The Orthopedic Software Market is expected to grow at a CAGR of ~7% between 2021-2027.
A comprehensive overview of the Orthopedic Software Market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the market. The report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the market at the regional levels. The Orthopedic Software Market is expected to grow at a CAGR of ~7% between 2021-2027.
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Market Overview
The Orthopedic Software Market is projected to grow at a CAGR of 7% during the forecast period, to reach US$ XX billion by 2027. The increase in the number of orthopedic surgeries, as well as the rising incidences of orthopedic problems such as arthritis and osteoporosis, are expected to drive the market for orthopedic software in the coming years. In addition, the growing geriatric population, as well as an increase in injuries from car accidents and sports-related injuries, are expected to boost the market growth. Moreover, the adoption of minimally invasive surgery in both developing and developed countries is another crucial factor driving the market. Besides, an increase in demand for faster data sharing, particularly to the growing number of orthopedic surgeries is proliferating the market growth. Orthopedic software is a viable alternative to the traditional paper-based system. The software technique improves medical treatment proficiency. Furthermore, the rising need to adopt advanced technology along with the growing patient population and development in the healthcare industry is leading to the faster adoption of orthopedic software.
COVID-19 Impact
The ongoing COVID-19 pandemic across the world has had a tremendous impact on different spectra of society, the market for Orthopedic Software no less. Returning to some likeness of normalcy depends on continued safety measures, effective diagnostic testing, and widespread vaccination. COVID-19 has caused widely documented supply chain and logistics disruptions across industries, including those in the Orthopedic Software industry, which have been exacerbated during the latter portion of fiscal 2021. However, as stay-at-home restrictions were lifted in many parts of the world by the 2nd-3rd quarter of 2020, the major industry players across North American and APAC regions saw an increase in demand for many of their Orthopedic Software products later during fiscal 2020 owing to the resumption in production capacity. As a result, the orthopedic software industry experienced strong demand in the latter half of fiscal 2020.
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The orthopedic software market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Mode of Delivery, the market is primarily bifurcated into:
· Cloud-Based
· Web-Based
· On-premises
Based on the mode of delivery, the market is segmented into cloud-based, web-based, and, on-premises. Among these segments, the on-premises segment accounted for the largest market share in the previous few years. It is due to the availability of low-cost locally installed orthopedic software for managing various clinical and financial workflow requirements. Furthermore, due to the increasing adoption of technologies such as SaaS, PaaS, IaaS, and others, web-based and cloud technology is growing at the fastest rate. Furthermore, the increasing consolidation of the healthcare industry and the growing number of multispecialty hospitals requiring one-stop solutions for all specialties as well as data collection and management is a critical factor driving the overall market. Technological advancement, government initiatives, increased investments from healthcare IT players, and an increasing number of patients are some of the other key factors driving the global orthopedic software market's growth...
By End-User, the market is primarily studied into:
· Hospitals
· Independent orthopedic clinics
· Surgery centers
· others
Based on end-user, the market is segmented into hospitals, independent orthopedic clinics, surgery centers, and others. Among these segments, orthopedic software is in high demand in hospitals because it provides advanced tools to orthopedic surgeons to improve visualization of complex cases, improve medical care efficiency, reduce time and healthcare costs, improve data management, and many other benefits. In addition to this, a rise in the number of healthcare facilities across countries coupled with the surging investment in the research and development by the hospitals is resulting in the growth of the orthopedic software market. Furthermore, the government across countries is investing in the healthcare industry for advancements and technological upgradation. Moreover, rising patient footfall in hospitals owing to ease of accessibility to most healthcare services in one place is likely to boost the segment growth.
Orthopedic Software Market Region Segmentation Includes:
· North America
· Europe
· Asia-Pacific
· Rest of World
Based on the estimation, Geographically, North America leads the market in 2021. North America dominates the global orthopedic software market. The primary factor contributing to the growth of the market in the region is the increasing adoption of advanced technologies and software among countries including the United States and Canada. In addition to this, the rising elderly population coupled with a surge in knee and hip-related problems have also led to the increased demand for orthopedic software. Moreover, increasing adoption of orthopedic EHR and data sharing is continuously augmenting the regional demand.
Furthermore, Asia Pacific is projected to register the fastest growth during the forecast period due to mounting penetration of healthcare IT entwined with increasing consumer awareness in developing countries such as China and India. Along with this, rise in orthopedic and spur in sport associated injuries are expected to boost the market growth.
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The major players targeting the market include:
· Materialise NV
· Brainlab AG
· Medstrat, Inc.
· CureMD Healthcare
· Greenway Health
· NextGen Healthcare LLC
· McKesson Corporation
· GE Healthcare
· Philips Healthcare
· Merge Healthcare Incorporated
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the global context. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the orthopedic software market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and advancements in the orthopedic software market?
· Which factors are influencing the orthopedic software market over the forecast period?
· What are the challenges, threats, and risks in the orthopedic software market?
· Which factors are propelling and restraining the orthopedic software market?
· What are the demanding regions of orthopedic software globally?
· What will be the market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by the companies?
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