Upper Limb Prosthetics Market Will Showcase 4.97% CAGR to Reach 1131.36 Million

The global upper limb prosthetics market size was $720.86 million in 2021. The industry is projected to rise at a CAGR of 4.97% to reach $1131.36 million by 2030. Growing number of accidental cases and sports injury to drive the industry growth, States Strategic Market Research.


New York, USA, Sept. 21, 2022 (GLOBE NEWSWIRE) -- The Global Upper Limb Prosthetics Market value in 2021 was worth USD 720.86 million, and by 2030 it will reach USD 1131.36 Billion with a 4.97% CAGR. A prosthesis is a synthetic device that replaces a missing body part. Upper limb prostheses can be worn anywhere, including the forearm, fingers, elbow, hand, wrist, upper arm, and shoulder. The common cause of upper limb amputations is accidents, especially in industrial setups. Patients use Upper limb prostheses for two main reasons: to enhance their looks and their ability to accomplish tasks. 


To get a first-hand overview of the report, Request a Sample at
https://www.strategicmarketresearch.com/request-sample/upper-limb-prosthetics-market


Upper Limb Prosthetics Market Insights: 

  • In 2021, the passive prosthetic devices segment recorded the highest revenue share of over USD 255 million on the basis of device type. 
  • The prosthetic wrist segment had the highest market share in 2021 on the basis of components.
  • The prosthetic clinic segment in 2021 held a dominant position with revenue of nearly USD 450 million by end-user.
  • By region, in 2021, the U.S. dominated the market for upper limb prosthetics in North America.


Factors influencing the Global Upper Limb Prosthetics Market growth

Factors like the increasing incidence of road accidents, sports injuries, and bone conditions are accelerating its growth rate. 

  • Increased trauma cases and road accidents drive the overall growth of the upper limb prosthetics market. A report by the National Highway Traffic Safety Administration of the U.S. Department of Transportation states that there were 1.36 fatalities per 100 million vehicle miles driven from January to September 2021, a Slight increase from the estimated 1.35 fatalities in the same period in 2020.

  • The rising number of sports injuries due to the growth in physical activity among children and adults globally has boosted the overall demand for upper limb prosthetics. The National Safety Council (NSC) reports that there were about 700,000 injuries related to sports like football and basketball, followed by about 417,000 injuries related to bicycling and 468,000 injuries related to exercise in 2019

  • Growth in the incidence of bone conditions like osteoporosis, osteopenia, and osteosarcoma is stimulating the growth of the upper limb prosthetic market. Around 1,000 new cases of osteosarcoma are detected in the United States yearly, particularly impacting adults and teenagers, according to the data released by the American Cancer Society Inc. in October 2020.

Make a Direct Purchase of the latest Upper Limb Prosthetics Market Report published in the month of Sep-2022. Click the below link to initiate the purchase: 

https://www.strategicmarketresearch.com/buy-now/upper-limb-prosthetics-market   

     

Upper Limb Prosthetics Market: A thorough Segmentation Analysis

The worldwide upper limb prosthetics Market segmentation has been done based on Device Type, Component, End-User, and Region. 

By Device Type:

  • Myoelectric Prosthetics
  • Passive Prosthetics
  • Body-Powered Prosthetics
  • Hybrid Prosthetics

By Component

  • Prosthetic Arm
  • Prosthetic elbow
  • Prosthetic shoulder
  • Prosthetic wrist
  • Prosthetic socket
  • Terminal device

By End-User

  • Hospitals 
  • Prosthetic Clinics
  • Other End-Users

For Region
North America

  • Canada
  • USA

Asia-Pacific 

  • Australia
  • India
  • Japan
  • China
  • South Korea
  • Rest of APAC

Europe 

  • France
  • Italy
  • The U.K.
  • Germany
  • Spain
  • The rest of Europe 

LAMEA

  • Brazil
  • Mexico
  • Argentina
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of LAMEA

