Orthopedic Software Market Overview:
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COVID-19 Impact on the Orthopedic Software Market
Due to the outbreak of COVID-19 globally, medical practices of all sizes are under immense pressure, and healthcare providers need to rely on telehealth solutions to monitor and treat patients. In this regard, EHR solutions are proving to be beneficial in improving the efficiency of billing by optimizing and simplifying billing with correct codes and reducing manual errors. EHR solutions also incorporate new and recommended interim ICD-10, LOINC, COVID-19 SNOMED-CT, and CPT codes. Such codes are helping in easy billing and revenue management during the COVID-19 pandemic.
In several countries, orthopedic daily practices have been significantly affected by the pandemic. Surgical indications have been reformulated, with elective cases being promptly postponed and urgent interventions requiring exceptional attention, especially in suspected or COVID-19 positive patients. This has made a strong impact on inpatient management, with the need for a dedicated staff, patient isolation, and restrictive visiting hour policies. On the other hand, outpatient visits have been limited to reduce contact between patients and hospital personnel, with considerable consequences on post-operative quality of care and the human side of medical practice.
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Market Segmentation:
“The Orthopedic PACS segment accounted for the largest market share in 2019.”
Based on products, the orthopedic software market is segmented into orthopedic digital templating/preoperative planning software, orthopedic electronic health records (EHRs), orthopedic practice management (PM), orthopedic picture archiving and communication systems (PACS), and orthopedic revenue cycle management (RCM). In 2019, the orthopedic picture archiving and communication systems (PACS) segment accounted for 32.9% of the global orthopedic software market. The availability of orthopedic PACS integrated with digital templating software increases the demand for orthopedic PACS as it enables surgeons to undertake digital templating more effectively. This reduces the focus on tedious surgical procedures. It also reduces the extra costs required for the sterilization of equipment.
“The on-premises segment accounted for the largest market share in 2019.”
Based on the mode of delivery, the orthopedic software market is segmented into on-premise and cloud-based models. In 2019, the on-premise models segment accounted for a larger share of 79.1% of the orthopedic software market. This can be attributed to the enhanced control and safety of patient data offered by on-premise solutions.
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Key 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).
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