Upper Limb Prosthetics Market expected to reach $1.04 Billion by 2030

According to a new report published by Allied Market Research, titled, “Upper Limb Prosthetics Market by Product Type, Component, End User, and Region: Global Opportunity Analysis and Industry Forecast, 2021–2030," The global upper limb prosthetics market size was valued at $687.73 million in 2020, and is projected to reach $1,044.18 million by 2030, registering a CAGR of 4.24% from 2021 to 2030.

Upper extremity prostheses and other prosthetic devices are made for people with a variety of limb losses, from a partial hand amputation to complete or multiple limb loss. Amputation of one limb is termed as unilateral amputation, while amputation of both the right and the left limb is termed as bilateral amputation. A transradial amputation (below-elbow amputation) occurs through the long bones of the radius and ulna, while a transhumeral amputation (above-elbow amputation) occurs through the humerus. An amputation through a joint is called as disarticulation.

Prosthetic devices or customized supports are also beneficial to people who have complex upper limb pathologies such as brachial plexus injuries. Lower extremity prosthetic services are provided to clients who are missing both an upper and a lower limb or who need specialized interdisciplinary involvement as offered by the Institute team. The type of fitting of prosthetic device is determined based on the desire of the patient, the patient’s lifestyle and vocational interests as well as funding considerations. Each amputee (infant, child, adolescent or adult) is assessed at a center with physiatrists (specialists in physical medicine) as well as the clinic prosthetist and occupational therapist. Furthermore, a plan is made for fitting a prosthesis or prosthetic device which best meets the patient’s needs.

The upper limb prosthetics market is expected to experience significant growth during the forecast period, owing to technological advancements in prosthetic, increase in number of accidents and trauma, and rise in prevalence of bone conditions such as osteosarcoma, osteoporosis and osteopenia. According to the data of American Cancer Society, about 1,000 new cases of osteosarcoma are diagnosed in the U.S. every year. Moreover, increase in the targeted population, rise in patient awareness towards prosthetic devices adoption, and surge in prevalence of diabetes are other factors that contribute toward the growth of the upper limb prosthetics market. However, high cost and greater maintenance associated with these devices and lack of reimbursement policies are expected to hinder the growth of the market. Conversely, increased government initiatives to support amputees provides lucrative growth opportunities to the market.

Coronavirus (COVID-19) was discovered in late December in Hubei province of Wuhan city in China. The disease is caused by a virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted from humans to humans. The upper limb prosthetics manufacture was disturbed in the 2020 due to the slowdown of distribution chain of raw material.

Moreover, the manpower needed for the manufacturing plants were made to home quarantine or lockdown which made to shut down of the manufacturing plants of the prosthetic devices. In addition, the transportation was major issue for availability of the advanced prosthetic devices. The slowdown in the supply of the devices at the preferred location resulted in the negligence of the customers to have one. The manufacturing plants were also impacted by the government restriction norms for the production of the devices. This further resulted in the increasing supply and demand gap. This led to the negative impact again on the market. Overall, the impact of the COVID-19 pandemic on the upper limb prosthetics market was reported to be negative. This was attributed to the factors like difficulty in the management of the amputation cases which require hospital stay, prolong recovery time in the covid-19 conditions and delay in the limb surgeries.

However, this impact is expected to change post COVID-19 pandemic and is expected to increase the growth of the upper limb prosthetics market.

The upper limb prosthetics market is segmented into product type, component, end user and region. By product type, the market is categorized into passive prosthetic devices, myoelectric prosthetic devices, body powered prosthetic devices, and hybrid prosthetic devices. On the basis of component, the market is segregated into prosthetic wrist, terminal devices, prosthetic arm, prosthetic elbow, prosthetic shoulder and others. Depending on end user, it is classified into hospitals, prosthetic clinics, and other end users. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

On the basis of product type, the upper limb prosthetics market is categorized into passive prosthetic devices, myoelectric prosthetic devices, body powered prosthetic devices, hybrid prosthetic devices. Passive prosthetic devices segment dominated the global market in 2020, and is anticipated to continue this trend during the forecast period owing to the key factors such as rise in demand for upper limb prosthetic surgeries, surge in patient awareness toward prosthetic devices, and advancements in the prosthetic devices.

On the basis of component, the upper limb prosthetics market is segregated into prosthetic wrist, terminal devices, prosthetic arm, prosthetic elbow, and prosthetic shoulder. The prosthetic arm segment accounts for the majority of the market share, owing to rise in prevalence of joint disorders in both developed as well as developing countries, surge in demand for prosthetic wrists devices, rise in number of accidents, and surge in geriatric population.

On the basis of end user, the market is segregated into hospitals, prosthetic clinics, and other end users. The prosthetic clinics segment accounts for the majority of the market share, owing to rise in benefits offered by the organization, increase in number of organizations, and rise in the funding by the government organizations.

North America accounted for major share of the upper limb prosthetics market share in 2020, and is expected to remain dominant throughout the forecast period. This was attributed to increase in number of accidents and trauma, rise in patient awareness towards prosthetic surgeries, surge in demand for prosthetic devices, availability of advanced healthcare facilities with trained medical professionals, presence of key players in the region, and surge in investment made by governments in the healthcare system. However, Asia-Pacific is expected to experience the highest growth rate during the forecast period majorly due to improvement in healthcare infrastructure, rise in number of hospitals with availability of advanced prosthetic devices, and technological advancements in the field of healthcare.

Key Findings Of The Study

• On the basis of product type, the passive prosthetic devices segment held more share in the global upper limb prosthetics market in 2020.
• On the basis of component, the prosthetic arm segment held largest upper limb prosthetics market share in 2020 and is expected to remain dominant throughout the forecast period.
• On the basis of end user, the prosthetic clinics segment exhibits fastest growth and is expected to grow at a CAGR of 5.00% from 2021 to 2030.
• On the basis of region, North America is expected to experience growth at the highest rate, registering a CAGR of 5.10% during the forecast period.