According to the statistical report titled “World Ageing Population 2019”, published by the Department of Economic and Social Affairs of the United Nations, stated that in the year 2019, there were 703 Million people aged 65 years or over around the world. This is further expected to double to 1.5 Billion in the year 2050. Moreover, the statistics also stated that the share of this population group increased from 6% in the year 1990 to 9% in the year 2019.
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The global orthopedic software market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Amongst the market in these regions, the market in North America generated the largest revenue of USD 198.0 Million in the year 2020 and is further expected to touch USD 352.6 Million by the end of 2030. The growth of the market in the region can primarily be attributed to the surge in the adoption of electric medical records (EMRs) or electric health records (EHRs) and the growing prevalence of different types of orthopedic disorders. According to the statistics by the United States Centers for Disease Control and Prevention (CDC), in the United States, 89.9% of office-based physicians used any EMR/EHR system in the year 2019, while 72.3% of them used a certified EMR/EHR system. Further, the CDC, in one of its other statistics, stated that by the year 2040, 78 Million adults in the U.S. were estimated to have some form of arthritis, from an estimated 63 Million adults in the year 2020. The market in the region is further segmented by country into the United States and Canada. Amongst the market in these countries, the market in the United States is anticipated to garner the largest revenue of USD 186.4 Million by the end of 2022, while the market in Canada is expected to grow with the highest CAGR of 7.2% during the forecast period.
On the other hand, the orthopedic software market in Europe registered the second-largest revenue of USD 66.3 Million in the year 2020 and is further expected to touch USD 131.1 Million by the end of 2030. The market in the region is further segmented by country into Germany, United Kingdom, Italy, France, Spain, Russia, Netherlands, and the Rest of Europe. Amongst the market in these countries, the market in the United Kingdom generated the largest revenue of USD 11.6 Million in the year 2020 and is further expected to touch the largest revenue of USD 24.1 Million by the end of 2030. Moreover, the market in Italy is anticipated to grow with the highest CAGR of 8.3% during the forecast period.
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The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global orthopedic software market is segmented on the basis of product type into digital templating/pre-operative planning software, orthopedic electronic health record (EHR), orthopedic picture archiving and communication systems (PACS), orthopedic practice management, and orthopedic revenue cycle management. Amongst these segments, the orthopedic picture archiving and communication systems (PACS) segment registered a revenue of USD 84.8 Million in the year 2020 and is further expected to generate the largest revenue of USD 180.8 Million by the end of 2030. In North America, the segment registered a revenue of USD 49.5 Million in the year 2020 and is further projected to generate the largest revenue of USD 103.3 Million by the end of 2030, by growing with the highest CAGR of 7.7% during the forecast period. Moreover, in Europe, the segment is anticipated to garner the second-largest revenue of USD 35.4 Million by the end of 2030, up from a revenue of USD 16.8 Million in the year 2020.
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The global orthopedic software market is further segmented on the basis of end-user into hospitals, specialty orthopedic clinics, surgery centers, and others. Among these segments, the hospitals segment generated the largest revenue of USD 148.3 Million in the year 2020 and is further expected to touch USD 280.1 Million by the end of 2030. In North America, the segment is expected to garner the largest revenue of USD 152.7 Million by the end of 2030, up from a revenue of USD 86.3 Million in the year 2020, while in the Asia Pacific, the segment touched a revenue of USD 17.6 Million in the year 2020 and is further expected to garner the largest revenue of USD 44.1 Million by the end of 2030.
The global orthopedic software market is also segmented on the basis of deployment mode and application.
Global Orthopedic Software Market, Segmentation by Deployment Mode
- Cloud-Based
- On-Premises
Global Orthopedic Software Market, Segmentation by Application
- Orthopedic Surgery
- Preoperative
- Postoperative
- Intraoperative
- Fracture Management
- Joint Replacement
- Pediatric Assessment
- Others
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Some of the prominent industry leaders in the global orthopedic software market that are included in our report are Medical Device Business Services, Inc. (Johnson & Johnson), Materialise NV, LEXI Co., Ltd., mediCAD Hectec GmbH, ORTHOKEY ITALIA S.r.l., Wright Medical Group N.V., JRI Orthopaedics, Brainlab AG, PEEK HEALTH S.A., Phoenix Ortho, Zimmer Biomet, Stryker Corporation, Medstrat, Corin Group, and others.
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