The global upper limb prosthetics market is poised for steady growth, with sales projected to reach USD 398 million in 2023. Industry analysis indicates that the market is expected to expand at a compound annual growth rate (CAGR) of 4.1%, achieving a valuation of USD 624.9 million by 2033.
Upper limb prosthetics, which currently account for 3.8% of the global prosthetics market, are vital in restoring mobility and functionality for individuals who have experienced limb loss or impairment. The increasing incidence of road accidents, a leading cause of bone fractures and amputations, is a significant factor driving market growth.
Key Growth Drivers:
- Rising prevalence of injuries due to road accidents and traumatic events.
- Advancements in prosthetic technologies, including bionics and sensor-integrated devices.
- Increasing awareness and access to advanced rehabilitation solutions in emerging economies.
The growing demand for innovative and customizable prosthetic solutions underscores the importance of ongoing research and development in the upper limb prosthetics market.
Growth Drivers:
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- An increase in road accidents and subsequent limb amputations.
- A growing geriatric population, which is more susceptible to conditions requiring prosthetic interventions.
- Advancements in prosthetic technology and increased research and development efforts.
Competitive Landscape
Inflows of Funds are Expected as Market Players Expand their Footprints
A large selection of upper limb prosthetic devices is available from major manufacturers in the market.
- Ottobock SE & Co. KGaA continues to place strategic emphasis on improving the value proposition of its products. The company has been concentrating on patient-centric offerings and is known for its innovative medical product line.
- Fillauer LLC produces more than 3,000 prosthetic items with a variety of innovative characteristics that allow for movement.
- Several major producers of upper limb prostheses are concentrating their efforts on developing new products with sophisticated features and providing rehabilitative services.
- Some industry’s leading upper limb prosthetic companies are also actively engaged in strategic acquisitions and collaborations aimed at bringing new items into the market.
Upper limb prosthetics market growth is expected to be influenced by a growing geriatric population, the increase in research and development, and technological advancements in upper limb prosthetics. These factors include an increase in limb amputation procedures, a rise in accident injuries and trauma cases, as well as an increase in the geriatric population.
- In July 2021, Össur launched the Rebound Post-Op Elbow Brace, an invasive, lightweight, and adjustable brace with intuitive design features that make fitting easy for clinicians and easy for patients recovering from severe elbow injuries or surgical procedures.
- The PROLIMB company planned to introduce a game-changing upper limb prosthesis in December 2020. Mechanical haptic feedback is integrated into the new project to develop an affordable fingertip prosthesis.
- The Cleveland Clinic created a bionic arm in September 2021 that allows people with upper limb amputations to think, behave, and function just like people without amputations.
- The Tornier shoulder arthroplasty portfolio of Stryker was launched in July 2021, along with its Tornier product, the Perform Humeral Stem, which was designed with four collar diameters and is available in multiple lengths to optimize humeral fit and gives surgeons more options.
Key Companies Profiled
Touch Bionics Inc.; Fillauer LLC; Endolite India Ltd.; Ottobock SE & Co. KGaA; College Park Industries; Steeper Inc.; TRS Inc.
Full Report Revealed
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
By Region:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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