January 24, 2020
According to a research titled ‘Upper Limb Prosthetics Market Size By Component (Prosthetic Wrist, Prosthetic Elbow, Prosthetic Shoulder, Prosthetic Arm, Terminal Devices), By Product (Passive Prosthetic Devices, Body Powered Prosthetic Devices, Myoelectric Prosthetic Devices, Hybrid Prosthetic Devices), By Cause (Trauma, Vascular Disease and Diabetes, Cancer), By End-use (Hospitals, Prosthetic Clinics, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, France, UK, Spain, Italy, China, India, Japan, Australia, Singapore, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Competitive Market Share & Forecast, 2019 - 2025’, available with Market Study Report LLC, the upper limb prosthetics market is projected to exceed USD 2.3 billion by 2025.
An increase in number of diabetic patients and trauma cases has fueled the demand for upper limb prosthetics. Rising cases of road accidents, sports injuries, and other related incidences have led the need for amputation procedures, which is in turn driving upper limb prosthetics market growth.
Advancements in healthcare and prosthesis technologies would play a pivotal role in improving the effectiveness and efficiency of upper limb prosthetic devices like prosthetic wrist, elbow, shoulders, and terminal devices.
The current trend of manufacturing upper limb prosthetics through 3D printing to reduce cost and production may augment market growth over the forecast period. However, high cost and greater maintenance associated with these devices could hinder upper limb prosthetics market growth.
In terms of product, myoelectric prosthetic devices are anticipated to witness prominent demand in the coming years. These prosthetic devices offer superior functionality and have a natural appearance. Apart from this, passive prosthetic devices are also expected to account for a major market share due to its ease of use and low cost.
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Based on end user, prosthetic clinics held a major share in worldwide upper limb prosthetics market in 2018. The presence of skilled medical professionals, high footfall of amputee patients, and facilities offering specific attention to every patient may aid market growth. The hospital segment is also anticipated to grow at a healthy pace owing to high budget and large infrastructure required for this healthcare setting.
As per regional outlook, India upper limb prosthetics market is anticipated to grow at a significant CAGR in the coming years. Favorable government initiatives to support amputees, low price of prosthetic implants, surging geriatric population and advancements in healthcare technologies may propel regional industry outlook.
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