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Upper Limb Prosthetics Market size to exceed $1.1bn by 2028

  • Published Date: February 11, 2022

Upper Limb Prosthetics Market size is set to exceed USD 1.1 billion by 2028, according to a new research report by Global Market Insights Inc.
 

The upper limb prosthetics industry is anticipated to witness a healthy growth during the forecast timeframe. An increase in the prevalence of chronic conditions and accidental events associated with upper limbs, especially in the geriatric population due to the weakening of bones. As a result, the rise in the geriatric population base is expected to prove beneficial for overall market expansion. For instance, according to the European Commission, the geriatric population in Europe, was around 90 million in 2019 and is expected to reach around 130 million by end of 2050.
 

The industry growth is further driven by the increasing number of upper limb amputation surgeries that is in turn anticipated to fuel the demand for upper limb prosthetics. Moreover, the increasing cases of falls and fractures in the elderly across the world have augmented the demand for technological modernizations in upper limb prosthetics that has stimulated the upper limb prosthetics market potential positively.
 

Rise in the number of limb amputation procedures is set to fuel the business landscape

The surging number of limb amputation surgeries is anticipated to proliferate the demand for upper limb prosthetics, thereby fueling the market statistics. Certain factors such as increasing prevalence of diabetes, vascular disorders, and geriatric population are driving the number of amputation surgeries. According to the National Centers for Biotechnology Information, the diabetes epidemic eventually promotes the need for amputation in some patients. The risk of limb loss rises with the increasing age. Further, trauma is the leading cause, accounting for 80% of upper limb amputations. These variables have increased the number of amputation procedures that is set to accelerate the market share in the coming years.
 

Technological advancements and launch of advanced prosthetics is expected to spur the market trends

Based on component, the upper limb prosthetics market is segmented as prosthetic wrist, prosthetic elbow, prosthetic shoulder, prosthetic arm, and terminal devices. The prosthetic arm segment held a majority market share in 2021 and is expected to reach more than USD 348 million by 2028. This leading market share is due to the technological advancements and launch of advanced prosthetics that is expected to fuel the market outlook. For instance, the LUKE arm, offered by Mobius Bionics, is the only commercially available prosthesis that features a powered shoulder with around 10 powered joints and enabling a shoulder-level amputee to reach above head. This device also features an intuitive wireless foot control system called an IMU that aids in interpreting movement and control the arm functions. Thus, such novel advancements are expected to boost the adoption of these devices, thereby positively influencing the market expansion.
 

Browse key industry insights spread across 150 pages with 184 market data tables & 15 figures & charts from the report, Upper Limb Prosthetics Market Forecasts By Component (Prosthetic Wrist, Prosthetic Elbow, Prosthetic Shoulder, Prosthetic Arm, Terminal Devices), Product (Passive Prosthetic Devices, Body Powered Prosthetic Devices, Myoelectric Prosthetic Devices, Hybrid Prosthetic Devices), End-use (Hospitals, Prosthetic Clinics, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2028in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/upper-limb-prosthetics-market
 

Several advantages offered by body powered prosthesis is projected to expand the existing customer pool

Based on product, the upper limb prosthetics market is segmented as passive prosthetic devices, body powered prosthetic devices, myoelectric prosthetic devices, and hybrid prosthetic devices. The body powered prosthetic devices segment is anticipated to reach over USD 223 million by 2028. Body-powered prosthetic devices assist in restoring the capability to grasp objects. These devices are easy to use and enables the user to control entire prosthesis using the shoulder girdle and upper body. Developed to deliver stability along with power, these prostheses are generally employed in work environments that mandate heavy-duty manual skills.
 

Incremental utilization rates of upper limb prosthetics in hospitals is anticipated to drive the industry landscape

Based on end-use, the upper limb prosthetics market is segmented as hospitals, prosthetic clinics, and ambulatory surgical centers. The hospitals segment poised to reach more than USD 279 million by 2028. The demand for these healthcare facilities is increasing owing to the incremental utilization rates of upper limb prosthetics in hospitals. Further, the rising investments by government organizations in hospitals along with an increasing number of experienced and trained professionals helps to drive the segmental share. Additionally, intensive post-surgery care provided in hospitals is set to proliferate the patient inclination towards these healthcare facilities. As a result, the growing hospital admissions with upper limb amputations impels the demand for prosthesis in these facilities.
 

Growing incidence of conditions leading to amputation in UK is projected to fuel the business statistics

UK upper limb prosthetics market is projected to register 5.2% CAGR rate over the estimated timeframe. This high growth in the country is attributed to the increasing prevalence of chronic conditions, rapidly aging population and trauma events leading to amputation. For instance, as per the ROSPA statistics, in 2021, accidental injuries account for 6,000 deaths in UK every year. The cost to society concerned with these accidental injuries has been estimated to be USD 61.85 billion (GBP 45.63 billion) every year. These statistics indicate the increased prevalence of conditions driving the need for amputation, thereby fueling the demand for upper limb prosthetics in the region.
 

Players are emphasizing on strategic initiatives and innovative product launch to expand business operations

Some of the major players operating in the upper limb prosthetics market are Ottobock SE & Co. KGaA, Endolite India Ltd., Ossur, Fillauer LLC, CPOUSA, Coapt LLC, Mobius Bionics LLC, Steeper Inc., and Open Bionics Ltd among others. These industry players are engaged in strategic collaborations, partnerships, and agreements to gain competitive advantage over their competitors. For instance, in July 2020, Unlimited Tomorrow announced the launch of its TrueLimb, a prosthetic arm that is commercially available through a completely remote process. This product launch offered technical expertise and strengthened company’s upper limb prosthetics product offerings.
 

Authors: Sumant Ugalmugle, Rupali Swain