According to Acumen Research and Consulting, the global upper limb prosthetics market size is expected to worth US$ 1.9 billion by 2026 and poised to grow at a CAGR around 10.5 % from period 2019 to 2026.
The prothetics of the upper limbs have gone a long way from their ancient origins to advanced and advanced protheses of today's moments. Today, the highest prothesis implants consist of aluminum, plastics and sophisticated composite components. The objective is to provide amputees with light weight as well as a powerful implant. These appliances give features through sophisticated technology in addition to being slower and heavier. The sophisticated implants give fundamental motions to imitate the natural tasks. Silicone pads are also accessible to give the upper limb prothesis a natural appearance. These developments will drive worldwide upper limb prosthetics industry growth over the forecast period.
The report provides analysis of global Upper Limb Prosthetics market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
A man-made instrument to substitute lost limbs which may be amputated by injury or illness is called a prothesis implant. Prosthetics is involved with the production and installation of such implants. The objective of prothesis is to regain the standard tasks of the missing portion of the body. Prosthetic neck, prothesis knee, prothesthetic knee, prothetic arm and terminal instruments are included in the upper limb of prothesis.
The increasing amount of accidentals and accidents leads to more amputations that lead to the development of the industry for upper limb prothetics during the prediction era. Every year, for example, more than one million limb amputations occur around the globe. Most of the amputations are upper limb. The increased incidence of diabetes is also an important variable in riding worldwide market growth. The International Diabetes Federation (IDF) estimates that the worldwide incidence will achieve 435 million diabetes by 2030. Such variables will increase market growth over the forecast period.
The growing amount of sports injuries will increase the market growth of worldwide prothesis in the upper limb. Increasing incidence of bone diseases such as osteosarcoma, osteoporosis and osteopenia will increase worldwide market growth. The growing geriatric population will also boost market growth. The increasing use of 3D printing in the production of protheses will reduce production costs and thus boost market growth. Demographic variables like increased life expectancy and average age will also influence general market growth. However, over the prediction era the elevated price of protheses and the maintenance costs of these equipment will hinder the business development.
The prothesis wrist provided the largest mass share of the world prothesis industry for the upper limb in 2018. The big input is due to the elevated amount of wrist amputations. For most individuals the price of a prothesis arm is also inexpensive, particularly compared to other protheses. The prothesis hands are simple to carry, light weight and cosmetic. During the forecast period, the above factors will increase the requirement for prosthetic fingers. Different technological developments will increase the acceptance of prothetic wrists, leading in the future to elevated segment development.
Terminal systems are expected to be the largest CAGR by quantity of 11.2 percent over the expected 2019 to 2026 era. Cost-efficient terminal systems work well and involve low maintenance. In addition, terminal instruments can also be customized to the patient's requirements. The above variables will therefore increase the development of terminal appliances over the forecast period.
In 2018, passive prothesis systems led to the biggest share of products, by 30.7 percent, because demand for easy and effective prothesis systems worldwide increased. Moreover, passive prothetic systems have led to the world market's biggest share owing to their easy operation and low cost.
The section of myoelectric prothesis systems is anticipated to grow significantly over the forecast period. The electrical characteristics of muscles are called myoelectric. A myoelectric prothesis unit is an externally driven artificial limb that can be governed with electric stimuli produced by muscles. Myoelectric prothesizers give both features and natural appearance. Over the estimate era, the above mentioned variables will increase the development in myoelectric prothesis systems.
For the most part, the section of vascular diseases and diabetes led 53 per cent in 2018. People who suffer from diabetes mellitus or peripheral artery disease are at elevated danger of amputation, according to healthcare practitioners. In these individuals, the cure method of the body is also small. Due to these variables, the lung and diabetes section will proceed to make a contribution over the prediction era to the biggest share in the worldwide high limb prosthesis industry.
Over the forecast period, the cancer segment is projected to demonstrate profitable growth. If the disease has spread to the heart and neighboring blood vessels, surgery involving amputation is required. In 2018, cancer instances amounted to 18.2 million and approximately 9.6 million fatalities were caused. Over the estimated period, these factors will drive the growth of the cancer segment.
Highest demand from prothesis clinics was seen in upper limb prothesis, with major market share in 2018. The section of prothesized hospitals generated revenues of USD 650 million in 2018. In such installations a significant percentage of prothesis processes are carried out. Each patient at prosthetic clinics is given special attention and qualified professionals are available in such a setting. The category prothesis labs remains the biggest end-use industry over the forecast period, given the growing amount of patient cases and growing knowledge of prosthetic hospitals.
In 2018, hospitals retained important sector share and are projected to grow by 10.7 percent over the forecast period on a good CAGR. This development is due to the large hospital expenditure. In a successful CAGR, ambulatory surgical facilities will develop as favorites in developed economies.
The U.S. market for upper limb prothesis is expected to reach 158650 units worth USD 544 million by 2026. Due to the elevated levels of public consciousness of prosthesis, the elevated use of sophisticated equipment, a large amount of skilled experts, the fact that there have been dominant industry participants and the existence of extremely developed healthcare infrastructures, the nation dominated the worldwide market in 2018. In addition, elevated R&D expenditure in connection with sophisticated prosthesis in the United States will fuel business development.
India's upper limb prothesis industry is anticipated to expand at a profitable 15.5% increase over the current time, owing to the small prices in the nation of prothesized implants, enhanced public aid measures for amputees, growing aging population and enhanced development in healthcare technology. The above variables will increase requirement for protheses for the upper limb over the forecast period.
Global Upper Limb Prosthetics Market, by Component
Global Upper Limb Prosthetics Market, by Product
Global Upper Limb Prosthetics Market, by Cause
Global Upper Limb Prosthetics Market, by End Use
Global Upper Limb Prosthetics Market, by Geography
The market research study on “Upper Limb Prosthetics Market Size, Share & Trends Analysis Report By Component, Product, Cause, End Use, By Region - Global Industry Size, Share, Trends and Forecast 2019 - 2026” offers detailed insights on global Upper Limb Prosthetics market segments with market dynamics and their impact. The report also covers basic technology development policies.
Key Players & Strategies
The prominent players active in the market include Ossur, Fillauer LLC, Ottobock SE & Co. KGaA, CPOUSA, College Park Industries, TRS Inc., Howard Orthopedics Inc., Steeper Inc., WillowWood Global LLC, Endolite India Ltd., Coapt LLC among others.
The main strategic measures of these sector participants are technological advances, creative item launchs, capability extension, merger, procurement and accreditation. In July 2019, Ossur Global reached an arrangement to purchase the major supplier of prothesis products and facilities to College Park Industries. The procurement approach is to expand the brand portfolio and business that can boost the company's development.
The growing amount of sports injuries will increase the market growth of worldwide prothesis in the upper limb.
According to Acumen Research and Consulting, the upper limb prosthetics market value is anticipated to be worth around US$ 1.9 billion in 2026.
The upper limb prosthetics market is anticipated to grow over 10.5% CAGR during the forecast period 2019 to 2026.
The section of prothesized hospitals generated revenues of USD 650 million in 2018.
In 2018, hospitals retained important sector share and are projected to grow by 10.7% over the forecast period on a good CAGR.
The section of vascular diseases and diabetes led 53% in 2018.
In 2018, passive prothesis systems led to the biggest share of products, by 30.7 percent, because demand for easy and effective prothesis systems worldwide increased.