Upper Limb Prosthetics Market
Upper Limb Prosthetics Market Forecasts to 2028 - Global Analysis By Product Type (Passive Prosthetic Devices, Body Powered Prosthetic Devices, Myoelectric Prosthetic Devices and Hybrid Prosthetic Devices), By Component (Prosthetic Elbow, Prosthetic Arm, Prosthetic Shoulder, Prosthetic Wrist, Terminal Devices and Other Components), By Indication, By Technology, By End User and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $1.64 BN |
|
Projected Year Value (2028) |
US $2.52 BN |
|
CAGR (2022 - 2028) |
7.4% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Upper Limb Prosthetics Market is accounted for $1.64 billion in 2022 and is expected to reach $2.52 billion by 2028 growing at a CAGR of 7.4% during the forecast period. Upper limb prosthetics are artificial devices that replace a hand or arm that has been lost completely or partially as a result of an accident, disease, trauma, or congenital abnormality. Terminal device (TD), interposing joints, socket, suspension, and control system are all components of upper limb prostheses. There are typically four broad categories of upper extremity prostheses. These include myoelectric, body-powered, and hybrid types of prostheses, as well as cosmetic or passive prosthetic devices. The main drivers of the growth of the worldwide upper limb prosthetics market are technological advancements in prostheses, an increase in accidents and trauma, and a rise in the prevalence of bone disorders such osteosarcoma, osteoporosis, and osteopenia.
According to the Freedom Prosthetics Report of 2020, more than 1.0 million annual limb amputations are conducted globally. Furthermore, on average, an amputation is done every 30 seconds on a global level.
Market Dynamics:
Driver:
Rise in the Number of Amputations Invigorated Market Growth
The most frequent reasons for amputations are traumatic events like accidents, injuries, or surgeries brought on by conditions including diabetes, blood vessel illnesses, cancer, infection, excessive tissue damage, dysfunction, or pain. Because of this, there is now a greater need for prosthetic devices, which has greatly improved patient lifestyles. The global market is significantly driven by the aforementioned factors. One of the most prevalent and important causes of limb loss is peripheral vascular disease. Physician consultations, measurements, manufacturing, fitting, device training, repair, and replacement are just a few of the prosthetics process steps that fall under the expanded payment coverage. The prospects of the global market are expected to be influenced by these aspects during the forecasting period.
Restraint:
High Costs of Prosthesis
Despite a significant demand for these useful products, the expensive cost of these prosthetic devices is one of the most important issues preventing this market's expansion. These devices are typically prescribed by a prosthetist or orthoptist, and each one is tailored to the patient's needs. Depending on the amount of development and mechanism, these devices get more expensive. Additionally, cost hurdles are increased since emerging nations have lax payment systems for prosthetists and prostheses. Out-of-pocket payments are unable to fill the market's void caused by third-party payer restrictions. These factors are restricting the use of prosthetics, particularly in developing nations where reimbursement rates are comparably lower.
Opportunity:
Incorporation of Cutting Edge Technologies
Many manufacturers are concentrating on including cutting-edge technologies in their products as the demand for technologically advanced products rises. People with disabilities, such as limb loss, want things that make it easier for them to go about their daily lives. This has prompted producers to concentrate more on the creation, marketing, and commercialization of goods that address the different issues that people with amputations encounter. Numerous items with cutting-edge technologies have recently been introduced on the international market. To gain a solid presence in the worldwide market, several manufacturers are working diligently to introduce novel materials for the creation of technology-based prosthetic devices. The emergence of technologically sophisticated goods and tools is likely to increase the adoption and preference of these tools by healthcare practitioners worldwide, which will ultimately spur market expansion.
Threat:
Lack of reimbursement policies
The absence of reimbursement guidelines is anticipated to impede market expansion. On the other hand, the market benefits from profitable growth potential due to increased government programmes supporting amputees. Prosthetic annoyances that lead to frustration and poorly fitting sockets are two of the main challenges impeding the growth of the global orthopaedic prosthetic market. For instance, a paper from Frontiers in Rehabilitation Sciences stated that the structure and design of prosthetics made it difficult to treat irritations caused by them. Since the user's residual limb is constantly changing, the stiff design of the prosthetic sockets prevents them from adapting to the user's limb functioning.
Covid-19 Impact
The COVID-19 pandemic significantly increased healthcare costs and presented major financial difficulties for healthcare systems. Changes in standard operating procedures and societal conventions that discouraged social interaction impeded a number of healthcare service operations, such as upper limb amputations and surgical interventions of the upper extremities. In hospitals around the world, urgent amputation procedures have been performed during the ongoing coronavirus pandemic. The market environment is expected to be favourably impacted by declining infection rates, improved recovery, and increasing procedural volume despite the negative short-term effects on the upper limb prosthetics business.
