Orthopedic Software Market Analysis, Size, Growth, Share, Trend, Outlook & Forecast to 2026
The global orthopedic software market size is expected to reach USD 446.8 million by 2026, registering a 5.8% CAGR during the forecast period, based on a new report by Grand View Research, Inc. Rising pressure to curb healthcare cost by implementing faster and efficient technology along with rise in the number of orthopedic surgeries is driving the growth. According to the National Inpatient Sample (NIS) survey 2017, the annual number of Total Knee Replacements (TKR) and Total Hip Replacement (THR) performed in U.S. is projected to reach 1.28 and 0.63 million by 2030. This is anticipated to drive the demand for faster and accurate treatment options in the future. According to BrainLab, preoperative planning software reduces the procedure time and efficiency, simultaneously reducing the procedural risk to half. Technological advancements are also expected to further propel the growth of the orthopedic software market. Incorporation of Artificial Intelligence (AI) to develop specific software products for individual modalities is expected to further boost the demand. For instance, In July 2019, DrChrono partnered with DeepScribe to develop AI services for clients. The partnership was aimed at providing the medical practices currently using DrChrono EHR with artificial intelligence to automate the medical note taking directly from physician appointments. Such advancements will further reduce the physician time in paper works by directly uploading the collected notes into the software system.