Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
The orthopedic is the field of medicine concerned with the study and treatment of the musculoskeletal system, particularly the spine, joints, and muscles. The orthopedic software helps to collect information of patients such as the medication they take, doctors’ recommendations, and the procedures that they have undergone in the past. It plays vital role in to enhance surgeons’ workflows and helps surgeons achieve reproducible results. The orthopedic software’s has wide application in medical database of diagnoses, histories, tests, treatment plans and surgical procedures.
The driving factors for the growth orthopedic software market is growing the adoption of minimally invasive surgery in developing and developed countries and increasing implementation of IT in healthcare industry. Likewise, increasing incidence of orthopedic conditions due to the rising geriatric population will drive the market growth in upcoming years. The technological advancements in orthopedic software has been seeing tremendous growth from the past few decades. Nevertheless, absence of healthcare insurance in emerging economies and high costs of software’s are the major restraining factor that could hamper the growth of the market.
The COVID-19 pandemic had a noteworthy impact on the orthopedic software market as the COVID- 19 is associated with respiratory syndrome as the software helps to keep accuracy in records. Likewise, EHR solutions are playing vital role in improving the efficiency of billing by optimizing and simplifying billing with correct codes, results in decrease in manual errors. Such software’s are also helps in revenue management during COVID 19 pandemic. It also helps in the monitoring and treating patients. Hence orthopedic software market is positively affected the market growth.
The study analyses Europe orthopedic software market based on type of product, mode of delivery, application, end users and country.
According to the types of product the orthopedic software market is segmented into orthopedic picture archiving and communication systems (PACS), orthopedic Electronic health records, digital templating/pre-operative planning software, orthopedic Practice management and orthopedic revenue cycle management (RCM). The orthopedic picture archiving and communication systems (PACS) segment is expected to dominate the orthopedic software market in 2020. This PACS segment allowing physicians to easily and quickly share diagnostic images digitally. It also enhanced viewing & analysis, efficiency of data management and accessibility of images and teaching benefits. Hence due to such advantages, market will show incredible growth.
The orthopedic software by mode of delivery market is categorized into on-premises software and cloud-based software. The on-premises segments holds the significant share in orthopedic software market owing to, growing safety and control regarding patient data which is offered by on-premise solutions. Likewise, it provide full data access control, offer control over server hardware and also provide greater security will fuel market growth.
Based on the several applications in orthopedic software market is segmented into joint replacement, fracture management, pediatric assessment and others. The joint replacement segment dominated the market in 2020 and is expected to maintain its dominance during the forecast period 2021-2027. The rising prevalence of chronic conditions leads to the growing number of joint surgeries performed by using orthopedic software. These surgeries has provide various advantages such as less chance of infection, lower early failure rate, reduced joint wear and extended implant lifespan will impede the market growth.
The orthopedic software market by end users market is bifurcated into hospitals, ambulatory care centers and others (research centers, government organizations). The hospitals segment accounts the major market for the orthopedic software market due to increasing use of orthopedic software in hospitals. In hospitals, smart devices with data collection features plays vital role in data sharing and access will fuel market growth.
Country wise, the study is comprised of the key countries such as the UK, Germany, France, Italy, Spain and Rest of Europe. The UK held the largest market share of Europe orthopedic software market and is likely to dominate the market over the estimated time frame. Owing to the factors responsible for the market growth in UK are rise in adoption of minimally invasive surgery will drive the market demand.
The major key players of market includes Materialise NV (Belgium), Brainlab AG (Germany), Medstrat, Inc. (US), CureMD Healthcare (US), Greenway Health (US), NextGen Healthcare LLC (US), McKesson Corporation (US), GE Healthcare (US), Philips Healthcare (Netherlands), Merge Healthcare Incorporated (US), IBM (US), Athena Health (US) and All Script Healthcare Solution Inc.(US)
January 2020: MTBC (US) acquired CareCloud Corporation (US). The acquisition of CareCloud Corporation helped MTBC yield greater operating efficiencies, accelerate growth, and provide more flexibility for future expansion.
March 2019: Smith & Nephew (US) announced the acquisition Of Brainlab AG (Germany) Orthopedic Joint Reconstruction. This acquisition supports Smith & Nephew’s strategy to invest in best-in-class technologies that expand its multi-asset digital surgery and robotic ecosystem.
January 2019: Allscripts Healthcare Solutions (US) entered into a partnership with Premier Orthopaedics Group (US) through this partnership, Allscripts will integrate a suite of solutions into the technology Premier currently uses. This combined technology and single platform will make it easier for Premier physicians to integrate information about a patient’s care across the ambulatory care continuum.
June 2019: NextGen Healthcare LLC (US) announced the launch of new HER Behavioral Health Suite
The study analyses Europe orthopedic software market based on type of product, mode of delivery, application, end users and country. The orthopedic software’s helps surgeons through medical database of diagnoses, histories, tests, treatment plans and surgical procedures. The primary growth factors behind the market growth are increasing incidence of orthopedic conditions due to the rising geriatric population and rising pressure to improve the quality of care and reduce healthcare costs. Likewise, adoption of minimally invasive surgery in developing and developed countries will driving the market growth in upcoming years. Nevertheless, technological advancement in orthopedic software helps in clinician’s workflow and enhances the medical proficiency in treatment hence, it is expected to impede market growth over the forecast period 2021-2027. The country wise study comprises countries like UK, Germany, France, Italy and rest of Europe. The UK held the largest market share of Europe orthopedic software market and is likely to dominate the market over the estimated time frame.
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