In 2023, the global upper limb prosthetics market was valued at over US$ 398 million. By 2033, it is anticipated that the Upper Limb Prosthetics Market would have grown at a 4.1% CAGR to reach US$ 624.9 million. This is predicated on an extensive FMI analysis.
3.8% of the worldwide prosthetics market is made up of upper limb prosthesis. The primary cause of fractured bones is traffic accidents, which could lead to a rise in the market for prosthetic upper limbs.
Due to an increase in amputation surgeries as well as increasing research and development, the global market for upper limb prosthetics is growing rapidly. The market is anticipated to expand as a result of an increase in road accidents and amputations, as well as a growing senior population.
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Approximately 1,000 new instances of osteosarcoma are diagnosed in the US each year, mostly in teens and adults, according to the American Cancer Society. Osteosarcoma is diagnosed by biopsy, and surgery is typically required to remove the tumor.
Advanced prosthetics are in high demand due to the rising incidence of bone cancer in the US and around the world. These gadgets are costly and need a lot of upkeep; also, reimbursement policies limit the devices’ expansion. The market will have the capacity to expand quickly as long as the government continues to support amputee programs.
Key Takeaways from the Upper Limb Prosthetics Market Study
- 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.
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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.
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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