Upper Limb Prosthetics Market Report Coverage

Report AttributeDetails
Forecast Period2020 - 2030
Market size value in 2021USD 720.86 million
Revenue forecast in 2030USD 1131.36 million
Growth rateCAGR of approximately 4.97%
Base year for estimation2021
Historical data2017 – 2021
UnitUSD Million, CAGR (2021 - 2030)
SegmentationBy Device Type, By Component, By End-Use, and By Region
By Device TypeHybrid Prosthetics, Body-Powered Prosthetics, Passive Prosthetics, Myoelectric Prosthetics
By ComponentTerminal device, Prosthetic socket, Prosthetic wrist, Prosthetic shoulder, Prosthetic elbow.
By End-UserProsthetic Clinics, Hospitals, Other End-Users
By RegionAsia Pacific, North America, Europe, LAMEA
Country ScopeUnited States of America, Germany, United Kingdom, Italy, France, Spain, Canada, China, Japan, India, Australia, South Korea, Mexico, Brazil, Argentina, Saudi Arabia, United Arab Emirates, South Africa
Company Usability ProfilesCoapt LLC, Össur hf, Motorica LLC, Ottobock SE and Co. KGaA, Protunix, Steeper, Inc., Fillauer LLC, Ortho Europe, Mobius Bionics LLC, Naked Prosthetics  Endolite India Ltd., and Stryker Corporation.


Before initiating a purchase, make a Pre-order enquiry and get a detailed overview of the content of the report.

https://www.strategicmarketresearch.com/pre-order-enquiry/upper-limb-prosthetics-market


In 2021, the passive prosthetic devices segment recorded the highest revenue share of over USD 255 million on the basis of device type. The implementation of passive prostheses has gained popularity due to the factors such as technological developments in the prosthesis sector and an increase in trauma cases. As per a report prepared by WHO in June 2021, 20 to 50 million people sustain fatal injuries or disabilities, and 1.3 million people die annually as a result of traffic accidents.

The prosthetic wrist segment had the highest market share in 2021 and will reach USD 296 million by 2028 on the basis of components. The growing popularity of prosthetic wrists among amputees, cost efficiency, and high success rate of wrist arthroplasty are the key factors accelerating the segment's growth. 

The prosthetic clinic segment in 2021 held a dominant position with revenue of nearly USD 450 million by end-user. Factors accelerating the growth of this segment are the presence of trained professionals and highly developed prosthetic technologies in medical centers. Furthermore, as per an NCBI article, the incidence of amputations is expected to double by 2050 from 1.6 million in 2005. The growing incidence of amputations is predicted to fuel the expansion of prosthetic clinics.

By Region, in 2021, North America dominated the market for upper limb prosthetics, and by 2028 it will reach USD 450 million. A rise in the count of traumas and accidents, the growth in prosthetic surgeries, the higher demand for prosthetic devices, the accessibility of advanced health centres operated by trained professionals, and the presence of prominent players in the region all contribute to this large market share.

Key players in Upper Limb Prosthetics Market:

  • Mobius Bionics LLC
  • Protunix
  • Steeper, Inc.
  • Coapt LLC
  • Ossur hf
  • Ortho Europe
  • Motorica LLC
  • Stryker Corporation
  • Endolite India Ltd.
  • Naked Prosthetics
  • Fillauer LLC
  • Ottobock SE and Co. KGaA


 To read the summary of the report, visit the website at
https://www.strategicmarketresearch.com/market-report/upper-limb-prosthetics-market


Recent Developments

  • On 29th August 2022, Ossur procured Naked Prosthetics, a leading supplier of durable, functional, and custom finger prostheses for finger and partial hand amputees. The acquisition strengthens Ossur's global upper limb product offering and enables Ossur to address a larger number of amputees desiring a Life Without restrictions.

  • On 29th July 2022, Researchers from the University of Oxford created a new hand prosthesis that is operated on and managed by the wearer's breathing. It is one of the first innovative design concepts for a body-powered prosthetic since the advent of the cable-driven system. The breathing-powered device provides a unique prosthetic alternative that does not restrict the user's physical movements.

  • On May 2022, Ottobock SE & Co. KGaA exhibited their Myo Plus T.H. upper limb prosthetic at OTWorld in Leipzig. Ottobock believes that by introducing and exhibiting the Myo Plus T.H. upper limb prosthetic device, the business will be able to provide the best care possible and become market-ready.

