Upper Limb Prosthetics Market size is expected to surpass USD 1.2 billion by 2030, according to a new research report by Global Market Insights Inc.
Technological developments in the field of prosthetics that are driving the fabrication and commercialization of innovative products and enhancing patient experience with improvements in existing devices. Furthermore, product adoption is expected to be fueled by the emergence of novel technologies with superior treatment adherence and efficacy as well as features that mitigate the downsides of currently available prosthetic devices.
Surging incidences of limb loss to boost prosthetic arm usage
Upper limb prosthetics market from prosthetic arm component segment is projected to grow at over 5.5% CAGR from 2022 to 2030. Prosthetic arms are intuitive artificial limbs that can convert the electrical signals that muscles naturally produce into movement. In cases of limb loss due to conditions, such as trauma, diabetes, or vascular disease, among others, these components are employed as alternative prosthetics. The segment growth is also anticipated to be stimulated by the rising usage of prosthetic arms in addition to the numerous benefits provided by this component.
Browse key industry insights spread across 167 pages with 183 market data tables & 16 figures & charts from the report, “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 End-Use (Hospitals, Prosthetic Clinics, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Growing product adoption to push demand for body-powered prosthetic devices
Upper limb prosthetics market from the body-powered prosthetic devices product segment is expected to surpass USD 247 million by 2030. Body powered prosthetic devices aid in regaining object-grasping abilities. These products offer ease of use and allow the user to manage the complete prosthesis using their upper body and shoulder girdle. These prostheses were created to provide both stability and power, and they are typically used in tasks that necessitate strong manual dexterity.
Mounting prevalence of trauma to augment hospitals segment development
Hospitals end-use segment is speculated to expand at more than 5.5% CAGR between 2022 and 2030. Hospitals are widely preferred by patients who seek high-quality care and quick recovery. Soaring product uptake by hospitals is driven by the availability of a wide range of treatments using advanced technology and equipment that are tailored to patients’ necessities for surgical and amputation procedures. Furthermore, as patient admission at healthcare facilities rises on account of the growing prevalence of trauma, diabetes, and cancer, the demand for sophisticated, high-tech upper limb prosthetics would amplify, which is set to foster segment outlook.
Escalating accidental trauma cases to bolster North America market expansion
Upper limb prosthetics market in North America is slated to depict over 5% CAGR through 2030 due to various factors, including increasing accidental trauma incidences, rising prevalence of chronic illnesses, and an expanding geriatric population nationwide. Additionally, the high utilization of advanced upper limb prosthetics is attributable to the growing consumer awareness of the advantages of artificial limbs and the presence of major market participants across the region.
Capacity expansion efforts to define the competitive spectrum
Upper limb prosthetics industry includes prominent companies such as Ossur, Ottobock SE & Co. KGaA, Steeper Inc., Open Bionics Ltd, CPOUSA, Coapt LLC, and others. These companies are undertaking strategic initiatives, such as partnerships and service portfolio expansion, to enhance their industry presence. position.