"Upper limb prosthetics market to exhibit lucrative growth during the forecast period"
The global upper limb prosthetics market is growing dynamically, was valued at US$ 214.8 Mn in 2017 and expected to reach US$ 322.6 Mn by 2026. Growing trauma cases (majorly road accidents), prevalence of disabilities, injuries, prevalence of bone disorders and infection drive the overall upper limb prosthetics market growth. Technological evolution in the bionic industry would also drive the overall market. The manufacturers are expanding the usage with higher technology assessment utilized for top applications worldwide such as osteoarthritis, bone injury, osteoporosis, and other post-surgery applications. Rising ageing population along with increasing preference for soft body powered or myoelectric limbs and custom made prosthetics is gaining traction in the global market.
Market Synopsis
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"Myoelectric and bionic prosthetics expected to register higher growth by the end of 2026"
Global sales of upper limb prosthetics is increasing significantly, primarily in the Asia Pacific region. The prosthetics market is fuelled with increasing private funding from Europe and the U.S. in domestic markets. Numerous range of upper limb prosthetics, mainly in the myoelectric prosthetics segment will grow significantly. New technology assessment in the bionics industry will upsurge the global demand slowly. Trend towards automation of orthopedic prosthetics will spur the demand mainly in Europe and Asia Pacific. The revenue share from these regions can be ascribed to the rising population, expanding commonness of chronic diseases, and bone related disorders.
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"The orthopedic clinics 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, shift towards use of advanced custom made systems, and growing demand for advanced research in bionics industry is generating maximum revenue share in the developed markets. Outsourcing of advanced products in developing nations, strict regulations, high cost of limbs in the developing markets may hinder the market development to a certain extent during the forecast period. Additionally, increasing admissions of osteoporosis patients in hospitals, and commonness of Paget’s disease of the bones, hyperparathyroidism, rickets, and osteomalacia will further spur revenue growth during the forecast period.
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"Growing demand for advanced products, and the presence of established players holds the U.S. in dominant position"
The U.S. to contribute maximum market share in the global upper limb prosthetics market. Major factors enhancing the growth in North America and Europe include widespread availability of advanced prosthetics along with the presence of top manufacturers, higher adoption of customized products, increasing number of partnerships with small scale component manufacturers and expanding demand for advanced limbs in the end user segment. Increasing rate of cancer, trauma cases (road accidents), bone infection or disease and genetic disorders worldwide, majorly in the elderly population (50 years & above) is a major factor enhancing the growth of the market. However, in developing regions such as Asia Pacific, MEA and Latin America, availability of orthopedic prosthetics is insufficient. Inaccessibility of high-end limbs, high cost, and supply in remote regions are few factors limiting the growth of the upper limb prosthetics market.
"Dominance of multinational manufacturers with strong product portfolio 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 advancement such as bionic limbs. Furthermore, new product launch, expansion of upper limbs to hospitals and orthopedic clinics in the form of 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 (produces more than 3,000 prosthetic products with numerous innovative features).
Historical & Forecast Period
This study report represents analysis for each segment from 2016 to 2026 considering 2017 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2018 to 2026.
Report Scope by Segments
| ATTRIBUTE |
DETAILS |
| Research Period |
2017-2027 |
| Base Year |
2018 |
| Forecast Period |
2019-2027 |
| Historical Year |
2017 |
| Unit |
USD Million |
| Segmentation |
Restorative Material Type (2016–2026; US$ Mn)
• Mechanical (Body Powered) Prosthetics
• Myoelectric (Externally Powered) Prosthetics
• Hybrid Prosthetics
|
|
End-user Segment (2016–2026; US$ Mn)
• Hospitals
• Orthopedic Clinics
• Rehabilitation Centers
|
|
Geography Segment (2016–2026; US$ Mn)
• North America (U.S., Canada)
• Europe (U.K., Germany, Rest of Europe)
• Asia Pacific (Japan, China, Rest of Asia Pacific)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Middle East & Africa (GCC, Rest of Middle East & Africa)
|
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints and opportunities that gives a better market understanding of the overall upper limb prosthetics market. Additionally, the global report also comprises graphical representation of competitive landscape based on their market initiatives and strategies, product portfolio and business strengths.
Key questions answered in this report
- What are the current market trends and dynamics in the upper limb prosthetics market and valuable opportunities for emerging players?
- Which segment accounts for the fastest CAGR during the forecast period?
- What is the impact of high cost of bionic and myoelectric upper limb prosthetics?
- What are the market trends and dynamics in emerging markets such as Japan, Latin America and Middle East & Africa?
