The upper limb prosthetics market is expected to grow rapidly during the forecast period.
The global market for upper limb prosthetics was valued at US$ 214.8 million in 2017 and is expected to reach US$ 322.6 million by 2026. The prevalence of disabilities and injuries, as well as the prevalence of bone disorders and infection, drive the overall growth of the upper limb prosthetics market.
Technological evolution in the bionic industry would also drive the overall market. Manufacturers are expanding the use of higher technology assessments for top applications around the world, such as osteoarthritis, bone injuries, osteoporosis, and other post-surgery applications. The global market is gaining traction as the population ages, as well as a growing preference for soft body-powered or myoelectric limbs and custom-made prosthetics.
Market Synopsis
Myoelectric and bionic prosthetics are expected to register higher growth by the end of 2026.
Global sales of upper limb prosthetics are increasing significantly, primarily in the Asia-Pacific region. The prosthetics market is fuelled by increasing private funding from Europe and the U.S. in domestic markets. Numerous upper-limb prosthetics, mainly in the myoelectric prosthetics segment, will grow significantly.
New technology evaluations in the bionics industry will gradually increase global demand. Automation of orthopedic prosthetics will drive demand primarily in Europe and Asia-Pacific. The revenue share from these regions can be attributed to the rising population, the expanding commonness of chronic diseases, and bone-related disorders.
The orthopedic clinic segment is expected to register higher growth by the end of 2026.
Development in the orthopedic clinics' segment is expected to grow consistently. Higher preference for soft orthopedic prosthetic limbs post-surgery, a shift towards the use of advanced custom-made systems, and growing demand for advanced research in the bionics industry are generating maximum revenue share in the developed markets.
Outsourcing of advanced products in developing nations, strict regulations, and the high cost of limbs in developing markets may hinder the market's development to a certain extent during the forecast period. Additionally, increasing admissions of osteoporosis patients in hospitals and the commonness of Paget's disease of the bones, hyperparathyroidism, rickets, and osteomalacia will further spur revenue growth during the forecast period.
Growing demand for advanced products and the presence of established players hold the U.S. in a dominant position.
the U.S. to contribute the maximum market share in the global upper limb prosthetics market. Major factors enhancing the growth in North America and Europe include the widespread availability of advanced prosthetics along with the presence of top manufacturers, higher adoption of customized products, an increasing number of partnerships with small-scale component manufacturers, and expanding demand for advanced limbs in the end-user segment.
The increasing rate of cancer, trauma cases (road accidents), bone infection or disease, and genetic disorders worldwide, especially in the elderly population (50 years and older), is a major factor enhancing the growth of the market. However, orthopedic prosthetics are in short supply in developing regions such as Asia Pacific, MEA, and Latin America. Inaccessibility of high-end limbs, high cost, and supply in remote regions are a few factors limiting the growth of the upper limb prosthetics market.
The dominance of multinational manufacturers with strong product portfolios in the developed regions
Major players in the upper limb prosthetics market are Ossur Global, Fillauer LLC, Endolite India Ltd., Ottobock SE & Co. KGaA, College Park Industries, Steeper Inc., TRS Inc., Howard Orthopedics, Inc., CPOUSA.COM., Coapt, LLC, The Ohio Willow Wood Company, and others. Orthopedic prosthetic manufacturers are executing progressive approaches along with new technological advancements such as bionic limbs.
Furthermore, new product launches and the expansion of upper limb services to hospitals and orthopedic clinics through partnerships will further assist the overall growth during the forecast period. Top players are majorly focused on patient-centric offerings, such as Ottobock SE & Co. KGaA and Fillauer LLC (which produces more than 3,000 prosthetic products with numerous innovative features).
Periods of History and Forecast
This study report includes an analysis for each segment from 2016 to 2026, with 2017 as the base year. The compound annual growth rate (CAGR) for each of the respective segments is estimated for the forecast period from 2018 to 2026.
Report Scope by Segments
The current report also encompasses qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities that give a better understanding of the overall upper limb prosthetics market. Additionally, the global report also comprises a graphical representation of the competitive landscape based on their market initiatives and strategies, product portfolios, and business strengths.
Key questions are answered in this report
What are the current market trends and dynamics in the upper limb prosthetics market, and what are the valuable opportunities for emerging players?
Which segment accounts for the fastest CAGR during the forecast period?
What is the impact of the high cost of bionic and myoelectric upper limb prosthetics?
What are the market trends and dynamics in emerging markets such as Japan, Latin America, the Middle East, and Africa?
Frequently Asked Question:
The market for Upper Limb Prosthetics Market is expected to reach USD$ 214.8 Mn in 2026.
The Upper Limb Prosthetics Market is expected to see significant CAGR growth over the coming years, at XX%.
The report is forecasted from 2018 -2026.
The base year of this report is 2017.
Ottobock SE & Co. KGaA, College Park Industries, Steeper Inc., TRS Inc., Howard Orthopedics, Inc., CPOUSA.COM., Coapt, LLC. are some of the major players in the global market.
