DUBLIN, Oct. 17, 2022 /PRNewswire/ -- The "Prosthetic Arm Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The prosthetic arm market is projected to witness a compound annual growth rate of 15.86% to grow to US$2,212.657 million by 2027, from US$789.358 million in 2020.
Increased healthcare spending in emerging economies, the growing relevance of the public-private partnership (PPP) model across different regions, an increase in the prevalence of joint-related diseases, and an ageing population have all contributed to the market growth for prosthetic arms growing rapidly in recent years.
With growing technology, Artificial Intelligence, and machine learning the prosthetic limb market has seen significant development. Innovations such as cybernetic arms that are powered and controlled by a smartphone, as well as the usage of accelerometer technology, are creating substantial business prospects, while Bluetooth connectivity is continuing to rise. Another key factor is the growing prevalence of chronic diseases like Cancer, Diabetes amongst others are prime reasons for amputation apart from severe injuries.
Increased cases of Amputations
One of the prime reasons which are supporting the overall market growth is the growing cases of amputations. An increase in the cases of amputations has been observed - the prime reason being rising chronic diseases and accidents. According to the National Health Interview Survey and Vital Statistics report, the United States has an estimated 1.9 million amputees and around 185,000 amputation procedures conducted each year. Peripheral vascular disease and diabetes account for 82 percent of all amputations done.
These numbers are expected to further increase with the rising prevalence of such diseases. According to the International Diabetes Federation (IDF), about 537 million had diabetes in 2021 and is expected to reach 783 million by the year 2045. With this, the amputation rate is also anticipated to rise. Moreover, due to the global trend of delayed pregnancy and other factors, the number of newborns without deformities has increased, globally. All these factors are anticipated to contribute to the prosthetic arm market in the forecast period.
Passive prosthesis opportunity
Passive arm prostheses are the ideal alternative for people who desire a prosthetic that is both practical and realistic in appearance. Most modern passive prostheses are designed to resemble a natural arm, hand, and fingers. . Passive prosthetic arms do not possess any complex mechanisms, and hence are more economical than most other smart prosthetic options. This is one of the major reasons for the growth of the market since some prosthetic options can cost a heavy amount of money. The growing cases of sports-related injuries and other accidents have increased the market demand for the passive prosthesis market.
Growing motorcycle and vehicle accidents have also driven the demand for the prosthetic arm market. Furthermore, growing cancer cases have also increased the number of amputation and surgery procedures. Surgical treatment is required for primary malignant tumours of the limbs.
According to data from the American Cancer Society, a projected 1.9 million new cancer cases will be diagnosed in 2022, with 609,360 cancer deaths in the United States. The increasing number of cancer cases worldwide is expected to increase the market demand for the passive prosthetic arm market and would report a significant rise in profit. Moreover, owing to the growing technological developments in the industry, the market is expected to rise significantly.
North America is projected to grow steadily
In by geography segment, North America is expected to dominate the market growth during the forecast period. The North American Prosthetic arm market is segmented into the USA, Canada, and Mexico. The direct presence of prominent regional competitors, a wide distribution network, and a very well-established healthcare infrastructure are among the key drivers driving the market's expansion in North America. The use of new polymer materials and the creation of prosthetic devices tailored to the functional needs of patients are the two latest trends in the North American prosthetics arm market. To meet the needs of consumers, manufacturers are working on manufacturing lightweight, long-lasting orthopaedic prosthetics.
Segmentation
By Type
- Passive Prosthesis
- Body-Powered Prosthesis
- Electrically-Powered Prosthesis
- Hybrid Prosthesis
- Activity-Specific Prosthesis
By Product
- Trasradial Prosthetic
- Transhumeral Prosthetic
By Geography
- North America
- US
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Europe
- Germany
- France
- United Kingdom
- Middle East and Africa
- UAE
- Saudi Arabia
- Asia Pacific
- China
- Japan
- South Korea
- India
- Taiwan
- Thailand
- Indonesia
Key Topics Covered:
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. PROSTHETIC ARM MARKET BY TYPE
6. PROSTHETIC ARM MARKET BY PRODUCT
7. PROSTHETIC ARM MARKET BY GEOGRAPHY
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
9. COMPANY PROFILES
Companies Mentioned
- Blatchford Group
- Fillauer LLC
- Ortho Europe
- Ossur hf
- Protunix
- Ottobock SE & Co. KGaA
- WillowWood Global, LLC
- Steeper, Inc.
- COAPT LLC
For more information about this report visit https://www.researchandmarkets.com/r/bg2fx9
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Research and Markets
Laura Wood, Senior Manager
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SOURCE Research and Markets
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