Upper Limb Prosthetics Market Size By Component (Prosthetic Wrist, Prosthetic Elbow, Prosthetic Shoulder, Prosthetic Arm, Terminal Devices), By Product (Passive Prosthetic Devices, Body Powered Prosthetic Devices, Myoelectric Prosthetic Devices, Hybrid Prosthetic Devices), By Cause (Trauma, Vascular Disease and Diabetes, Cancer), By End-use (Hospitals, Prosthetic Clinics, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, France, UK, Spain, Italy, China, India, Japan, Australia, Singapore, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Competitive Market Share & Forecast, 2019 - 2025
Upper Limb Prosthetics Market will reach over USD 2.3 billion by 2025; as per a new research report.
Increasing number of trauma cases coupled with rise in amputations will positively impact the growth of upper limb prosthetics market over the forthcoming years. Growing number of diabetic patients will also augment the upper limb prosthetics market over the foreseeable future. For instance, as per the International Diabetes Federation (IDF), by 2030 around 435 million people will suffer from diabetes. Such factors are expected to boost the growth of upper limb prosthetics market over the estimation period.
Increasing number of sports injuries, road accidents and other such incidence leading to amputations will drive the demand for upper limb prosthetics. Advancements in prosthesis and healthcare technologies have led to improvement in efficiency and effectiveness of upper limb prosthetic devices such as prosthetic elbow, prosthetic wrist, prosthetic arm, prosthetic shoulders and terminal devices. Currently, upper limb prosthetics are also manufactured through 3D printing in order to reduce the cost of production.
A rise in medical conditions related to bone such as osteosarcoma, osteoporosis and osteopenia is expected to drive the growth of global upper limb prosthetics market. Other factors positively impacting the growth of upper limb prosthetics include growing life expectancy and increasing average age. However, the growth of upper limb prosthetics market can be hindered over the forecast period owing to high cost and greater maintenance associated with these devices.
The highest volume share in the global upper limb prosthetics market is held by prosthetic wrist. High number of amputations related to wrists and cost effectiveness are major factors that will drive the segmental growth. Prosthetic wrists also offer properties such as ease, lightness and pleasing appearance. Aforementioned factors are expected to boost the growth of prosthetic wrist market over the foreseeable future.
The fastest growing segment by product is myoelectric prosthetic devices over the forecast period. The growth is attributed to functionality along with natural appearance offered by myoelectric prosthetic devices. Passive prosthetic devices account for the largest share by product due to low cost and ease of use.
The largest share by cause in the global upper limb prosthetics market in 2018, was held by vascular disease and diabetes. Factors such as high vulnerability of vascular disease patients towards amputation and lowered body healing process of diabetic patients is attributed towards the segment growth. Cancer segment is expected to grow at the fastest rate due to rising cancer cases across the globe.
Prosthetic clinics as an end-use held major share in the global upper limb prosthetics market in 2018. The large share is attributed to highest footfall of amputee patients, presence of skilled medical professionals and facility of specific attention towards each patient. Hospital segment is expected to grow healthily owing to large infrastructure and high budget of this healthcare setting.
The U.S. contributed for the highest share in the global upper limb prosthetics market. The reasons behind such high contribution includes awareness among citizens for prosthesis, adoption for advanced technology, availability of skilled medical professionals, presence of dominant market players, huge healthcare expenditure and highly developed healthcare infrastructure.
India upper limb prosthetics market is expected to expand with a lucrative CAGR over the foreseeable future owing to government initiatives to support amputees, low price of prosthetic implants in the country, increasing geriatric population and increasing developments in healthcare technologies.
Ottobock SE & Co. KGaA, Endolite India Ltd., Ossur, Fillauer LLC, Steeper Inc., College Park Industries, Howard Orthopedics Inc., TRS Inc., WillowWood Global LLC, CPOUSA, Coapt LLC and Touch Bionics Inc are some of the key market players in the global upper limb prosthetics market. Technological advancements, innovative product launch, capacity expansion, merger, acquisition and accreditations account for some of the key strategic initiatives taken by the market players.
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