Trusted Business Insights presents the Updated and Latest Study on Upper Limb Prosthetics Market 2019-2025. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Abstract, Snapshot, Market Analysis & Market Definition: Upper Limb Prosthetics Market
Industry / Sector Trends
Upper Limb Prosthetics Market size was valued at USD 1,077.8 million in 2018 and is expected to witness more than 11% CAGR from 2019 to 2025.
Global Upper Limb Prosthetics market, 2018 & 2025 (USD Million & Thousand Units)
A man-made device that is used to replace missing limb, that may have undergone amputation due to trauma or disease is called as prosthetic implant. Prosthetics is the field concerned with making and fitting such type of implants. The aim of prosthetics is to restore the normal functions of the missing body part. Upper limb prosthetics include prosthetic wrist, prosthetic elbow, prosthetic shoulder, prosthetic arm and terminal devices.
Growing number of accidental injuries and trauma is resulting in higher cases of amputations, that will drive the upper limb prosthetics market growth during the forecast period. For instance, every year more than one million annual limb amputations occur all over the globe. Majority of these amputations are upper limb. Rising prevalence of diabetes also act as a major factor for driving the growth of global market. According to the International Diabetes Federation (IDF), the global prevalence of diabetes is expected to reach 435 million by 2030. Such factors will augment the growth of the market over the forecast period.
Increasing number of sports injuries will boost the global upper limb prosthetics market growth. Rising prevalence of bone-related diseases such as osteosarcoma, osteoporosis and osteopenia will augment the growth of the global market. Increasing geriatric population will also drive the market growth. Increasing use of 3D printing for prosthetics manufacturing will lower the cost of production, thus boosting the market growth. Demographic factors such as rising life expectancy and average age will also impact the overall growth of the market. However, high price of prosthetics and maintenance cost associated with these devices will hamper the market growth over the forecast period.
Market Segmentation, Outlook & Regional Insights: Upper Limb Prosthetics Market
Upper Limb Prosthetics Market, By Component
Germany upper limb prosthetics market share, by component, 2018 (Units)
Prosthetic wrist contributed for the highest share by volume in the global upper limb prosthetics market in 2018. The large contribution is attributed to the high number of amputations related to wrists. The cost of prosthetic wrist is also affordable to most people, especially in comparison to other prosthetics. Prosthetic wrists are easy to wear, light weight and cosmetically pleasing. Abovementioned reasons will boost the demand for prosthetic wrists during the forecast period. Various technological advancements will augment the adoption of prosthetic wrists, leading to high segment growth in the future.
Terminal devices are projected to witness the highest CAGR of 11.0% by volume over the forecast period from 2019 to 2025. Terminal devices are cost-effective, function well and require low maintenance. Apart from this, terminal devices can also be customised according to the needs of the patient. Hence, the aforementioned factors will augment the growth of terminal devices over the forecast period.
Upper Limb Prosthetics Market, By Product
Passive prosthetic devices contributed for the largest share of 30.8% by product in 2018 due to increase in demand for simple and efficient prosthetic devices all over the globe. In addition, passive prosthetic devices contributed for the largest share in the global market due to its ease of use and low price.
Myoelectric prosthetic devices segment is expected to show substantial growth over the forecast period. The electrical property of muscles is called as myoelectric. A myoelectric prosthetic device is an artificial limb that is externally powered but can be controlled with the electrical signals generated naturally by muscles. Myoelectric prosthetic devices offer functionality as well as natural appearance. Abovementioned factors will augment the growth of myoelectric prosthetic devices over the estimation period.
Upper Limb Prosthetics Market, By Cause
Vascular disease and diabetes segment contributed for the largest share of 53.5% in 2018. According to healthcare professionals, people suffering from diabetes mellitus or peripheral artery disease are under high risk for amputations. Healing process of body is also low in such patients. Due to such factors, vascular disease and diabetes segment will continue to contribute for the largest share in the global upper limb prosthetics market over the forecast period.