The lower limb segment is expected to be the largest during the forecast period
The lower limb segment is estimated to have a lucrative growth, due to the high number of lower limb amputations on a global scale, this category dominated the world market for limb prostheses. For instance, the AT2030 Programme reported in a published piece that around 65 million people worldwide had had limbs amputated, with 1.5 million lower limbs amputated each year. The segment has significant development possibilities in part due to the increased incidence of orthopaedic and diabetic illnesses.
The electric prosthetic devices segment is expected to have the highest CAGR during the forecast period
The electric prosthetic devices segment is anticipated to witness the highest CAGR growth during the forecast period, due to demand for these items has increased as a result of the governments and private insurance companies' favourable reimbursement policies. The use of an electric prosthetic device, such as a myoelectric micro-controlled device, allows for easier access to strength and a variety of grip patterns as well as more natural hand movements. Due to the high demand for these products and the fact that they greatly enhance patient outcomes, the market is expected to expand.
Region with largest share:
North America is projected to hold the largest market share during the forecast period owing to the direct presence of important regional businesses, a robust distribution network, and a well-established healthcare infrastructure. Utilizing novel polymer materials and creating prosthetic devices that meet patients' functional needs are recent advancements in the North American upper limb prosthetics market. To meet customer expectations, manufacturers are focusing on creating orthopaedic prosthetics that are both lightweight and extremely durable. These elements help the market in nations in North America.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the significant elderly population in the area, rise in the prevalence of diseases, particularly diabetes. Future growth potential for the region is anticipated to be influenced by a number of variables, such as increased consumer knowledge of these items and rising healthcare spending in important nations, such as Brazil.
Key players in the market
Some of the key players profiled in the Upper Limb Prosthetics Market include Endolite India Ltd., Ortho Europe, Mobius Bionics, Protunix, Ottobock SE & Co. KGaA, Unlimited Tomorrow, Super Motorica, Open Bionics Ltd, CPOUSA, COVVI Ltd, Ossur, WillowWood Global LLC, Steeper Inc and Fillauer LLC.
Key Developments:
In February 2022, Össur launched a new product, POWER KNEE. It is the world’s first actively powered microprocessor prosthetic knee for people with above-knee amputation or limb differences.
In December 2021, Ortho Europe launched straight and pre-flexed suspension gel sleeves. It provides a secure sealing solution to lower limb amputees.
In November 2021, Bauerfeind ME entered into a Joint Venture Contract (JVC) with the Zayed Higher Organization for People of Determination (ZHO) at the UAE pavilion of Expo 2020. According to the signed contract, Bauerfeind will employ and train people to produce prosthetics and orthotics at the ZHO facility in Abu Dhabi.
In September 2021, Steeper Inc. launched the latest myoelectric system. It is designed to offer a durable, high-capacity upper limb system at an affordable cost harnessing popular myoelectric technology's power.
In September 2021, Steeper Inc. launched the latest myoelectric system. It is designed to offer a durable, high-capacity upper limb system at an affordable cost harnessing popular myoelectric technology's power.
Product Types Covered:
• Passive Prosthetic Devices
• Body Powered Prosthetic Devices
• Myoelectric Prosthetic Devices
• Hybrid Prosthetic Devices
Components Covered:
• Prosthetic Elbow
• Prosthetic Arm
• Prosthetic Shoulder
• Prosthetic Wrist
• Terminal Devices
• Lower Limb
Indications Covered:
• Shoulder Disarticulation
• Forequarter Amputations
• Tranhumeral Disarticulation
• Elbow Disarticulation
• Transradial Disarticulation
• Partial Hand
• Wrist Disarticulation
• Fingers Amputations
Technologies Covered:
• Conventional Prosthetic Devices
• Electric Prosthetic Devices
End Users Covered:
• Prosthetic Clinics
• Hospitals
• Ambulatory Surgical Centers
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Technology Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Upper Limb Prosthetics Market, By Product Type
