upper-limb-prosthetics-market

Upper Limb Prosthetics Market By Restorative Material (Mechanical (Body Powered) Prosthetics, Myoelectric (Externally Powered) Prosthetics, Hybrid Prosthetics), By End-user Segment (Hospitals, Orthopedic Clinics, Rehabilitation Centers) - Growth, Future Prospects & Competitive Analysis, 2024 – 2032

11 Mar 2019 Format PDF icon PPT icon XLS icon Request Sample

"Upper limb prosthetics market to exhibit lucrative growth during the forecast period"
 

The global upper limb prosthetics market is growing dynamically, 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. 

"Myoelectric and bionic prosthetics expected to register higher growth by the end of 2030" 

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. 

"The orthopedic clinics segment is expected to register higher growth by the end of 2030"

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.

"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 of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Upper Limb Prosthetics market are as follows:

  • Research and development budgets of manufacturers and government spending
  • Revenues of key companies in the market segment
  • Number of end users and consumption volume, price and value.
  • Geographical revenues generate by countries considered in the report
  • Micro and macro environment factors that are currently influencing the Upper Limb Prosthetics market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

ATTRIBUTE DETAILS
Research Period  2022-2032
Base Year 2023
Forecast Period  2024-2032
Historical Year  2022
Unit  USD Million
Segmentation
Type
  • Mechanical (Body Powered) Prosthetics
  • Myoelectric (Externally Powered) Prosthetics
  • Hybrid Prosthetics

End User
  • Hospitals
  • Orthopedic Clinics
  • Rehabilitation Centers

 Region Segment (2022-2032; US$ Million)

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • UK and European Union
    • UK
    • Germany
    • Spain
    • Italy
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • GCC
    • Africa
    • Rest of Middle East and Africa

Key questions answered in this report

  • What are the key micro and macro environmental factors that are impacting the growth of Upper Limb Prosthetics market?
  • What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
  • Estimated forecast and market projections up to 2032.
  • Which segment accounts for the fastest CAGR during the forecast period?
  • Which market segment holds a larger market share and why?
  • Are low and middle-income economies investing in the Upper Limb Prosthetics market?
  • Which is the largest regional market for Upper Limb Prosthetics market?
  • What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
  • Which are the key trends driving Upper Limb Prosthetics market growth?
  • Who are the key competitors and what are their key strategies to enhance their market presence in the Upper Limb Prosthetics market worldwide?
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