A prosthesis is an artificial device that substitutes for a missing part of the body. Upper limb prosthesis serves as a substitute for an entirely or partially missing part of the hand due to an accident, injury, illness, or trauma. Different types of upper limb prosthetics, such as cosmetic, body-powered, hybrid, and myoeletric are available in the market. They are light in weight and improve limb’s function. Thus, with the rise in number of amputations, the demand for upper limb prosthetics is also increasing rapidly, worldwide.
The global upper limb prosthetics market was valued at US$ 864.5 Mn in 2021 and is forecast to reach a value of US$ 1,219.7 Mn by 2028 at a CAGR of 5.0% between 2023 and 2030.
Upper Limb Prosthetics Market Dynamics :
The upper limb prosthetics market is evolving rapidly due to technological advancements, customization options, and increasing amputee population. Innovations like myoelectric control, nerve interfaces, and 3D printing enhance functionality and comfort. Rising demand for natural movement replication drives research. Cost constraints and limited reimbursement policies challenge adoption, especially in developing regions. Collaborations between prosthetic manufacturers and healthcare providers aim to address these barriers. Market growth is also propelled by rising awareness, favorable demographics, and improving healthcare infrastructure. However, ethical concerns, regulatory hurdles, and the need for skilled prosthetists could impact market expansion. Overall, the upper limb prosthetics market shows potential for transformative growth.
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Upper Limb Prosthetics Market Drivers :
The upper limb prosthetics market is driven by technological innovations like myoelectric control and 3D printing, enhancing prosthetic functionality and customization. Increasing amputee numbers and demand for natural movement replication fuel research and development. Collaborations between manufacturers and healthcare providers aim to improve affordability and accessibility. Growing awareness, favorable demographics, and advancing healthcare infrastructure also contribute to market expansion. However, challenges like cost barriers and regulatory complexities persist, impacting adoption. Despite these obstacles, the market’s positive trajectory remains supported by a combination of factors, suggesting sustained growth in the upper limb prosthetics sector.
Upper Limb Prosthetics Market Trends and Restraints :
- Technological Advancements: Upper limb prosthetics are benefiting from innovations like myoelectric control, neural interfaces, and 3D printing, enabling greater functionality and improved user experience.
- Customization: Prosthetics are becoming more personalized, with advanced materials and designs allowing tailored solutions that fit individual patient needs and preferences.
- Neural Integration: Emerging technologies are exploring direct connections between prosthetics and the nervous system, enabling more intuitive control and natural movement.
- Collaborations: Partnerships between prosthetic manufacturers, healthcare providers, and research institutions are driving cross-disciplinary approaches to address challenges and promote accessibility.
- Cost Barriers: High expenses associated with advanced prosthetics, including R&D and maintenance, hinder affordability for many amputees, limiting market penetration.
- Regulatory Hurdles: Complex regulatory processes and approvals slow down the introduction of new prosthetic technologies, impeding innovation and growth.
- Limited Reimbursement: Inadequate coverage by insurance and healthcare systems for prosthetic devices and related services restricts access, particularly in resource-constrained regions.
- Skilled Prosthetists Shortage: The shortage of trained professionals to provide proper fitting and ongoing care for prosthetic users can lead to suboptimal outcomes and dissatisfaction.
- Ethical Concerns: As prosthetics advance, ethical questions regarding neural integration, augmentation, and potential societal impacts on concepts of disability and identity may arise, affecting acceptance and adoption.
Upper Limb Prosthetics Market: Regional Insights :
Based on geography, the global upper limb prosthetics market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Among regions, North America is expected to gain highest share in the market over the forecast period owing to the rise in number of amputations and increasing number of serious injuries in the region. For instance, a prosthesis is an artificial device that substitutes for a missing part of the body. Upper limb prosthesis serves as a substitute for a partially or entirely missing part of the hand due to an injury, accident, trauma, or illness. According to the Amputee Coalition of America, around 185,000 amputations occur in the United States each year and a staggering 3.6 million people will be living with limb loss by 2050.
Asia Pacific is also expected to witness significant growth in the global upper limb prosthetics market due to the rise in number of road accidents & injuries and rise in number of amputations in this region. India is a vast country with a large number of individuals in the community with various disabilities. According to estimates, India has over half a million amputees, with tens of thousands added to the amputee population every year. This in turn is expected to increase demand for upper limb prosthetics in this region.
Upper Limb Prosthetics Market Opportunities :
Increase in the number of limb amputation procedures is expected to provide significant growth opportunities for players in the upper limb prosthetics market. For instance, amputation is the surgical removal of all or part of a limb or extremity such as an arm. Upper limb amputation is the removal of any part of the upper extremity by surgery. In July 2021, Ossur announced the launch of the Rebound Post-Op Elbow Brace, a non-invasive, lightweight adjustable brace with intuitive design features intended to optimize the fitting experience for clinicians and ease of use for patients who are recovering from a severe elbow injury or surgical procedures.
Increase in research and development around the world is expected to provide lucrative growth opportunities for players in the global upper limb prosthetics market. With the rise in number of amputations worldwide, the demand for upper limb prosthetics is also increasing. As a result, market players are focusing on developing novel products. For instance, in May 2018, Ossur planned to invest US$ 7.6 million to design advanced myoelectric prosthetic solutions at Touch Bionics facility. This investment assisted the company in driving innovation and research and development capabilities in the market.
Upper Limb Prosthetics Market: Key Companies Insights :
Open Bionics, Coapt LLC, WillowWood Global LLC, Steeper Inc., Ottobock SE & Co. KgaA, Ossur, Ortho Europe, Fillauer LLC, Protunix, and Blatchford Limited (Endolite India Ltd), among others.
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|The market size value in 2023|
Table of Contents with Major Points:
- Key Findings
- Definitions and Assumptions
- Definition of Upper Limb Prosthetics Market
- Market Dynamics
- Trends and Developments
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Upper Limb Prosthetics Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Data Sources
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