Global Orthopedic Software Market to Grow with a CAGR of 6.6% During 2021-2030; Market to Grow on the Back of Growing Adoption of Advanced Technology in the Field of Healthcare
Kenneth Research published a report titled “Orthopedic Software Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global orthopedic software market in terms of market segmentation by product type, deployment mode, application, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
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 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, out of which, the orthopedic picture archiving & communication systems (PACS) segment is anticipated to garner the largest revenue of USD 180.8 Million by the end of 2030. Moreover, in the year 2020, the segment generated a revenue of USD 84.8 Million.
The global orthopedic software market is estimated to garner a revenue of USD 636.5 Million by the end of 2030, up from a revenue of USD 338.5 Million in the year 2020. Rising adoption of minimally invasive surgeries (MIS) for treating different types of orthopedic disorders, followed by the growing adoption of information technology in the healthcare industry for different end-use applications, are some of the major factors anticipated to drive the growth of the market in the coming years.
Geographically, the global orthopedic software market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America is anticipated to garner the largest revenue of USD 352.6 Million by the end of 2030. Moreover, in the year 2020, the market in the region generated a revenue of USD 198.0 Million.
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.
Growing Prevalence of Different Types of Orthopedic Disorders to Promote the Market Growth
The International Osteoporosis Foundation (IOF), in one of its statistics, stated that, by 2050, the incidence of hip fracture in men and women worldwide is estimated to touch 310% and 240% respectively, when compared to the rates in the year 1990.
One of the major factors anticipated to drive the growth of the global orthopedic software market is the surge in different types of orthopedic disorders, such as arthritis, osteoarthritis, fibromyalgia, fractures, osteoporosis, and soft-tissue injuries among others, worldwide. The surge in need to treat these diseases and the increasing footfall for orthopedic patients amongst the healthcare service providers, is therefore driving the need to adopt orthopedic software, which in turn, is projected to boost the market growth.
However, the lack of skilled healthcare IT professionals, along with the absence of healthcare insurance in emerging economies are expected to operate as key restraint to the growth of global orthopedic software market over the forecast period.
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 encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global orthopedic software market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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