Orthopedic software technique helps to enhance medical proficiency in the orthopedic surgeries and treatment. The huge population of geriatric patients is driving the growth in the orthopedic software market. The global rise in the life style oriented diseases, increasing adoption of minimally invasive surgeries, is creating scope for orthopedic software in global market, rising incidence and prevalence rate of arthritis and osteoporosis is creating huge demand for global orthopedic software market. The huge population of elderly patients is a major driving factor which is contributing to the growth of global orthopedic software market. The world is currently on the brink of achieving a demographic milestone. This change is driven by falling fertility rates and remarkable rise in the life expectancy, aging population is expected to continue, even accelerate in the next 10 years. The number of people aged 65 or above is anticipated to grow from an estimated 524 million in year 2010 to nearly 1.5 billion in year 2050, mostly increasing in developing countries. According to WHO, the world aged population by the end of 2050 is expected to reach 2 billion that was 900 million in 2015. Now around 125 million people are aged 80 years or above. In China, the population above 65 years is expected to reach 330 million by the end of 2050, from 110 million presently. Whereas, in India aged population is expected to cross 227 million by the end of 2050 from 60 million at present. The increase is nearly about 250% from today.
The major factors driving the growth of global orthopedic software market include:
- Rise in style oriented diseases
- Adoption of minimally invasive surgeries
- Enhancing incidence and prevalence rate of arthritis and Osteoporosis
- Huge population of elderly patients
- Enhancement in R&D and technological advancement
The remarkable improvements in life expectancy over the past century were a part of shift, which is the leading cause of disease and death. Global adoption of minimally invasive surgeries is creating huge scope for orthopedic software in the global market. There are various reasons why minimal invasive surgeries are getting into the trend. Moreover, the conventional methods in open surgeries leave big scars, which exist throughout the patient’s life. It gives painful experience to the patient during surgeries unlike the minimally invasive surgeries. The conventional human hand operated surgeries generally results into long lasting problems such as hint of pain and scars on the body. It normally takes 6 months to recover for a patient treated with conventional method. Meanwhile, the minimal surgery takes 2-3 days to recover depending on the type of surgeries. The global orthopedic software market is expected to have a CAGR of 5.47% during the forecast period of 2016-2023. Emerging economies has poor healthcare insurance policies and high cost of minimally invasive surgeries and treatment, which acts as hindrance in the growth of orthopedic software in the global market. The 3D printing technology is expected to contribute a lot in the growth of global orthopedic software market. Increasing awareness about Orthopedic and other concerned diseases and untapped Asia Pacific region is creating huge opportunities in the forecast period for the growth of global orthopedic software market.
Source: OBRC Analysis
The report is widely categorized on the basis of application, mode of delivery, and product. Application is further segmented into:
- Fracture management
- Joint replacement
- Orthopedic surgery
- Pediatric assessment
Mode of delivery is sub-segmented into:
- Cloud Based Market
- Premise Based Market
- Web Based Market
Product is sub-segmented into:
- Digital Templating/Pre-operating Planning software
- Orthopedic Electronic Health record
- Orthopedic Archiving and Communication systems
- Orthopedic Practice Management
- Orthopedic Revenue Cycle Management
Geographically, the global orthopedic software market is segmented into:
- North America (U.S. & Canada)
- Asia-Pacific (China, India, Japan, RoAPAC)
- Europe (UK, France, Germany, RoE)
- Rest of the World
The revenue for the above application segment is specific to global orthopedic software market. However, the total revenue of these applications in general has been excluded from the scope of the report. Also, the total market revenue has been calculated by summing up product segment.
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. The growth is driven by increasing medical tourism, rising demand for low cost treatment in the world.
The orthopedic software 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 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 segment is a major contributor towards the growth of the global orthopedic software market.
The major market players of the global orthopedic software market are:
- PHILIPS CORPORATION
- STRYKER
- JOHNSON & JOHNSON
- SIEMENS
- MCKESSON CORPORATION
- COVIDIEN
The global orthopedic software market is driven by the presence of some the prominent player in the market. Advanced Biologics, Corin, Geistlich Surgery, Johnson & Johnson, Mckesson Corporation, Medtronic Inc., Philips Corporation, Siemens And Smith And Nephew. The mergers, acquisition, innovation, product development are the key strategies adopted by key players to sustain in the competitive market. Example: On 27th March 2015, Johnson & Johnson announced its collaboration with Google for the purpose of advance surgical robots. This collaboration helped in benefiting patients, surgeons and healthcare systems.
Why to buy the report:
This report will:
- Provide you the business strategies adopted by market player such collaboration as on 27th March 2015, Johnson & Johnson announced its collaboration with Google for the purpose of advance surgical robots. This collaboration helped in benefiting patients, surgeons and healthcare systems
- Provide in detail the different segments such as products and end-users which affect the global orthopedic software market.
- Provide you the patent analysis of the global orthopedic software market.
- Identify and understand the strengths, opportunities, challenges and threat of the orthopaedic software market.
- Provide revenues of major players of the market such as Philips Corporation, Stryker. Provide you the various regulatory policies which affect the global orthopedic software market.
How we are different from others:
At Occams we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share, and market segmentations. Our report on global orthopedic software market offers the longest chain of market segmentation covering major market segmentation based on products and end users. The report tracks the major market trends in the global orthopedic software market such as growth and innovations in products & equipment’s and rising demand for technically progression & diagnosis of diseases and so on. For each market segments covered in global orthopedic software report, we provide opportunity matrix, and DROC analysis, that enable the clear growth assessment across each market segment. The report discusses competitive landscape of the orthopedic software industry, with giving extensive strategy analysis of more than 15 companies. Moreover, the report discusses various models such as 360 degree analysis, See Saw analysis, and Porter five force model and so on. For the high level analysis in the report we provide a comparative analysis of historic and current year data.
Key findings of the global orthopedic software market are as follows:
- North America generated the largest revenue share in 2016.
- Merger & Acquisition is the key strategy adopted by the various market players of global orthopedic software market.
- Johnson & Johnson announced its collaboration with Google.