The prosthetic limbs sales was projected to be valued US$ 398 million in 2023. The upper limb prosthetics market sales is expected to develop at a 4.1% CAGR and reach US$ 624.9 million in sales by 2033. This is what an extensive FMI analysis produced.
Upper limb prosthetics account for 3.8% of the global prosthetics market. Road traffic accidents are the leading cause of fractured bones, which may increase demand for upper limb prosthetics.
The global upper limb prosthetics market is experiencing strong growth due to increased amputation procedures and increased research and development. The market is also expected to grow due to a rising geriatric population and increased road accidents and amputations.
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According to the American Cancer Society, approximately 1,000 new cases of osteosarcoma are diagnosed in the United States every year, mainly among teens and adults. A biopsy is used to diagnose osteosarcoma, and the tumor is usually removed during surgery.
As a result of the high number of bone cancers in the United States and worldwide, there is a high demand for advanced prosthetics. These devices require a lot of maintenance and are expensive, and reimbursement policies inhibit their growth. As the government increases its support for amputee initiatives, the market will be able to grow at a rapid rate.
Key Takeaways:
- Global upper limb prosthetics to surpass US$ 398 million by 2023.
- North America is set to capture the maximum revenue share until 2023, while Asia Pacific is set to be the fastest-growing market.
- Over the course of the product type, myoelectric prosthetic devices remained the most popular with a CAGR of 4.2%.
- Hospitals remains lucrative end user with a CAGR of 3.6%.
Competitive Landscape for the Upper Limb Prosthetics Market
As the geriatric population increases, research and development efforts increase, and technological advancements in upper limb prosthetics increase, the upper limb prosthetics market is expected to grow. As the population ages, more limb amputations are performed, accident injuries and trauma cases increase, and geriatrics increase in number.
There are a number of prominent players in the global plant-based hot dog market, including Touch Bionics Inc., Fillauer LLC, Endolite India Ltd., Ottobock SE & Co. KGaA, College Park Industries, Steeper Inc., TRS Inc., and others.
Recent Developments in the Upper Limb Prosthetics Market
- Össur launched the Rebound Post-Op Elbow Brace in July 2021. The brace is an invasive, lightweight, adjustable brace with intuitive design features. This makes fitting easy for clinicians and patients recovering from severe elbow injuries.
- PROLIMB plans to introduce a game-changing upper limb prosthesis by December 2020. The new project may integrate mechanical haptic feedback to make the prosthesis affordable.
- People with upper limb amputations can now function and think like normal people with a bionic arm created by the Cleveland Clinic in September 2021.
- In July 2021, Stryker launched its Tornier shoulder arthroplasty portfolio, which includes the Perform Humeral Stem, a Tornier product designed with four collar diameters and available in several lengths to optimize humeral fit and offer surgeons more options.
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Key Segmentation:
Upper Limb Prosthetics Market by Product:
- Passive Prosthetic Devices
- Body-powered Prosthetic Devices
- Myoelectric Prosthetic Devices
- Hybrid Prosthetic Devices
Upper Limb Prosthetics Market by Component:
- Prosthetic Wrists
- Prosthetic Elbows
- Prosthetic Shoulders
- Prosthetic Arms
- Terminal Devices
Upper Limb Prosthetics Market by Indication:
- Forequarter Amputations
- Shoulder Disarticulations
- Transhumeral Disarticulations
- Elbow Disarticulations
- Transradial Disarticulations
- Wrist Disarticulations
- Partial Hand Amputations
- Fingers Amputations
Upper Limb Prosthetics Market by End User:
- Hospitals
- Prosthetic Clinics
- Rehabilitation Centers
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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