In 2023, Global Upper Limb Prosthetics Market Sales are expected to be over US$ 398 million. Upper Limb Prosthetics Market Demand is expected to expand at a CAGR of 4.1% and reach a valuation of US$ 624.9 million by 2033. According to a thorough FMI analysis.
Upper Limb Prosthetics account for 3.8% of the total in the worldwide prosthetics market. Road accidents are the major cause of fractured bones, which may enhance the market for Upper Limb Prosthetics.
The Global Upper Limb Prosthetics market is expanding rapidly as a result of increased amputation surgeries and increased research & development. The industry is also predicted to expand as the ageing population grows, as do road accidents and amputations.
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According to the American Cancer Society, roughly 1,000 new instances of osteosarcoma are detected in the United States each year, with teens and adults being the most affected. The tumour is usually removed by surgery once a biopsy is performed to identify osteosarcoma.
Because of the high prevalence of bone cancer in the United States and around the world, there is a significant demand for improved prosthetics. These devices are expensive and require a lot of care, and reimbursement policies limit their growth. The market will be able to grow rapidly if the government boosts its support for amputee programmes.
“The rise in the number of road accidents is due to rapid modernization and increasing sales of high-performance vehicles. In addition, rash and drunk driving are contributing to an increase in the number of road accidents around the world. This is predicted to contribute to the Upper Limb Prosthetics industry’s enhanced growth.” – said a lead analyst at FMI.
Key Takeaways from the Upper Limb Prosthetics Market Study
- By 2023, the global market for Upper Limb Prosthetics will have surpassed US$ 398 million.
- North America is expected to have the highest revenue share until 2023, while Asia Pacific will be the fastest-growing market.
- Myoelectric prosthetic devices remained the most popular over the course of the product type, with a CAGR of 4.2%.
- With a CAGR of 3.6%, hospitals remain a profitable end user.
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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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Upper Limb Prosthetics Market Segmentation by Category:
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
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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