Market Trends of Orthopedic Software Industry
This section covers the major market trends shaping the Orthopedic Software Market according to our research experts:
Orthopedic Electronic Health Record (EHR) Segment is Expected to Grow in the Orthopedic Software Market Over the Forecast Period
The orthopedic electronic health record (EHR) is expected to witness significant growth in the orthopedic software market over the forecast period owing to the factors such as the increasing orthopedic problems and injuries, rising adoption of minimally invasive procedures, and growing research and development as well as technological advancements.
The rates of EHR adoption have increased across all health-service fields after the implementation of the Health Information Technology for Economic and Clinical Health (HITECH) Act. For instance, according to an article published by BMC Health Services in June 2021, it has been observed that patient-related outcome information is a prerequisite for patient-centered care, which has increasingly been recognized as an ethical imperative in modern health care. This is expected to propel the adoption of EHR systems in orthopedic centers and clinics, which is anticipated to fuel market growth over the forecast period.
Additionally, the rising company's focus on developing technologically advanced applications and management software is also contributing to the market growth. For instance, in January 2021, Modernizing Medicine acquired orthopedics EHR vendor Exscribe. Modernizing Medicine and Exscribe works together to accelerate innovation and bring advanced EHR, practice management, and technology solutions intended to improve physician efficiency, reduce burnout, and support value-based care in the market. Also, in January 2021, WRS Health expanded its footprint with the availability of Orthopedics-Cloud. Orthopedics-Cloud is an EHR that meets the needs of orthopedic practices specializing in the musculoskeletal system.
Thus, owing to the aforementioned factors, the market is expected to grow significantly during the forecast period.
North America is Expected to Have the Significant Market Share in the Orthopedic Software Market over the Forecast Period
North America is expected to dominate the orthopedic software market over the forecast period owing to the factors such as the rising prevalence of orthopedic disorders, well-developed healthcare infrastructure, increasing demand for minimally invasive procedures, and growing technological advancements.
In addition, with an increase in the geriatric population, there is a rise in the number of people suffering from various arthritis problems, which increases the demand for non-surgical procedures, hence contributing to the growth of orthopedic software in the region. For instance, according to the data published by America's Health Ranking in 2021 Senior Report, in the United States, more than 54 million adults aged 65 and older, which accounts for 16.5% of the total population and the total number of adults aged 65 and older is projected to rise to an estimated 85.7 million, accounting approximately 20% of the total population, by 2050.
Furthermore, the growing burden of arthritis, osteoarthritis, knee pain, and other orthopedic disorders drives the market growth. For instance, according to Statistics Canada 2021, approximately 5.9 million adult Canadians had arthritis in 2020. The prevalence of arthritis increases with age and is higher among females. In addition, according to data published by the CDC, in October 2021, an estimated 78.4 million adults aged 18 years and older are expected to have doctor-diagnosed arthritis by 2040. Thus, the expected increase in the number of people suffering from orthopedic disorders is anticipated to propel the number of treatment and surgical procedures, which is expected to increase the need for different orthopedic software for maintaining financial processes and health records, propelling the market growth in the region.
Moreover, the rising company's focus on developing applications and cloud-based systems for orthopedic providers is anticipated to boost the market growth over the forecast period. For instance, in October 2021, Breg Inc. launched Breg Vision 7.5, a completely rebuilt version of its trusted patient and inventory management software currently used by thousands of orthopedic clinics, hospital systems, and sports medicine programs to reduce administrative hassle and elevate patient care. It makes it easy for orthopedic providers to integrate the system directly into their existing EMR/EHR platforms.
Thus, owing to the factors above, the market is expected to grow significantly during the forecast period.
