Kenneth Research has released a report titled “Orthopedic Software Market: Global Demand Analysis & Opportunity Outlook 2030” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, along with the impact of COVID-19 and a detailed discussion on the latest trends and future opportunities that are associated with the growth of the market.
The incidence of hip fracture in men and women worldwide, according to the statistics by the International Osteoporosis Foundation (IOF), is estimated to touch 310% and 240% respectively by 2050, when compared to the rates in the year 1990.
The statistics portray the growing prevalence of different types of orthopedic disorders globally, which is rising the need amongst the orthopedic patients to treat these diseases. As a result, healthcare service providers that treat orthopedic patients, have witnessed multifold growth in the footfall of these patients. Such a factor has raised the need amongst these service providers to adopt orthopedic software so as to manage their patient records and also help surgeons with the analytical data of their patients. Besides this, growing adoption of information technology in the healthcare industry, backed by rising awareness for the numerous benefits associated with these technologies, and the increasing preference for minimally invasive surgeries (MIS) for orthopedic disorders, are some of the additional factors anticipated to drive the growth of the market in the coming years.
The global orthopedic software market is anticipated to grow with a CAGR of 6.6% during the forecast period, i.e., 2021-2030. The market is estimated to garner a revenue of USD 636.5 Million by the end of 2030. Moreover, in the year 2020, the market generated a revenue of USD 338.5 Million. The market is segmented by product type into digital templating/pre-operative planning software, orthopedic electronic health record (HER), orthopedic picture archiving & communication systems (PACS), orthopedic practice management, and orthopedic revenue cycle management. The orthopedic picture archiving & communication systems (PACS) segment, amongst all the other segments, is anticipated to garner the largest revenue of USD 180.8 Million by the end of 2030. Additionally, the segment generated a revenue of USD 84.8 Million in the year 2020.
By region, the global orthopedic software market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa, out of which, the market in North America is anticipated to garner the largest revenue of USD 352.6 Million by the end of 2030. Additionally, the market in the region generated a revenue of USD 198.0 Million in the year 2020.
The research is global in nature and covers detailed analysis on the market 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). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
However, the lack of skilled healthcare IT professionals, along with the absence of healthcare insurance in emerging economies are predicted to hinder the market growth in the coming years.
This report also provides the existing competitive scenario of some of the key players of the global orthopedic software market, which includes company profiling of 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.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Orthopedic Software Market: Global Demand Analysis & Opportunity Outlook 2030”, analyses the overall global orthopedic software industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global orthopedic software market in the near future.
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