Upper Limb Prosthetics Market Will Showcase 4.97% CAGR to Reach 1131.36 Million

New York, USA, Sept. 21, 2022 (GLOBE NEWSWIRE) -- The Global Upper Limb Prosthetics Market value in 2021 was worth USD 720.86 million, and by 2030 it will reach USD 1131.36 Billion with a 4.97% CAGR. A prosthesis is a synthetic device that replaces a missing body part. Upper limb prostheses can be worn anywhere, including the forearm, fingers, elbow, hand, wrist, upper arm, and shoulder. The common cause of upper limb amputations is accidents, especially in industrial setups. Patients use Upper limb prostheses for two main reasons: to enhance their looks and their ability to accomplish tasks. 

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Upper Limb Prosthetics Market Insights: 

• In 2021, the passive prosthetic devices segment recorded the highest revenue share of over USD 255 million on the basis of device type. 
• The prosthetic wrist segment had the highest market share in 2021 on the basis of components.
• The prosthetic clinic segment in 2021 held a dominant position with revenue of nearly USD 450 million by end-user.
• By region, in 2021, the U.S. dominated the market for upper limb prosthetics in North America.

Factors influencing the Global Upper Limb Prosthetics Market growth: 

Factors like the increasing incidence of road accidents, sports injuries, and bone conditions are accelerating its growth rate. 

• Increased trauma cases and road accidents drive the overall growth of the upper limb prosthetics market. A report by the National Highway Traffic Safety Administration of the U.S. Department of Transportation states that there were 1.36 fatalities per 100 million vehicle miles driven from January to September 2021, a Slight increase from the estimated 1.35 fatalities in the same period in 2020.
  
  

• The rising number of sports injuries due to the growth in physical activity among children and adults globally has boosted the overall demand for upper limb prosthetics. The National Safety Council (NSC) reports that there were about 700,000 injuries related to sports like football and basketball, followed by about 417,000 injuries related to bicycling and 468,000 injuries related to exercise in 2019
  
  

• Growth in the incidence of bone conditions like osteoporosis, osteopenia, and osteosarcoma is stimulating the growth of the upper limb prosthetic market. Around 1,000 new cases of osteosarcoma are detected in the United States yearly, particularly impacting adults and teenagers, according to the data released by the American Cancer Society Inc. in October 2020.
  
  

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Upper Limb Prosthetics Market: A thorough Segmentation Analysis

The worldwide upper limb prosthetics Market segmentation has been done based on Device Type, Component, End-User, and Region. 

By Device Type:

• Myoelectric Prosthetics
• Passive Prosthetics
• Body-Powered Prosthetics
• Hybrid Prosthetics

By Component

• Prosthetic Arm
• Prosthetic elbow
• Prosthetic shoulder
• Prosthetic wrist
• Prosthetic socket
• Terminal device

By End-User

• Hospitals 
• Prosthetic Clinics
• Other End-Users
  
  

For Region
North America

• Canada
• USA

Asia-Pacific 

• Australia
• India
• Japan
• China
• South Korea
• Rest of APAC

Europe 

• France
• Italy
• The U.K.
• Germany
• Spain
• The rest of Europe 

LAMEA

• Brazil
• Mexico
• Argentina
• South Africa
• Saudi Arabia
• UAE
• Rest of LAMEA
  
  

Upper Limb Prosthetics Market Report Coverage

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In 2021, the passive prosthetic devices segment recorded the highest revenue share of over USD 255 million on the basis of device type. The implementation of passive prostheses has gained popularity due to the factors such as technological developments in the prosthesis sector and an increase in trauma cases. As per a report prepared by WHO in June 2021, 20 to 50 million people sustain fatal injuries or disabilities, and 1.3 million people die annually as a result of traffic accidents.

The prosthetic wrist segment had the highest market share in 2021 and will reach USD 296 million by 2028 on the basis of components. The growing popularity of prosthetic wrists among amputees, cost efficiency, and high success rate of wrist arthroplasty are the key factors accelerating the segment's growth. 

The prosthetic clinic segment in 2021 held a dominant position with revenue of nearly USD 450 million by end-user. Factors accelerating the growth of this segment are the presence of trained professionals and highly developed prosthetic technologies in medical centers. Furthermore, as per an NCBI article, the incidence of amputations is expected to double by 2050 from 1.6 million in 2005. The growing incidence of amputations is predicted to fuel the expansion of prosthetic clinics.

By Region, in 2021, North America dominated the market for upper limb prosthetics, and by 2028 it will reach USD 450 million. A rise in the count of traumas and accidents, the growth in prosthetic surgeries, the higher demand for prosthetic devices, the accessibility of advanced health centres operated by trained professionals, and the presence of prominent players in the region all contribute to this large market share.

Key players in Upper Limb Prosthetics Market:

• Mobius Bionics LLC
• Protunix
• Steeper, Inc.
• Coapt LLC
• Ossur hf
• Ortho Europe
• Motorica LLC
• Stryker Corporation
• Endolite India Ltd.
• Naked Prosthetics
• Fillauer LLC
• Ottobock SE and Co. KGaA

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Recent Developments

• On 29th August 2022, Ossur procured Naked Prosthetics, a leading supplier of durable, functional, and custom finger prostheses for finger and partial hand amputees. The acquisition strengthens Ossur's global upper limb product offering and enables Ossur to address a larger number of amputees desiring a Life Without restrictions.
  
  
• On 29th July 2022, Researchers from the University of Oxford created a new hand prosthesis that is operated on and managed by the wearer's breathing. It is one of the first innovative design concepts for a body-powered prosthetic since the advent of the cable-driven system. The breathing-powered device provides a unique prosthetic alternative that does not restrict the user's physical movements.
  
  
• On May 2022, Ottobock SE & Co. KGaA exhibited their Myo Plus T.H. upper limb prosthetic at OTWorld in Leipzig. Ottobock believes that by introducing and exhibiting the Myo Plus T.H. upper limb prosthetic device, the business will be able to provide the best care possible and become market-ready.
  
  

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