Kenneth Research, in its repository of market research reports, has recently added a report on Orthopedic Software Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Orthopedic Software Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
The U.S. Market recovers fast; In a release on May 4th, 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention 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) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst 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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” The global orthopedic software market is estimated to be valued at ~USD 500 million by the end of 2021 and is projected to grow at a CAGR of ~6% during the forecast period 2022-2030. Increasing acceptance of electronic health records, casts, and preoperative planning is a significant growth driver. According to a 2017 survey by Baker Hospital, more than 90% of U.S. orthopedic surgeons use electronic orthopedic records.
The growing demand for faster data exchange is expected to drive the market with a focus on increasing the number of orthopedic surgeries. According to a sample survey conducted in 2017, by 2030, the total number of knee and hip arthroplasty in the United States will be 1.32 million and 630,000, respectively.
The development path of the sector in the near future. Technological advances and the use of minimally invasive surgery in developing and developed countries are other important market drivers. For example, in 2018, the US Food and Drug Administration (FDA) announced that Image Technologies, Inc. had approved Auto Detect, a computer program for radiation therapy/diagnosing fractures.
Paper proofing programs are an effective alternative to traditional systems. Software technology enhances the medical effectiveness of treatment. As the number of patients increases and healthcare advances, the need for modern technology increases.
Additionally, the advent of information technology in healthcare is expected to increase the need for data integration, connectivity, and shared access, leading to rapid adoption of orthopedic programs and advances in networked healthcare technologies over the next few years. need.
Smart devices with data collection capabilities are expected to increase subscription requirements and data access. For example, the Trackpatch from Consensus Orthopedics Inc. is a portable orthosis designed with data and analytics capabilities to transform patient data collection and orthopedics. The software center makes the process easier and faster for surgeons to achieve better results. Access
PRODUCT OVERVIEW :
Electronic orthopedic medical registration services accounted for the largest market share in 2020. The growing demand for faster data exchange and processing processes is an important driver of growth. The Electronic Health System (EHR) was developed to enable physicians to provide patient reports, prescriptions, and referrals to tailor treatment plans for specific medical conditions.
The versatility of this software makes it acceptable and the number of users is expected to increase in the near future. Numerical models and preoperative planning tools are expected to grow rapidly during the forecast period. Benefits such as prevention of complications, improvement of basic technical parameters, and center of rotation such as leg length and bone marrow adjustment improve preoperative planning for orthopedic surgery, including selective hip replacement.
DISTRIBUTION METHOD OVERVIEW :
The largest market share of orthopedic software in 2020 due to factors such as internal software, availability of appropriate orthopedic software, and proven local capabilities to meet financial and clinical marketing requirements. Many local companies offer custom solutions. Programs such as sample planning and preoperative planning for hospitals and clinics.
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For example, PeekMed offers 3D surgical planning software. Existing or fully customized software has been tailored to the needs and scope of medical interventions and web/cloud based software solutions are expected to grow significantly at a CAGR of during the forecast period. The main growth drivers for this sector are the growing number of interdisciplinary hospitals that require integrated solutions for all disciplines, not just healthcare robustness and data collection and management. According to a study by Baker Hospitals, there were more than 80 mergers and acquisitions in the healthcare sector in 2018.
Orthopedics holds the largest market share in 2020. According to the University of California Orthopedic Surgery 2016 (DOSUC), it is estimated that 30-40% of patients see a doctor each year for serious musculoskeletal problems. As the number of such measures increases, the demand for data exchange and storage is expected to increase in the near future. Therefore, the implementation of these programs in hospitals and specialized facilities is expected to increase.
ORTHOPEDIC SOFTWARE MARKET SHARE OVERVIEW :
The global market is changing and companies are focusing on M&A programs to improve orthopedic product specifications. For example: In October 2018, IBM Watson Health worked with Consensus Orthopedic to develop a portable truck patch. The purpose of this collaboration is to expand the companys previous activities in this sector. Businesses can also benefit from the data gathered by these tools for future industry strategies. The main company operating in the market is IBM. CureMD Healthcare; Athens Health; Greenway Health LLC; Medstrat Brain Institute; exploration visualization; NextGen Healthcare LLC; Dchrono; and Allscript Healthcare Solutions Inc.
SECTORS COVERED IN THE REPORT;
The report estimates global revenue growth by region and country, and provides the latest industry trend analysis for each sub-sector from 2022-2030. In this study, the Orthopedic Software Market by Kenneth Research, Delivery Methods , Timeline and Regional Reports: Product Forecast (Sales, Million Dollars, 2022-2030) Digital Samples/Pre-Operational Planning Software (Hundreds), 2022-2030 Website/Internal Cloud-Based Programs (Revenue Million Dollars, 2022-2030) Orthopedics, fracture management, etc.”
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