The latest market report published by Credence Research, Inc. “Upper Limb Prosthetics Market : Growth, Future Prospects, and Competitive Analysis, 2018 – 2026” the upper limb prosthetics market was valued at US$ 214.8 Mn in 2017 and expected to reach US$ 322.6 Mn by 2026 at a CAGR of 4.6% during the forecast period from 2018 to 2026.
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The global upper limb prosthetics market indicates dynamic growth during the forecast period from 2018 to 2026 accredited to rise in prevalence of bone infection in the elderly population, osteoporosis, and rising incidence of road accidents. Even among upper limb amputees, preference for physical activities/fitness, leisure sports, and aerobics is growing significantly, which has directed to an increased ultimatum for upper limb prosthetic products. As per the recent United Nations survey data, more than 65% of amputation procedures are carried out on individuals aged 50-55 years and older. Growing prevalence of diabetes is also quoted as a noteworthy factor linked with growing demand for upper limb prosthetic products.
The global upper limb prosthetics market has gained widespread acceptance in the orthopedic industry. Upper-limb prosthetics are now being utilized at different levels of amputation procedures: shoulder disarticulation, forequarter, transhumeral prosthesis, transradial prosthesis, elbow disarticulation, wrist disarticulation, partial hand, full hand, partial finger, whole finger. The demand for top upper limb prosthetics such as externally powered and bionic products in the developing nations is gaining grip in tow to better healthcare services. High cost of prosthetics, lack of well-equipped rehabilitation centers, less awareness, strict regulatory guidelines on advanced products in developing regions are the factors limiting market growth during the forecast period.
The market revenue in the Asia Pacific and Europe region perceives upward growth due to new product expansion, availability of customized products along with supportive private funding. Moreover, the growing prevalence of bone disorders along with geriatric population, increasing road accidents, and bone injuries are few other factors driving the overall growth, mainly in the U.S. and Western Europe.
Key Market Movements:
- Globally, the upper limb prosthetics market remains to exhibit a productive growth with a CAGR of 4.6% for the period from 2018 to 2026
- Based on the type, the myoelectric prosthetics (externally powered) segment shows lucrative growth with increasing applications in the orthopedic industry
- Increasing number of small scale component manufacturers/private players, availability of branded and customized products with enhanced features, and increasing private funding in developing nations will contribute the growth of the upper limb prosthetics market
- Major players in this vertical are Ossur Global, Fillauer LLC, Endolite India Ltd., Ottobock SE & Co. KGaA, College Park Industries, Steeper Inc., TRS Inc., Howard Orthopedics, Inc., CPOUSA.COM. Coapt, LLC, The Ohio Willow Wood Company and others.