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 software play vital role in to enhance surgeons’ workflows and helps surgeons achieve reproducible results. It is helpful in managing musculoskeletal conditions that may be causes pressure on patients and healthcare systems as well. The various common occurring musculoskeletal conditions that are observed globally such as osteoarthritis, osteoporosis, rheumatoid arthritis, and lower back pain. Orthopedic software provide advantages over traditional system, based on paper record. The orthopedic software’s has wide application in medical database of diagnoses, histories, tests, treatment plans and surgical procedures.
The factors that are responsible for market growth are growing demand for minimally invasive treatments, increasing implementation of IT in healthcare industry, and technological advancements in orthopedic software. Hence, due to this orthopedic software market has been seeing tremendous growth from the past few decades. Besides this, rising adoption of EHRs (electronic health record) and other eHealth solutions. The orthopedic software automates the access to information and has the potential to streamline the clinician's workflow. Nevertheless, lack of skilled professionals to use orthopedic software research 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 North America orthopedic software market based on type of product, mode of delivery, application, end users and country.
Depending on the type of product the orthopedic software market is bifurcated 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 accounted for the largest market share in 2020. The demand for PACS has increased due to its advantages such as enhanced viewing & analysis and improved management of data. One of the greatest benefits of a PACS is the advanced digital imaging functionalities will drive the market growth.
Based on the various mode of delivery available in the orthopedic software market is classified on-premises software and cloud-based software. The on-premises segment dominated the market in 2020 and is expected to maintain its dominance during the forecast period 2021-2027. The factors that driving the market growth is rising safety and control regarding patient data which is offered by on-premise solutions. Also it provide full data access control appropriate for organizations with regulatory requirements.
The orthopedic software market has its application in various sectors such as joint replacement, fracture management, pediatric assessment and others. The joint replacement segment accounts the major market for the orthopedic software market due to increasing prevalence of chronic conditions leads to the growing number of joint surgeries performed and, by extension, the number of revision surgeries conducted will fuel the market growth.
The orthopedic software market has various end users that is segmented into hospitals, ambulatory care centers and others (research centers, government organizations). The hospitals segments holds the significant share in orthopedic software market owing to, advantages provide by orthopedic software’s in hospitals leads to rise in demand for them in market, as it provide more accuracy and potency.
Country wise, the study is comprised of the key countries such as the Unites States (US), Mexico and Canada. The US held the largest market share of North America orthopedic software market and is likely to dominate the market over the estimated time frame. Rapid growth in the North America’s healthcare industry, rising use of orthopedic software and increasing expenditure in the healthcare infrastructure of the countries such as US, Mexico and Canada will fuel market growth.
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 North America 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. Country wise study comprises countries like US, Mexico and Canada. The US held the largest market share of North America orthopedic software market and is likely to dominate the market over the estimated time frame.
Why to buy this report:
