Upper Limb Prosthetics Market size to exceed $2.3bn by 2025
Published Date: July 31, 2019 Authors: Ankita Bhutani, Rupali Swain
Upper limb Prosthetics Market size is set to exceed USD 2.3 billion by 2025; according to a new research study published by Global Market Insights, Inc.
Rise in trauma and accidental injuries have resulted in growth of upper limb prosthetics market all over the globe. Increasing number of road accidents and violence cases leading to amputations has augmented the demand for upper limb prosthetics. Aforementioned factors will drive the demand for upper limb prosthetics over the forecast timeframe.
Global market reached around 321,018 units with a value of USD 1.0 billion in the year 2018. Prosthetic implant can be defined as a manmade device that mimics the appearance and functionality of normal body part. The field that deals with such implants is called prosthetics. Upper limb prosthetics were introduced to replace a missing part or whole of upper limbs. Prosthetic wrist, prosthetic elbow, terminal devices, prosthetic arm, and prosthetic shoulder are the devices that fall under upper limb prosthetics.
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Rising adoption of 3D printing for manufacturing of upper limb prosthetics will lower the cost of production and thereby drive the market growth. However, high cost of upper limb prosthetics along with the associated maintenance costs will hinder the growth of upper limb prosthetics market over the forecast period especially in developing economies.
Browse key industry insights spread across 220 pages with 442 market data tables & 9 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 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” in detail along with the table of contents:
Terminal devices segment is anticipated to witness 11.8% CAGR over the estimation period from 2019 to 2025. Cost-effectiveness and practicality associated with terminal devices will boost the market growth. These devices are activity specific and require low maintenance will lead to high adoption of these devices in the foreseeable future.
Prosthetic clinics accounted for the largest market share in the global upper limb prosthetics market by end-use. Availability of skilled professionals, focused attention towards patients and high footfall of patients are the factors attributing to high segmental share. Rising preference towards ambulatory surgical centers will propel the segmental growth over the coming years especially in developed economies.
Myoelectric prosthetic devices segment will grow significantly over the forthcoming years due to natural appearance, sophisticated technology, ease of implant movements and functionality offered by myoelectric prosthetic devices. Passive prosthetic devices segment is expected to remain the largest segment by product during the forecast period due to efficiency and simplicity of these devices.
The largest share by cause in the global upper limb prosthetics market is of vascular disease and diabetes. The high risk of amputations among vascular disease and diabetic patients will contribute to segmental share. Cancer is the fastest growing segment by cause in the global market due to rising cancer cases all over the globe. For instance, in 2018, nearly 9.6 million deaths occurred due to cancer in the world.
The U.S. held largest regional share of global upper limb prosthetics market in 2018. The vast number of trained professionals, presence of major market players, high level of awareness among citizens about prosthesis, high technological adoption and presence of well-developed healthcare infrastructure will drive the U.S. market. Also, high investment made by the U.S. government in healthcare R&D will further support the growth of the market.
Major market players functional in the global upper limb prosthetics market include Fillauer, Ottobock, WillowWood Global, Endolite India, Ossur, College Park Industries, Steeper, TRS, Howard Orthopedics, CPOUSA, Coapt and Touch Bionics. The companies operating in the market undertake various initiatives to improve their market presence including mergers, innovative product launch, technological advancements, capacity expansion, acquisition and accreditations.
Upper limb prosthetics market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million and units from 2014 to 2025, for the following segments:
By Component, 2014-2025 (USD Million) (Units)
- Prosthetic wrist
- Prosthetic elbow
- Prosthetic shoulder
- Prosthetic arm
- Terminal devices
By Product, 2014-2025 (USD Million) (Units)
- Passive prosthetic devices
- Body powered prosthetic devices
- Myoelectric prosthetic devices
- Hybrid prosthetic devices
By Cause, 2014-2025 (USD Million) (Units)
- Vascular disease and diabetes
By End-use, 2014-2025 (USD Million) (Units)
- Prosthetic clinics
- Ambulatory surgical centers
The above information is provided for the following regions/countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia