To correct the injuries or deformities associated with the bones and joints, orthopedic software are high in demand. Increase in the geriatric population around the world along with the sports related injuries and orthopedic ailments related to changing lifestyle, has contributed significantly to the growth of the orthopedic software market. It is estimated that the global orthopedic software market would be valued around US$40 billion in 2019, growing at a positive CAGR of approximately 5% from 2013 to 2019.
What is Driving the Growth of the Orthopedic Software Market?
Anterior cruciate ligament construction (ACL), rotator cuff repair and Achilles tendinosis repair are some of the common orthopedic surgical procedures with minimal invasion. Minimally invasive surgical procedures (also called arthroscopy procedures) lead to the completion of the surgeries in shorter time with fewer complications.
Introduction of the advanced orthopedic software such as JuggerKnotless Soft Anchor by Biomet Sports Medicine in 2014 reflects higher efficiency and better restoration capability of all-suture anchor technology over the traditional hard implant for labral repair surgery in the shoulder. Increase in the number of reported cases of orthopedic ailments accompanied by the acceptance of the advanced arthroscopy procedures by the patients and doctors alike, has resulted to the growth of the orthopedic software market. But the growth of the market might be hindered by the asymptomatic nature associated with the soft tissue surgeries and the threat posed by the conservative therapy.
Orthopedic Software Market: ACL Reconstruction Surgery will Drive Demand
ACL injuries are mostly associated with sports and fitness activities, and are the most common form of knee injury. The American Orthopaedic Society for Sports Medicine (AOSSM) and the American Academy of Orthopaedic Surgeons (AAOS) mention that more than 150,000 ACL injuries are reported each year in the United States.
ACL reconstructive procedures through advanced orthopedic software have created a huge opportunity for the global orthopedic software market. Also, the risks attached to the implant removal have been minimal with the introduction of bio-absorbable implants, which has boosted the growth of the market. However, in certain disorders like gluteal tendon injury, pain killers and steroid injections are preferred over the non invasive surgical procedures and hence, this segment might not contribute to the growth of the orthopedic software market.
Asia Pacific Region Expected to Grow at the Fastest Rate
Geographically, the global orthopedic software market is segmented into Asia Pacific, Europe, North America, and rest of the world. In the U.S., there would be an increase in the demand for orthopedic software in the coming years. Rise in the geriatric population, increased awareness about musculoskeletal disorders, increased participation in sports and fitness activities as well as improving healthcare coverage in the U.S. will drive the growth of the market in the near future. Next to North America, Europe will likely be the demand generator for orthopedic software. Asia Pacific region is expected to grow at the fastest rate, owing to the rising population in the region.