5.1 Introduction
5.2 Passive Prosthetic Devices
5.3 Body Powered Prosthetic Devices
5.4 Myoelectric Prosthetic Devices
5.5 Hybrid Prosthetic Devices
6 Global Upper Limb Prosthetics Market, By Component
6.1 Introduction
6.2 Prosthetic Elbow
6.3 Prosthetic Arm
6.4 Prosthetic Shoulder
6.5 Prosthetic Wrist
6.6 Terminal Devices
6.7 Lower Limb
7 Global Upper Limb Prosthetics Market, By Indication
7.1 Introduction
7.2 Shoulder Disarticulation
7.3 Forequarter Amputations
7.4 Tranhumeral Disarticulation
7.5 Elbow Disarticulation
7.6 Transradial Disarticulation
7.7 Partial Hand
7.8 Wrist Disarticulation
7.9 Fingers Amputations
8 Global Upper Limb Prosthetics Market, By Technology
8.1 Introduction
8.2 Conventional Prosthetic Devices
8.3 Electric Prosthetic Devices
9 Global Upper Limb Prosthetics Market, By End User
9.1 Introduction
9.2 Prosthetic Clinics
9.3 Hospitals
9.4 Ambulatory Surgical Centers
9.5 Other End Users
10 Global Upper Limb Prosthetics Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Endolite India Ltd.
12.2 Ortho Europe
12.3 Mobius Bionics
12.4 Protunix
12.5 Ottobock SE & Co. KGaA
12.6 Unlimited Tomorrow
12.7 Super Motorica
12.8 Open Bionics Ltd
12.9 CPOUSA
12.10 COVVI Ltd
12.11 Ossur
12.12 WillowWood Global LLC
12.13 Steeper Inc
12.14 Fillauer LLC
List of Tables
1 Global Upper Limb Prosthetics Market Outlook, By Region (2020-2028) ($MN)
2 Global Upper Limb Prosthetics Market Outlook, By Product Type (2020-2028) ($MN)
3 Global Upper Limb Prosthetics Market Outlook, By Passive Prosthetic Devices (2020-2028) ($MN)
4 Global Upper Limb Prosthetics Market Outlook, By Body Powered Prosthetic Devices (2020-2028) ($MN)
5 Global Upper Limb Prosthetics Market Outlook, By Myoelectric Prosthetic Devices (2020-2028) ($MN)
6 Global Upper Limb Prosthetics Market Outlook, By Hybrid Prosthetic Devices (2020-2028) ($MN)
7 Global Upper Limb Prosthetics Market Outlook, By Component (2020-2028) ($MN)
8 Global Upper Limb Prosthetics Market Outlook, By Prosthetic Elbow (2020-2028) ($MN)
9 Global Upper Limb Prosthetics Market Outlook, By Prosthetic Arm (2020-2028) ($MN)
10 Global Upper Limb Prosthetics Market Outlook, By Prosthetic Shoulder (2020-2028) ($MN)
11 Global Upper Limb Prosthetics Market Outlook, By Prosthetic Wrist (2020-2028) ($MN)
12 Global Upper Limb Prosthetics Market Outlook, By Terminal Devices (2020-2028) ($MN)
13 Global Upper Limb Prosthetics Market Outlook, By Lower Limb (2020-2028) ($MN)
14 Global Upper Limb Prosthetics Market Outlook, By Indication (2020-2028) ($MN)
15 Global Upper Limb Prosthetics Market Outlook, By Shoulder Disarticulation (2020-2028) ($MN)
16 Global Upper Limb Prosthetics Market Outlook, By Forequarter Amputations (2020-2028) ($MN)
17 Global Upper Limb Prosthetics Market Outlook, By Tranhumeral Disarticulation (2020-2028) ($MN)
18 Global Upper Limb Prosthetics Market Outlook, By Elbow Disarticulation (2020-2028) ($MN)
19 Global Upper Limb Prosthetics Market Outlook, By Transradial Disarticulation (2020-2028) ($MN)
20 Global Upper Limb Prosthetics Market Outlook, By Partial Hand (2020-2028) ($MN)
21 Global Upper Limb Prosthetics Market Outlook, By Wrist Disarticulation (2020-2028) ($MN)
22 Global Upper Limb Prosthetics Market Outlook, By Fingers Amputations (2020-2028) ($MN)
23 Global Upper Limb Prosthetics Market Outlook, By Technology (2020-2028) ($MN)
24 Global Upper Limb Prosthetics Market Outlook, By Conventional Prosthetic Devices (2020-2028) ($MN)
25 Global Upper Limb Prosthetics Market Outlook, By Electric Prosthetic Devices (2020-2028) ($MN)
26 Global Upper Limb Prosthetics Market Outlook, By End User (2020-2028) ($MN)
27 Global Upper Limb Prosthetics Market Outlook, By Prosthetic Clinics (2020-2028) ($MN)
28 Global Upper Limb Prosthetics Market Outlook, By Hospitals (2020-2028) ($MN)
29 Global Upper Limb Prosthetics Market Outlook, By Ambulatory Surgical Centers (2020-2028) ($MN)
30 Global Upper Limb Prosthetics Market Outlook, By Other End Users (2020-2028) ($MN)
Note: Tables for North America, Europe, Asia Pacific, South America and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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