đź“ťGlobal Upper Limb Prosthetics market was valued at USD 864.5 Million in 2021 and is expected to reach USD 1,219.7 Million by 2028 Growing at a CAGR of 5.0% between 2022 and 2028.
Due to a rise in limb amputation surgeries and increased research & development, the global market for upper limb prostheses is expanding rapidly. Additionally, a rise in the incidence of amputations and road accidents as well as an increasing senior population worldwide are predicted to fuel market expansion. However, the market for upper limb prosthetics is likely to experience growth challenges due to factors including the high cost of these devices and the strict regulatory environment.
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⏩ Drivers & Trends:
The worldwide market for upper limb prosthetics is anticipated to develop at a faster rate than average over the course of the forecast period due to an increase in the number of traffic accidents and injuries as well as amputations. A medical device called an upper limb prosthesis is used to replace an arm that has been lost completely or partially due to trauma, sickness, congenital abnormality, or accident. More than 3 million individuals worldwide have had an arm amputated, according to Ohio State University. Amputations below the elbow affect 1.77 million persons, above the elbow affect 0.84 million, shoulders affect 0.24 million, and hands or shoulders affect 0.15 million.
During the projected period, an increase in the worldwide elderly population is anticipated to boost market expansion for upper limb prostheses. For instance, musculoskeletal diseases are prevalent among the elderly. As a result, it is anticipated that there would be a global increase in demand for upper limb prostheses along with the incidence of musculoskeletal illnesses. The World Health Organization (WHO) predicts that by 2030, 1 in 6 persons worldwide would be 60 years of age or older, and that figure will rise to over 2.1 billion by 2050.
⏩ Market Opportunities
The market for upper limb prosthetics is likely to see considerable development prospects as the frequency of limb amputation treatments rises. Amputation, for instance, is the surgical removal of all or a portion of a leg, extremity, or arm. The surgical removal of any portion of the upper extremity is known as an upper limb amputation. Ossur announced the release of the Rebound Post-Op Elbow Brace in July 2021. This non-invasive, lightweight, adjustable brace has simple design features that are meant to improve the clinicians’ fitting experience and the usability for patients who are recovering from serious elbow injuries or surgical procedures.
Players in the global upper limb prosthetics market may expect profitable growth possibilities as a result of an increase in research and development worldwide. The need for upper limb prosthesis is growing along with the global increase in amputations. Players in the industry are concentrating on creating unique items as a consequence. For instance, Ossur announced plans to spend US$7.6 million in May 2018 to create cutting-edge myoelectric prosthetic systems at Touch Bionics. With the help of this investment, the business was able to propel market innovation and R&D capabilities.
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⏩ Key Developments
Ortho Europe and COVVI worked together to develop the cutting-edge Nexus hand, a product that simplifies daily duties, in October 2020.
The Myo Plus pattern recognition system, an improvement in upper-limb prostheses, and the fitting of the first patient in North America with Ottobock’s Myo Plus pattern recognition system were all revealed in November 2019 by Ottobock Se & Co.
Ossur and College Park Industries, a leading provider of lower and upper limb prostheses and related services, entered into a purchase agreement in June 2019.
⏩ Major Key players in this Market:
The market for upper limb prosthesis is quite cutthroat. The market’s participants are concentrating on introducing unique goods as a consequence of the increase in amputations and the number of traffic accidents and injuries.
Blatchford Limited, Open Bionics, Protunix, Coapt LLC, Fillauer LLC, WillowWood Global LLC, Ortho Europe, Steeper Inc., Ossur, and Ottobock SE & Co. KgaA are a few of the major companies in the world market for upper limb prostheses.
⏩ Report Includes:
• An up-to-date detailed analysis of the global markets for Upper Limb Prosthetics.
• Analyses of global market trends, including data from 2022 and 2021, predictions for 2022 and 2024, and compound annual growth rates (CAGRs) through 2028.
• The worldwide Upper Limb Prosthetics market size is estimated and forecasted, with market share analysis by Upper Limb Prosthetics type, component, application, end-user industry, and geographic area.
• Highlights of the industry’s market potential for Upper Limb Prosthetics, emerging applications, technological advancements, and strategic innovations
• COVID-19 consequences on market advancement and assessment of feasible technological drivers through a comprehensive examination of numerous Upper Limb Prosthetics specialised applications for new and existing sub-parts.
• Recent industry structure, present competitive landscape, R&D activities, significant growth initiatives, and business value share analysis based on segmental sales are all included.
• Review of patents granted for Upper Limb Prosthetics, and assessment of new developments within the industry, as well as new advances in the sector.
• Company profiles of the the world’s leading global players are Blatchford Limited, Open Bionics, Protunix, Coapt LLC, Fillauer LLC, WillowWood Global LLC, Ortho Europe, Steeper Inc., Ossur, and Ottobock SE & Co. KgaA are a few of the major companies in the world market for upper limb prostheses.
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⏩ Table of Contents with Major Points:
1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2022-2028 (USD Billion)
1.2.1. Upper Limb Prosthetics Market, by Region, 2022-2028 (USD Billion)
1.2.2. Upper Limb Prosthetics Market, by Type, 2022-2028 (USD Billion)
1.2.3. Upper Limb Prosthetics Market, by Application, 2022-2028 (USD Billion)
1.2.4. Upper Limb Prosthetics Market, by Verticles, 2022-2028 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
2. Global Upper Limb Prosthetics Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
3. Global Upper Limb Prosthetics Market Dynamics
3.1. Upper Limb Prosthetics Market Impact Analysis (2022-2028)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
4. Global Upper Limb Prosthetics Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2022-2028)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
5. Global Upper Limb Prosthetics Market, by Type
5.1. Market Snapshot
5.2. Global Upper Limb Prosthetics Market by Type, Performance – Potential Analysis
5.3. Global Upper Limb Prosthetics Market Estimates & Forecasts by Type 2022-2028 (USD Billion)
5.4. Upper Limb Prosthetics Market, Sub Segment Analysis
6. Global Upper Limb Prosthetics Market, by Application
6.1. Market Snapshot
6.2. Global Upper Limb Prosthetics Market by Application, Performance – Potential Analysis
6.3. Global Upper Limb Prosthetics Market Estimates & Forecasts by Application 2022-2028 (USD Billion)
6.4. Upper Limb Prosthetics Market, Sub Segment Analysis
6.4.1. Others
7. Global Upper Limb Prosthetics Market, by Verticles
7.1. Market Snapshot
7.2. Global Upper Limb Prosthetics Market by Verticles, Performance – Potential Analysis
7.3. Global Upper Limb Prosthetics Market Estimates & Forecasts by Verticles 2022-2028 (USD Billion)
7.4. Upper Limb Prosthetics Market, Sub Segment Analysis
8. Global Upper Limb Prosthetics Market, Regional Analysis
8.1. Upper Limb Prosthetics Market, Regional Market Snapshot
8.2. North America Upper Limb Prosthetics Market
8.3. Europe Upper Limb Prosthetics Market Snapshot
8.4. Asia-Pacific Upper Limb Prosthetics Market Snapshot
8.5. Latin America Upper Limb Prosthetics Market Snapshot
8.6. Rest of The World Upper Limb Prosthetics Market
9. Competitive Intelligence
9.1. Top Market Strategies
9.2. Company Profiles
9.2.1. Keyplayer1
9.2.1.1. Key InDurationation
9.2.1.2. Overview
9.2.1.3. Financial (Subject to Data Availability)
9.2.1.4. Product Summary
9.2.1.5. Recent Developments
10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
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