Orthopedic Software Market is projected to reach USD 454 million by 2025 from USD 311 million in 2020, at a CAGR of 7.8% from 2020 to 2025. The increasing incidence of orthopedic conditions due to the rising geriatric population, rising pressure to improve the quality of care and reduce healthcare costs, rising adoption of EHRs and other eHealth solutions, and the growing demand for minimally invasive treatments are the major factors driving the growth of this market. However, reluctance among orthopedicians to use orthopedic software due to privacy- and data security-related concerns, shortage of trained and skilled resources, and requirement of heavy infrastructure investments and high cost of deployment of software solutions are expected to restrain the growth of this market during the forecast period.
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Key Market Players
The prominent players in the orthopedic software market include Materialise NV (Belgium), Brainlab AG (Germany), Medstrat, Inc. (US), CureMD Healthcare (US), Greenway Health (US), NextGen Healthcare LLC (US), McKesson Corporation (US), GE Healthcare (US), Philips Healthcare (Netherlands), and Merge Healthcare Incorporated (US).
Merge Healthcare.
Drivers: Increasing incidence of orthopedic conditions due to the rising geriatric population
Musculoskeletal conditions can be a major burden on patients and healthcare systems as a whole. Osteoarthritis, osteoporosis, rheumatoid arthritis, and lower back pain are some of the most commonly occurring musculoskeletal conditions globally. Increasing life expectancy and the growth in the geriatric population are expected to make osteoarthritis the fourth-leading cause of disability by 2020. According to the National Osteoporosis Foundation, around 54 million people aged 50 years and above were affected by osteoporosis and low bone mass; this figure is expected to reach around 64.4 million by 2030.
The incidence of other orthopedic conditions is also expected to increase in the coming years in line with the growth in the geriatric population. According to a study conducted by the United Nations Department of Economic and Social Affairs, by 2050, around 21% of the world’s population is expected to be aged 60 years and above.
Restrains: Shortage of trained and skilled resources
The shortage of qualified resources is a major barrier to implementing as well as the efficient use of orthopedic software in healthcare facilities. Currently, the demand for HCIT professionals far exceeds their supply in both developing and developed markets. According to a report by the US Bureau of Labor Statistics, hospitals and physician practices in the US needed an additional 35,000 HCIT workers till 2018. The bureau stated that an additional 41,000 professionals would be required in the healthcare information management (HIM) field by 2022 in the US. Other major markets such as Germany, the Netherlands, England, and Australia are also witnessing a significant shortage of HCIT professionals.
The effective utilization of orthopedic software demands strong IT infrastructure and support within the organization as well as at the solution provider’s end. In a healthcare organization, there is a continuous need for technical support for maintaining the server and network. If the maintenance is inadequate, it leads to the generation of screen loads, which slows down several procedures. As healthcare organizations become increasingly sophisticated with their IT initiatives, human resource leaders are experiencing a new set of hiring challenges. Although healthcare IT jobs are projected to increase from 15% to 37% by 2020, the inability to fill IT positions has forced some hospitals to keep projects on hold. The lack of in-house IT experts, as well as a trained workforce with cross-functional skills, may hinder the growth of the orthopedic software market during the forecast period.
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Opportunities: Availability of orthopedic software as cloud-based solutions and their use in mobile platforms
The healthcare industry has witnessed several advancements in the field of information technology. Moreover, owing to the rising use of smartphones and tablets, mobile applications are increasingly penetrating the orthopedics market. The combined benefits of mobility, accessible interfaces, storage capacity, and wireless access make these solutions perfect for use by orthopedic surgeons. These solutions enable easy access to reference information from any location and facilitate easy sharing of images, videos, and audio clips among orthopedic surgeons. Currently, most of the orthopedicians are utilizing these technologies to increase the accessibility to patient records from remote locations, thereby improving workflow efficiency. According to a study conducted by HIMSS, in the US, nearly 75% of clinicians used mobile technology to collect patient data in 2018 as compared to 30% in 2011.
Mobile interfaces enable organizations that have a database of thousands of documents and reference files to access the required information in a quick and efficient manner. Some of the commonly used apps by orthopedic surgeons include AO Surgery Reference, BoneFeed, AO Classification, and AAOS Code X-Lite.
Cloud-based orthopedic software are also finding greater acceptance by orthopedicians, as these solutions help organizations to share information in real-time and free up IT staff to focus on more critical tasks. This increases the productivity and cost-efficiency of processes in healthcare organizations. Cloud-based solutions can also be easily adjusted and scaled up or down by service providers without incurring any capital expenditure. Owing to the various advantages provided by cloud-based and mobile solutions, an increasing number of market players, including Medstrat, Inc. (US) and Materialise NV (Belgium), are focusing on developing these solutions.
Challenges: Consolidation of technologies due to mergers between healthcare set-ups
Consolidation of technologies, through mergers and acquisitions between healthcare organizations, is aimed at providing clinical and financial benefits to the healthcare organizations undertaking these consolidations. However, this trend can pose problems for orthopedic specialty clinics. When specialty clinics join larger hospitals, the pre-existing technologies of larger hospitals are fused into the existing technologies within specialty clinics. Specialty clinics are used to utilizing certain tools and have their own workflow for diagnosing and treating patients. The consolidation of technologies under such circumstances often prevents specialty clinics from utilizing their technologies. This, in turn, compels them to use the technologies that are at the disposal of larger hospitals. This may result in the lower adoption of orthopedic software by specialty clinics.
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