IMARC Group's report titled "Upper Limb Prosthetics Market Report by Product Type (Passive Prosthetic Devices, Myoelectric Prosthetic Devices, Body Powered Prosthetic Devices, Hybrid Prosthetic Devices), Component (Prosthetic Wrist, Prosthetic Arm, Prosthetic Elbow, Prosthetic Shoulder, and Others), End Use (Hospitals, Prosthetic Clinics, and Others), and Region 2024-2032", The global upper limb prosthetics market size reached US$ 771.2 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,168.5 Million by 2032, exhibiting a growth rate (CAGR) of 4.73% during 2024-2032.
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Factors Affecting the Growth of the Upper Limb Prosthetics Industry:
- Technological Advancements:
Innovations, such as robotics, artificial intelligence (AI), and material science, benefit in improving the design, functionality, and user experience of prosthetic devices. Myoelectric control systems, which utilize sensors to detect electrical impulses from the user's muscles, enable precise and natural movements of the prosthetic limb. Additionally, advancements in gesture recognition and machine learning (ML) algorithms refine the control and functionality of these devices. Research in osseointegration, where prosthetic devices are directly implanted into the bone, provides a more natural and durable connection, increasing comfort and range of motion.
- Increasing Incidence of Injuries and Amputations:
The rising number of accidents, trauma cases, and sports injuries worldwide is catalyzing the demand for upper limb prosthetics. Increasing incidences of conditions like osteosarcoma and other bone disorders are impelling the market growth. Moreover, the prevalence of diabetes and peripheral arterial disease can lead to severe complications resulting in amputations. These factors collectively contribute to a larger population requiring prosthetic solutions. There is a rise in demand for advanced prosthetic devices that can offer improved functionality and quality of life.
- Growing Geriatric Population:
The rising demand for upper limb prosthetics among the geriatric population is impelling the market growth. The prevalence of age-related conditions, such as osteoporosis, arthritis, and diabetes, is leading to a higher incidence of limb amputations. Older adults are more prone to injuries and chronic illnesses that necessitate the use of prosthetic devices. The increasing need for mobility and independence among the geriatric population is contributing to the market growth. Moreover, advancements in medical technology are improving the quality and functionality of prosthetic limbs, making them more appealing to older users.
Leading Companies Operating in the Global Upper Limb Prosthetics Industry:
- Blatchford Limited (Endolite India Ltd)
- Coapt LLC, Fillauer LLC
- Mobius Bionics LLC
- Motorica LLC.
- Ortho Europe
- Össur
- Ottobock SE & Co. KGaA (Näder Holding GmbH & Co.)
- Protunix
- Steeper Group
Upper Limb Prosthetics Market Report Segmentation:
By Product Type:
- Passive Prosthetic Devices
- Myoelectric Prosthetic Devices
- Body Powered Prosthetic Devices
- Hybrid Prosthetic Devices
Passive prosthetic devices exhibit a clear dominance in the market attributed to their affordability and low maintenance.
By Component:
- Prosthetic Wrist
- Prosthetic Arm
- Prosthetic Elbow
- Prosthetic Shoulder
- Others
Prosthetic arm accounts for the majority of the market share as they provide crucial functionality and improved quality of life for individuals with upper limb amputations.
By End Use:
- Hospitals
- Prosthetic Clinics
- Others
Prosthetic clinics hold the biggest market share. Prosthetic clinics are the primary point of care for fitting, customization, and rehabilitation services, making them the dominant end-use sector in the market.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America leads the market on account of advanced healthcare infrastructure, high healthcare expenditure, and significant investments in prosthetic research and development (R&D).
Global Upper Limb Prosthetics Market Trends:
Advancements in three-dimensional (3D) printing technology benefit in enabling the development of prosthetic devices tailored to individual needs. This customization not only enhances the functional aspects of prosthetics but also addresses aesthetic preferences, making them more appealing to users.
In addition, the rising awareness about the availability and benefits of upper limb prosthetic devices among individuals is propelling the market growth. Educational campaigns and media coverage assist in improving public knowledge about the advancements in prosthetic technology and their potential to enhance the quality of life for amputees. Furthermore, partnerships between manufacturers, healthcare providers, and non-governmental organizations aim to provide affordable prosthetic solutions to a broader population.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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