UPPER LIMB PROSTHETICS MARKET ANALYSIS

The global upper limb prosthetics market was valued at US$ 864.5 Mn in 2021 and is forecast to reach a value of US$ 1,219.7 Mn by 2028 at a CAGR of 5.0% between 2022 and 2028. The global upper limb prosthetics market is experiencing strong growth due to the increase in the number of limb amputation procedures and increase research and development. Moreover, Increase in number of road accidents or injuries and rise in number of amputations and growing geriatric population across the globe is expected to boost the growth of the market. However, factors such as high cost of upper limb prosthetics and stringent regulatory scenario are major factors expected to hamper growth of the upper limb prosthetics market.

Global Upper Limb Prosthetics Market: Regional Insights

Based on geography, the global upper limb prosthetics market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market over the forecast period owing to the rise in number of amputations and increasing number of serious injuries in the region. For instance, a prosthesis is an artificial device that substitutes for a missing part of the body. Upper limb prosthesis serves as a substitute for a partially or entirely missing part of the hand due to an injury, accident, trauma, or illness. According to the Amputee Coalition of America, around 185,000 amputations occur in the United States each year and a staggering 3.6 million people will be living with limb loss by 2050.

Asia Pacific is also expected to witness significant growth in the global upper limb prosthetics market due to the rise in number of road accidents & injuries and rise in number of amputations in this region. India is a vast country with a large number of individuals in the community with various disabilities. According to estimates, India has over half a million amputees, with tens of thousands added to the amputee population every year. This in turn is expected to increase demand for upper limb prosthetics in this region.

Figure 1. Global Upper Limb Prosthetics Market Share (%), by Region, 2021

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Global Upper Limb Prosthetics Market Drivers:

Increase in number of road accidents/injuries and rise in number of amputations is expected to augment growth of the global upper limb prosthetics market during the forecast period. Upper limb prosthetics is a medical device used to replace an entirely or partially lost or diseased arm due to an accident, trauma, disease, or congenital anomaly. According to Ohio State University, over 3 million people worldwide have an arm amputation. Around 1.77 million people have an amputation below the elbow, 0.84 million have an amputation above the elbow, 0.24 million have a shoulder amputation, and 0.15 million have a hand or should amputation.

Growing geriatric population across the globe is expected to boost growth of the global upper limb prosthetics market during the forecast period. For instance, musculoskeletal disorders are common in elderly population. Thus, with the rise in incidence of musculoskeletal disorders, the demand for upper limb prosthetics is also expected to increase worldwide. According to the World Health Organization (WHO), by 2030, 1 in 6 people in the world will be aged 60 years or over, and this number is expected to reach around 2.1 billion by 2050.

Global Upper Limb Prosthetics Market Opportunities:

Increase in the number of limb amputation procedures is expected to provide significant growth opportunities for players in the upper limb prosthetics market. For instance, amputation is the surgical removal of all or part of a limb or extremity such as an arm. Upper limb amputation is the removal of any part of the upper extremity by surgery. In July 2021, Ossur announced the launch of the Rebound Post-Op Elbow Brace, a non-invasive, lightweight adjustable brace with intuitive design features intended to optimize the fitting experience for clinicians and ease of use for patients who are recovering from a severe elbow injury or surgical procedures.

Increase in research and development around the world is expected to provide lucrative growth opportunities for players in the global upper limb prosthetics market. With the rise in number of amputations worldwide, the demand for upper limb prosthetics is also increasing. As a result, market players are focusing on developing novel products. For instance, in May 2018, Ossur planned to invest US$ 7.6 million to design advanced myoelectric prosthetic solutions at Touch Bionics facility. This investment assisted the company in driving innovation and research and development capabilities in the market.

Global Upper Limb Prosthetics Market Trends:

Recent trends in the upper limb prosthetics market include the use of new polymer materials and the development of prosthetic devices as per the functional need of patients. Market players are focusing on developing lightweight yet highly long-lasting prosthetics to meet the needs of the users. This in turn is expected to aid in the growth of the market.

North America is expected to witness robust growth in the upper limb prosthetics market, and this trend is expected to continue during the forecast period. This is attributed to the increasing number of accidents and injuries, rising demand for prosthetic devices, increase in awareness among people patient regarding prosthetic surgeries, availability of modern healthcare facilities with skilled medical personnel, and the presence of prominent market players in these regions.