Related Reports

Orthopedic Prosthetics Market
The report on Orthopedic Prosthetics Market by SMR explains its restraining factors, opportunities, challenges etc. The Orthopedic Prosthetics Market value was USD 2.09 Billion in 2021 and will reach USD 3.27 Billion in 2030 with a 5.10% CAGR. Factors such as the rising geriatric population, rise in disability rate, and increase in the number of accidents are driving its growth rate. Key players in this market are Stryker, Globus Medical Inc, Rejoint, Touch Bionics Inc, etc.

Orthopedic Biomaterials Market
SMR's Orthopedic Biomaterials Market Report provides insights on its growth factors, opportunities, restraints, etc. The Orthopedic Biomaterials Market value in 2021 was USD 16.06 Billion, and by 2030 it will be worth USD 39.11 Billion at a CAGR of 20.93%. Increasing occurrences of musculoskeletal disorders, a rising senior population, etc., are the factors accelerating the growth of this market. Organizations operating in this market are Medtronic Plc, Zimmer Biomet Holdings Inc., Exactech Inc., DePuy Synthes, Evonik Industries Ag, etc.

Orthopedic Digit Implants Market
The Orthopedic Digit Implant Market Report explains its challenges, restraints, augmenting factors, etc. The Orthopedic Digit Implant Market value in 2021 was worth USD 86.02 million, and by 2030 it will be worth USD 167.53 million, at a 6.65% CAGR. Factors proliferating the market growth rate are the rising geriatric population, increased awareness, and growth in the number of surgeries. Major companies in this market are Johnson and Johnson Services, Smith and Nephew, Stryker Corporation, Integra Lifesciences, Zimmer Biomet Holdings, Inc., etc.

Hip Replacement Implants Market
The Hip Replacement Implants Market Report by SMR outlines its opportunities, challenges, restraints, etc. The Hip Replacement Implants Market was worth USD 6.23 Billion in 2021, and by 2030 it will reach USD 9.75 Billion at a 5.1% CAGR. Factors fostering the growth rate are rising demand for hip replacement and increasing incidence of osteoarthritis, etc. Prominent players in this market include Zimmer, Inc, Johnson & Johnson, B, Braun Melsungen AG, Stryker, Tornier, etc.

Soft Tissue Allografts Market
SMR's Soft Tissue Allografts Market Report provides a detailed overview of its opportunities, restraints, growth factors, etc. The Soft Tissue Allografts Market value in 2021 was USD 12.93 Billion, and by 2030 it will be worth USD 19.58 Billion at a CAGR of 4.72%. A rise in sports injuries, a growing senior population, and a high success rate are stimulating the growth rate of the market. Major companies playing a vital role in this market are Arthrex, Xtant Medical, AlloSource, Zimmer Biomet, Alon Source, Conmed Corporation, etc.

About Us:
Strategic Market Research facilitates the organizations globally in taking pivotal business decisions by furnishing the Syndicated and Customized Research Reports, which are highly precise in terms of market numbers. We believe that every firm, whether it is a startup which is in the Introduction stage of the Product Life cycle or an established one which is at the growth stage, requires market research services in order to streamline its key business blueprint. It may be related to Product Launch, Go to Market strategies, Competitive Analysis or new geographical penetration and expansion.


Contact Us:
Strategic Market Research LLP.
Sunil Kumar 
India: +91-8260836500
Email: info@strategicmarketresearch.com
Web: https://www.strategicmarketresearch.com
Blog: https://www.strategicmarketresearch.com/blog
Blog: https://www.strategicmarketresearch.com/blogs/property-management-industry-statistics
Press Release: https://www.strategicmarketresearch.com/press-releases
Connect Us:
LinkedIn: https://www.linkedin.com/company/strategic-market-research/
Twitter: https://twitter.com/smrstrategic
Facebook: https://www.facebook.com/StrategicMarketResearch
Instagram: https://www.instagram.com/strategicmarketresearchsmr/