In a recent published report, Kenneth Research has updated the market report for Orthopedic Software Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Orthopedic Software Market products.
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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
The global orthopedic software market is estimated to reach $24645 million by 2028 and is expected to grow at a CAGR of 6.1% during 2018-2028. The orthopedic software market is segmented on the basis of application, mode of delivery, product, and geography. The application segment is segmented into orthopedic surgery, joint replacement, fracture management, and pediatric assessment. The mode of delivery is segmented into global web-based, cloud-based, and premise-based.
“The CAGR value Could change due to COVID-19 Pandemic”
The product segment is segmented into global digital templating/pre-operative planning software, orthopedic electronic health record, orthopedic practice management, orthopedic picture archiving and communication systems, orthopedic revenue cycle management and other. The application market is contributing to huge growth in the global orthopedic software market.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
The orthopedic software market is dominated by some of the major key players such as Advanced Biologics, Corin, Geistlich Surgery, Johnson & Johnson, Mckesson Corporation, Medtronic Inc., Philips Corporation, Siemens and Smith and Nephew.
The increasing robotic surgeries and various technological innovations are increasing the scope of orthopedic software market. Rising incidence and prevalence rate of arthritis and osteoporosis is creating huge demand for global orthopedic software market. The global adoption of minimally invasive surgeries is creating scope for orthopedic software market. In last decade, there were a lot of mergers, acquisition and other strategic initiatives taken by various key players to develop new technology in the orthopedic software market. On 27th March 2018, Johnson & Johnson had announced its collaboration with Google for the purpose of advance surgical robots. This collaboration helped in benefiting patients, surgeons and healthcare systems.
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The orthopedic software market is majorly driven by global rise in the life style oriented diseases. Huge population of elderly patients is also increasing the global orthopedic software market. As emerging economies have poor healthcare insurance policies and high cost of minimally invasive surgeries and treatment, it acts as a hindrance for the growth of the global market.
The global orthopedic software market is having huge opportunities such as 3D printing technology which is expected to contribute a lot in the growth of global orthopedic software market, and also the untapped Asia Pacific region has huge scope. The growth in the Asia Pacific region is majorly driven by increasing number of surgeries in the region. Increasing success rate and low cost treatment has increased the number of surgeries in the developing and emerging markets. According to census report, 85% of U.S. patient find more personalized medical care facilities in other countries.
North America dominates the orthopedic software market; this dominance is due to presence of some key player of orthopedic software who are dominating and contributing a large share in the global market. The growth of North America is driven by number of factors such as technological advancement and expansion in product innovation. APAC is the fastest growing region in the world. APAC is growing with an impressive CAGR in the forecast period. This growth is driven by increasing medical tourism, and rising demand for low cost treatment in the world.
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COMPANY MENTIONED
1. ADVANCED BIOLOGICS
2. ARTHREX
3. CORIN
4. COVIDIEN
5. GEISTLICH SURGERY
6. JOHNSON & JOHNSON
7. MCKESSON CORPORATION
8. MEDSTRAT, INC.
9. MEDTRONIC INC.
10. ORTHOFIX
11. PHILIPS CORPORATION
12. QUALITY SYSTEMS, INC.
13. SIEMENS
14. SMITH AND NEPHEW
15. STRYKER
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“Final Report will add the analysis of the impact of COVID-19 on this industry.”
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