Global Upper Limb Prosthetics Market Restraints:

High cost of upper limb prosthetics is expected to hamper the growth of the global upper limb prosthetics market. For instance, according to National Center for Bioinformatics Information (NCBI), in 2019, the cost of conventionally manufactured arm prosthesis is very high, ranging from US$ 4,000 to 75,000. The high cost associated with the upper-limb prostheses is amongst the significant barrier to their adoption among amputees, and this in turn is expected to hinder growth of the upper limb prosthetics market.

Stringent regulatory scenario is expected to hinder growth of the upper limb prosthetics market. For instance, the U.S. Food and Drug Administration (FDA) closely monitors development, approval, and post-approval adverse effects related to medical devices, including upper limb prosthetics. FDA classifies these devices into class II devices, which require 510(k) approval to get approval for commercial use of the product. 510(k) approval represents a complicated process that demonstrates safety and efficacy of the device.

Figure 2. Global Upper Limb Prosthetics Market Share (%), by Device Type, 2021

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Global Upper Limb Prosthetics Market Segmentation:

The global upper limb prosthetics market report is segmented into Device Type, Component, End-User, and Geography.

Based on Device Type, the upper limb prosthetics market is segmented into Body Powered, Passive, Hybrid, and Myoelectric. Of which, Body Powered Segment is expected to dominate the upper limb prosthetics market over the forecast period and this is attributed to the increase in number of amputations across the globe. Body-powered prosthetics are light in weight, more affordable, functional, therapeutic, and reliable than most bionic alternatives.

Passive Segment is also expected to witness significant growth in the near future and this is owing to the rise in adoption of passive prosthetics worldwide. These prosthetics are designed to look like a natural hand, arm, and fingers. They are lightweight and improve limb’s function by providing a surface for stabilizing or carrying objects.

Based on Component, the upper limb prosthetics market is segmented into Prosthetic Elbow, Prosthetic Wrist, Prosthetic Arm, Prosthetic Shoulder, and Others. Out of which, Prosthetic Elbow Segment is expected to dominate the market during the forecast period and this is attributed to the rising burden of sports injuries, such as tennis elbow. A surgery replaces bones that make up the elbow joint with artificial elbow joint (prosthetic elbow).

Prosthetic Wrist Segment is also expected to witness significant growth in the near future and this is owing to the increasing adoption of prosthetic wrists and several benefits associated with its use among amputees. Increase in number of injuries is expected to increase the demand for prosthetics of the upper limbs, such as prosthetic wrist.

Based on End User, the upper limb prosthetics market is segmented into Hospitals, Prosthetic Clinics, and Others. Out of which, Hospitals Segment is expected to dominate the market over the forecast period and this is attributed to the rise in number of limb amputation procedures. Hospitals in both developed and developing countries are trying to deliver low-cost and durable prostheses (upper limb prosthetics) to amputees.

Prosthetic Clinics Segment is also expected to witness significant growth in the near future and this is due to the presence of well-established specialty clinics across the globe. Prosthetic clinics are hospitals that provide orthotic and prosthetic care (services and products) to enhance physical capability. These are often approached as more convenient centers by the patients.

Global Upper Limb Prosthetics Market: Key Developments

In October 2020, Ortho Europe collaborated with COVVI on their new product, named Nexus hand, an innovative device to make daily tasks easy.

In November 2019, Ottobock Se & Co. announced advancement in upper-limb prosthetics, the Myo Plus pattern recognition system, and the first patient in North America fit with Ottobock’s FDA-cleared Myo Plus pattern recognition system.

In June 2019, Ossur signed an agreement to acquire College Park Industries, a global provider of lower and upper limb prostheses and supporting services.

Global Upper Limb Prosthetics Market: Key Companies Insights

The global upper limb prosthetics market is highly competitive. This is attributed to the rise in number of amputations and rise in number of road accidents and injuries, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global upper limb prosthetics market are Open Bionics, Coapt LLC, WillowWood Global LLC, Steeper Inc., Ottobock SE & Co. KgaA, Ossur, Ortho Europe, Fillauer LLC, Protunix, and Blatchford Limited (Endolite India Ltd), among others.

*Definition: A prosthesis is an artificial device that substitutes for a missing part of the body. Upper limb prosthesis serves as a substitute for an entirely or partially missing part of the hand due to an accident, injury, illness, or trauma. Upper limb prosthetics comprises terminal device (TD), interposing joints, suspension, socket, and control system among others.