Upper Limb Prosthetics Market revenue to surpass USD 929 Million by 2036
Zion Market Research has published a new report titled “Upper Limb Prosthetics Market by Prosthetic Device Type (Body Powered, Passive, Hybrid, and Myoelectric), Component (Prosthetic Elbow, Prosthetic Wrist, Prosthetic Arm, Prosthetic Shoulder, and Terminal Devices), Cause (Cancer, Diabetes and Vascular Disease, and Trauma), and End-use (Hospitals, Ambulatory Surgical Centers, and Prosthetic Clinics): Global Industry Perspective, Comprehensive Analysis and Forecast.
According to The global upper limb prosthetics market size is expected to expand at ~5% CAGR from 2024 to 2036. The market is anticipated to garner a revenue of USD 929 million by the end of 2036, up from a revenue of ~USD 398 million in the year 2023.
Prosthetic implant can be described as an artificial replacement of a part of the body. The prosthetic implant permits the users to perform daily activities easily and without any assistance. By reinstating normal functions of the missing body part, prosthetic devices play a significant role in recovery of disabled people. Upper limb prosthetics include prosthetic elbow, prosthetic wrist, prosthetic arm, and prosthetic shoulder.
Factors such as increasing number of serious injuries due to accidents and trauma, rise in number of amputations globally, growing prevalence of diabetes, rise in number of sports injuries, growing prevalence of disorders related to bone such as osteoporosis, osteosarcoma, and osteopenia will act as major driving factors in the growth of global upper limb prosthetics market. Growing geriatric population and encouraging government programs in developing regions will act as an opportunity for the market players in the upper limb prosthetics market. Nonetheless, lack of awareness in developing regions, high prices of prosthetics, and additional maintenance cost will restrict the growth of global upper limb prosthetics market.
The global upper limb prosthetics market has been split into prosthetic device type, component, cause, end-use. Based on prosthetic device type, upper limb prosthetics market has been segmented into body powered, passive, hybrid, and myoelectric. The passive segment accounted for the highest market share in 2018 due to low price, growing demand for effective and simple prosthetic devices globally. The component segment has been segmented into prosthetic elbow, terminal devices, prosthetic arm, prosthetic wrist, and prosthetic shoulder. The prosthetic wrist accounted for the highest market share in 2018 due to high frequency of wrist amputations. The cause segment has been segmented into cancer, diabetes and vascular disease, and trauma. The diabetes and vascular disease segment accounted for the highest market share in 2018 due to increase in number of diabetes cases all over the world. The end-use segment has been segmented into hospitals, ambulatory surgical centers, and prosthetic clinics.
Regionally, the upper limb prosthetics market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. North America will be the leading region during the forecast period. Development of advanced prosthetic devices, high awareness regarding use of prosthetic devices, and presence of major players will boost the market growth in this region. Europe will be the second largest market. The major reasons are presence of presence of skilled professionals, and high diabetes prevalence. Asia Pacific will proliferate at speedy frequency over the estimate period due to fast technological developments in the healthcare sector and increasing research and development expenditure by key manufacturers. Latin America market will develop at a significant rate during the forecast period. The Africa and Middle Eastern countries are likely to experience perceptible growth in the estimated time-frame.
The report also includes detailed profiles of key players such as -
- Endolite India Ltd.
- Ottobock SE & Co. KGaA
- Ossur
- College Park Industries
- Fillauer LLC
- Steeper Inc.
- Howard Orthopedics Inc.
- CPOUSA
- TRS Inc.
- @WillowWood Global LLC among others.
This report segments the Global Upper Limb Prosthetics Market as follows:
Global Upper Limb Prosthetics Market: By Prosthetic Device Type
- Body Powered
- Passive
- Hybrid
- Myoelectric
Global Upper Limb Prosthetics Market: By Component
- Prosthetic Elbow
- Prosthetic Wrist
- Prosthetic Arm
- Prosthetic Shoulder
- Terminal Devices
Global Upper Limb Prosthetics Market: By Cause
- Cancer
- Diabetes and Vascular Disease
- Trauma
Global Upper Limb Prosthetics Market: By End-use
- Hospitals
- Ambulatory Surgical Centers
- Prosthetic Clinics
Global Upper Limb Prosthetics Market: By Region
- North AmericaThe U.S.Canada
- EuropeFranceThe UKSpainGermanyItalyRest of Europe
- Asia PacificChinaJapanIndiaSouth KoreaSoutheast AsiaRest of Asia Pacific
- Latin AmericaBrazilMexicoRest of Latin America
- Middle East & AfricaGCCSouth AfricaRest of Middle East & Africa
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