PUBLISHER: Grand View Research | PRODUCT CODE: 1552632
PUBLISHER: Grand View Research | PRODUCT CODE: 1552632
The global orthopedic software market size is expected to reach USD 607.0 million by 2030, registering a CAGR of 5.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. This is attributed to the rising technological advancements in orthopedic surgeries and the increasing prevalence of orthopedic conditions such as arthritis, joint pain, and fractures. According to the CDC, around 78 million people aged 18 years and older are anticipated to have doctor-diagnosed arthritis by 2040. Moreover, the rising geriatric population is expected to drive the demand for efficient and cost-effective orthopedic surgical planning software from 2023 to 2030.
One of the key factors fueling market growth is the rising prevalence of orthopedic conditions like arthritis, cubital tunnel syndrome, and lower back pain. In addition, the aging population, which is more vulnerable to these diseases, is driving the market growth. For instance, according to a National Osteoporosis Foundation article, osteoporosis, a bone disease, makes bones fragile & more prone to breaking. Around 44 million Americans have inadequate bone density, and 10 million have osteoporosis, putting them at higher risk. Moreover, about 54 million Americans, or half of all people aged 50 and over, are at risk of fractures caused by accidents and trauma. Accordingly, the demand for Minimally Invasive (MI) surgeries among patients & healthcare professionals is fueling the market growth.
Integrating artificial intelligence (AI) powered technologies into existing software and launching novel AI-powered orthopedic solutions also fuels market growth. For instance, in May 2023, Smith+Nephew enhanced its digital surgery and robotics portfolio with two new products: Personalized Planning powered with AI & the RI.INSIGHTS Data Visualization Platform. The CORI surgical system now features RI.KNEE ROBOTICS v2.0, which integrates AI-powered Personalized Planning. This advancement allows surgeons to set initial implant placement during total knee procedures based on AI-guided reference values and preferences for patient-specific implant deformities.
AI-powered technologies enhance the capabilities of orthopedic software by providing advanced analytics, predictive modeling, and personalized treatment planning. These technologies enable more accurate diagnosis and surgical planning, reduce the risk of complications, and improve patient outcomes. In addition, AI can streamline administrative processes, such as scheduling and patient management, making healthcare delivery more efficient.
Moreover, various software has been developed to evaluate orthopedic implant fixation and bone segment motion. For instance, according to an article published by HospiMedica International, model-based roentgen stereophotogrammetric analysis software has been developed to evaluate the fixation of orthopedic implants and the movement of bone segments. This software was the first to use calibrated stereo X-ray pictures to determine the in vivo 3D position and/or relative motion of metal implants, marker beads, and/or bone segments.
The market players undertake several strategic initiatives to grow and sustain. For instance, In January 2024, athenahealth, Inc. announced that New England Orthopedic Surgeons (NEOS) would implement athenahealth's athenaOne, a cloud-based integrated revenue cycle management, EHR, and patient engagement suit. Moreover, in March 2022, Allscripts Healthcare, LLC launched Expo, an EHR technology that provides a broad range of integrated solutions for practice management.