Increasing Number of Serious Injuries due to Accidents Likely To Promulgate Growth of Global Upper Limb Prosthetics Market
A prosthetics implant is a device that substitutes the missing part of the body artificially that may have been lost due to congenital disorder, disease, or trauma. Prosthesis facilitates the normal functionality of that missing part. Upper limbs can be bifurcated into two major types, namely, body-powered or myoelectric. Both of them include a socket for residual limb, terminal device, and technique of keeping the device in place along with a power supply source. The terminal device may be a passive hand, hook, paddle, or any other custom device for a particular purpose.
The spike in the rate of road accidents is one of the major factors driving the growth of the global upper limb prosthetics market. Furthermore, the growing incidences of cancer that require amputees also increase its demand. People of all ages at some point in their life are diagnosed with osteosarcoma. However, around half of the affected population belongs to children. The ongoing technological advancements in the field of prosthetics are likely to promulgate the growth of the global market in the forthcoming years. The emergence of the electric prosthesis also known as the myoelectric prosthesis are operated using electric signals and are creating several lucrative growth opportunities in the market globally.
The global upper limb prosthetics market can be segmented into end-user, limb type, type, and region.
By end-user, the market can be segmented into ambulatory surgical centers, hospitals, and others.
By limb type, the market can be segmented into terminal devices, prosthetic shoulder, prosthetic arm, prosthetic wrist, and prosthetic elbow.
By type, the market can be segmented into myoelectric, hybrid, passive, hybrid, body-powered, and others. The myoelectric segment accounts for the largest share in the global upper limb prosthetics market due to the fact that it facilitates proper functionality along with natural appearance.
According to the report, global demand for upper limb prosthetics market was valued at approximately USD 1,090.0 Million in 2018, and is expected to generate revenue of around USD 2,292.7 Million by end of 2025, growing at a CAGR of around 11.3% between 2019 and 2025.
North America accounts for the largest share in the global upper limb prosthetics market due to the ongoing technological advancements in the region. Furthermore, the growing incidences of cancer in the region will further promulgate the growth of the regional market.
Asia Pacific is expected to witness a significant growth rate in the forthcoming years due to the high rate of bone disorders along with the growing geriatric population in the region.
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Some of the significant players in the global upper limb prosthetics market are Engineered Silicone Products, ST&G Corporation, College Park Industries, Ortho, SILIPOS HOLDING, Medi, Freedom Innovations, Streifeneder USA, Fillauer Europe AB, Blatchford, ALPS, Willow Wood, Ossur, and Ottobock. To cite, Ossur Global acquired College Park Industries in July 2019. The major aim of such strategic initiative was to expand the product portfolio and accelerate business growth.
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