Cancer segment is expected to show lucrative growth over the forecast period. Surgery involving amputation is needed, if the cancer has spread on bone and into the nearby blood vessels. Cancer cases have reached 18.1 million in 2018 and around 9.6 million deaths have occurred due to the same. Aforementioned factors will drive the growth of cancer segment over the estimation period.
Upper Limb Prosthetics Market, By End-use
Upper limb prosthetics witnessed highest demand from prosthetic clinics resulting in major market share in 2018. The prosthetic clinics segment accounted for USD 651.4 million revenue in the year 2018. A substantial proportion of prosthetic procedures take place in such facilities. Specific attention is given to each patient at prosthetic clinics as well as skilled professionals are available in such setting. Over the forecast period, the prosthetic clinics segment will continue to remain the largest market by end-use, due to increasing number of patient footfall coupled with rising awareness related prosthetic clinics.
Hospitals held significant industry share in 2018 and is forecasted to expand at a healthy CAGR of 10.8% over the forecast period. This growth is attributed to the high budget of hospitals. Ambulatory surgical centers will grow at a promising CAGR as they are preferred in developed economies.
Upper Limb Prosthetics Market, By Region
Europe Upper Limb Prosthetics market share, by country, 2025 (Units)
The U.S. upper limb prosthetics market is forecasted to reach 158,641 units with a value of USD 544.1 million by 2025. The country dominated the global market in 2018 due to high level of awareness among citizens for prosthesis, high adoption for advanced technology, vast number of trained professionals, the presence of dominant market players and presence of highly developed healthcare infrastructure. Also, the high spending on R&D related to advanced prosthesis in the U.S. will drive the market growth.
The upper limb prosthetics market of India is expected to grow at a lucrative growth of 15.4% over the forecast period due to low price of prosthetic implants in the country, increased government initiatives to support amputees, growing ageing population along with increasing developments in healthcare technologies. The above-mentioned factors will boost the demand for upper limb prosthetics over the forecast period.
Key Players, Recent Developments & Sector Viewpoints: Upper Limb Prosthetics Market
Ottobock SE & Co. KGaA, Endolite India Ltd., Ossur, Fillauer LLC, College Park Industries, Steeper Inc., TRS Inc., Howard Orthopedics Inc., WillowWood Global LLC, CPOUSA, Coapt LLC and Touch Bionics Inc. are some of the major industry players in the global upper limb prosthetics market. Technological advancements, innovative product launch, capacity expansion, merger, acquisition and accreditations are some of the key strategic initiatives taken by these industry players.
Recent industry developments:
In July 2019, Ossur Global signed an agreement to acquire College Park Industries, a leading provider of lower and upper limb prosthetics and services. Company strategy behind the acquisition is expansion of product portfolio and business that may accelerate growth of the company
Upper Limb Prosthetics Industry Viewpoint
The upper limb prosthetics has come a long way starting from its primitive beginnings to technologically advanced and sophisticated prosthetics of current times. Today, the upper prosthetic implants are made up of aluminium, plastic as well as advanced composite materials. The aim is to provide light weight as well as strong implant to amputees. Apart from being lighter and stronger, these devices also offer functionality through advanced robotics. The advanced implants offer basic movements to mimic the natural functions. Silicone covers are also available to provide natural appearance to the upper limb prosthetics. These advancements will propel the market growth of global upper limb prosthetics over the forecast period.
Key Insights Covered: Exhaustive Upper Limb Prosthetics Market
1. Market size (sales, revenue and growth rate) of Upper Limb Prosthetics industry.
2. Global major manufacturers’ operating situation (sales, revenue, growth rate and gross margin) of Upper Limb Prosthetics industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Upper Limb Prosthetics industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Upper Limb Prosthetics industry.
Research Methodology: Upper Limb Prosthetics Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.
Quick Read Table of Contents of this Report @ WorldWide Upper Limb Prosthetics Market, Industry / Sector Analysis Report, Regional Outlook & Competitive Market Share & Forecast, 2019 – 2025
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