Global demand for upper limb prosthetics market was valued at approximately USD 1,090.0 Million in 2018, and is expected to generate revenue of around USD 2,292.7 Million by end of 2025, growing at a CAGR of around 11.3% between 2019 and 2025.
The report covers forecast and analysis for the upper limb prosthetics market on a global and regional level. The study provides historic data from 2016 along with a forecast from 2019 to 2025 based on revenue (USD Million). The study includes drivers and restraints for the upper limb prosthetics market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the upper limb prosthetics market on a global as well as regional level.
In order to give the users of this report a comprehensive view on the upper limb prosthetics market we have included competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein product and services segment is benchmarked based on their market size, growth rate and general attractiveness.
The report provides company market share analysis in order to give a broader overview of the key players in the upper limb prosthetics market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product launch, agreements, partnerships, collaborations & joint ventures, research & development, regional expansion of major participants involved in the upper limb prosthetics market on global and regional basis.
Prosthetic implant is an artificial device that switches a lost body part. The prosthetic implant enables the users to carry out daily activities comfortably and without any support. By restoring normal functions of the lost body part, prosthetic devices play an important role in rehabilitation of disabled people. Upper limb prosthetics include prosthetic elbow, prosthetic wrist, prosthetic arm, and prosthetic shoulder.
Factors such as increasing number of serious injuries due to accidents and trauma, rise in number of amputations globally, growing prevalence of diabetes, rise in number of sports injuries, growing prevalence of disorders related to bone such as osteoporosis, osteosarcoma, and osteopenia will act as major driving factors in the growth of global upper limb prosthetics market. Growing geriatric population and encouraging government programs in developing regions will act as an opportunity for the market players in the upper limb prosthetics market. Nonetheless, lack of awareness in developing regions, high prices of prosthetics, and additional maintenance cost will restrict the growth of global upper limb prosthetics market.
The global upper limb prosthetics market has been split into prosthetic device type, component, cause, end-use, and region. Based on prosthetic device type, upper limb prosthetics market has been segmented into body powered, passive, hybrid, and myoelectric. The passive segment accounted for the highest market share in 2018 due to low price, growing demand for effective and simple prosthetic devices globally. The component segment has been segmented into prosthetic elbow, terminal devices, prosthetic arm, prosthetic wrist, and prosthetic shoulder. The prosthetic wrist accounted for the highest market share in 2018 due to high frequency of wrist amputations. The cause segment has been segmented into cancer, diabetes and vascular disease, and trauma. The diabetes and vascular disease segment accounted for the highest market share in 2018 due to increase in number of diabetes cases all over the world. The end-use segment has been segmented into hospitals, ambulatory surgical centers, and prosthetic clinics.
North America will be the leading region during the forecast period. Development of advanced prosthetic devices, high awareness regarding use of prosthetic devices, and presence of major players will boost the market growth in this region. Europe will be the second largest market. The major reasons are presence of presence of skilled professionals, and high diabetes prevalence. Asia Pacific will proliferate at speedy frequency over the estimate period due to fast technological developments in the healthcare sector and increasing research and development expenditure by key manufacturers. Latin America market will develop at a significant rate during the forecast period. The Africa and Middle Eastern countries are likely to experience perceptible growth in the estimated time-frame.
The report also includes detailed profiles of key players such as Endolite India Ltd., Ottobock SE & Co. KGaA, Ossur, College Park Industries, Fillauer LLC, Steeper Inc., Howard Orthopedics Inc., CPOUSA, TRS Inc., and WillowWood Global LLC among others.
This report segments the Global Upper Limb Prosthetics Market as follows:
Global Upper Limb Prosthetics Market: By Prosthetic Device Prosthetic Device Type
Global Upper Limb Prosthetics Market: By Component
Global Upper Limb Prosthetics Market: By Cause
Global Upper Limb Prosthetics Market: By End-use
Global Upper Limb Prosthetics Market: By Region