The global upper limb prosthetics market is set for significant growth, with sales estimated to reach approximately USD 398 million in 2023. According to a detailed industry analysis, the market is expected to expand at a compound annual growth rate (CAGR) of 4.1% over the next decade, culminating in a valuation of USD 624.9 million by 2033.
Upper limb prosthetics currently hold a 3.8% share of the global prosthetics market. The anticipated growth is driven by several factors, including the rising incidence of road accidents, which are a leading cause of bone fractures and subsequently contribute to the increasing 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.
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 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.
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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