Market Research Report
Global Orthopedic Software Market - Segmented by Product, Mode of Delivery, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
|Published by||Mordor Intelligence LLP||Product code||708579|
|Published||Content info||126 Pages
Delivery time: 2-3 business days
|Global Orthopedic Software Market - Segmented by Product, Mode of Delivery, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)|
|Published: September 1, 2018||Content info: 126 Pages||
The global orthopedic software market is expected to register a CAGR of nearly 5% during 2018-2023 (the forecast period). Orthopedic software technique helps to enhance medical proficiency in the orthopedic surgeries and treatment.
According to data from the 2017 Revision of World Population Prospects, the number of older people, those aged 60 years or more, is expected to grow more than two-fold by 2050, and more than three-fold by 2100, i.e., increasing from 962 million, in 2017, to 2.1 billion in 2050, and further to 3.1 billion in 2100, globally. In 2017, there were approximately 962 million people aged 60 or more, worldwide, comprising 13% of the global population, and at present, is growing at a rate of about 3% per year. Currently, Europe has the largest percentage of population aged 60 or more (25%).
Rapid increase in the same is expected in other parts of the world as well. By 2050, all regions of the world, except Africa, are expected to have nearly a quarter or more of their populations at ages 60 and above. The global increase in the geriatric population could lead to consequences, such as greater incidences of orthopedic problems along with the chronic and life-threatening diseases. Ageing is associated with loss in cognition, slowing of normal metabolism, and loss of elasticity for normal tissues. Older people run higher risk of getting orthopedic issues. Hence, increase in number of aging population to boost the growth of the market over the forecast period. Other factors which are driving the orthopedic software market growth are increasing orthopedic problems and injuries, rising adoption of minimal invasive surgeries, and increasing R&D and technological advancements.
There is a stiff demand for skilled IT professionals, mostly in the maintenance and creation of medical software's, cyber security and system integration. However, IT labor crunch has been a major challenge for the healthcare sector and the management of software's such as orthopedic software. Healthcare IT orthopedic software integration in the hospitals or clinics requires experienced IT managers and executives to control and maintain these orthopedic softwares.
The competition for information-security analyst managers, research scientists and data administrators is intense and often do not match the lucrative offers of the software industry. This a major reason for the lack of skilled IT personnel's in the healthcare industry. Apart from the developed countries of the United States and most of Europe, the crunch is highly prominent in the countries of Asia and Africa that are still to achieve medical facilities in remote areas. Lack of adequate funding has also been a major issue, as they do not give a concrete platform for the healthcare IT professionals to develop databases and software tools. Lack of resources and lucrative offers has thus made healthcare IT less attractive for skilled IT professionals and has restrained the growth of the orthopedic software market. Moreover, other factors such as absence of healthcare insurances in emerging economy countries is also hindering the growth of this market.
North America is the biggest market for global orthopedic software market due to owing to the growing investment from key players in the development of these software's, and rising demand for minimal invasive surgical procedures in the region. And even the adoption rate of new software's and its usage is more in this region. These factors are making the North America region to have highest market share in orthopedic software market.
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