New York, Oct. 26, 2023 (GLOBE NEWSWIRE) -- The global upper limb prosthetics market size is expected to expand at ~5% CAGR from 2024 to 2036. The market is anticipated to garner a revenue of USD 929 million by the end of 2036, up from a revenue of ~USD 398 million in the year 2023.The reason behind the growth is due to the rising number of road accidents which are by far the most frequent reason for traumatic amputations and loss of limbs. Moreover, careless or reckless behavior frequently leads to incidents that can result in trauma which can cause loss of limb, and body parts including arms, fingers, and hands can be amputated.
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According to the World Health Organization (WHO), the lives of almost 1.3 million people across the globe are cut short annually as a result of traffic accidents. The growing advancements in upper limb prosthetics are believed to fuel the market growth. For instance, the development of new hybrid nanomaterials has increased the performance of prosthetic devices has made artificial limbs significantly more efficient, and effective, and has considerably raised the standard of living for people with disabilities. Advances in materials, manufacturing techniques, and electronics have led to the development of more sophisticated and functional upper limb prosthetic devices. These advancements include myoelectric prosthetics that use muscle signals to control hand movements and 3D printing for custom-fit prostheses.
Increasing Geriatric Population across the Globe to Boost Market Growth
The elderly population is more prone to risk of falls and accidents owing to age-related weakness and the rising value of independence among elderly people across the globe is estimated to drive market growth. According to estimates, the number of people over 65 in the world is increasing quickly, and lately, more than 610 million individuals, or roughly 8% of the world's population, are over 65 or older. The most frequent procedure for an arm bone tumor is limb-sparing or limb-salvage surgery which can lead to upper limb amputations. This may necessitate the use of prosthesis equipment such as upper limb prosthetics as it can aid function after amputation. More than 3% of cancers in children are bone tumors, amongst these Osteosarcoma is the most frequently identified primary malignant bone tumor. The upper limb prosthetics market is continually evolving, driven by advancements in technology, patient needs, and a commitment to enhancing the quality of life for individuals with upper limb amputations. This market is expected to continue growing as new innovations emerge and the demand for more functional and lifelike prosthetic solutions increases.
Upper Limb Prosthetics Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding Improved Functionality to Drive the Market Growth in North America Region
The upper limb prosthetics market in North America region is estimated to garner the largest revenue by the end of 2036. One of the primary drivers of growth in the North American market is the continuous stream of technological advancements. Advanced materials and electronic components have led to the development of more functional and lifelike prosthetic limbs, significantly enhancing the quality of life for amputees. The development of prosthetic limbs with improved functionality is another significant growth driver. Prosthetic hands with intricate movements and sensory feedback mechanisms empower users to perform a wide range of daily tasks with greater ease and precision. Stringent regulatory standards and compliance requirements set by agencies like the FDA ensure the safety and effectiveness of upper limb prosthetic devices. Compliant manufacturers not only meet high-quality standards but also inspire trust among patients and healthcare providers. The FDA has approved numerous upper limb prosthetic devices over the years, contributing to the growth of the market by instilling confidence in the safety and efficacy of these products.
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Growing Collaborative Research to Propel the Growth in the Europe Region
The Europe upper limb prosthetics market is estimated to garner the highest CAGR by the end of 2036. The shift towards patient-centered care is instrumental in driving market growth. Increasingly, individuals with limb loss are playing an active role in shaping decisions related to their prosthetic care. This approach ensures that their unique needs are met, ultimately leading to higher patient satisfaction and improved outcomes. A study published in the Journal of Prosthetics & Orthotics emphasized that patient-centered care leads to significantly improved patient satisfaction and outcomes in prosthetic rehabilitation in the European context. Collaboration among prosthetists, researchers, engineers, and healthcare professionals is serving as a catalyst for innovation in European upper limb prosthetics. Joint efforts in research and development lead to groundbreaking advancements that benefit amputees and foster growth in the market. The European Commission's Horizon 2020 program has allocated substantial funding for collaborative research projects in the field of prosthetics, promoting innovation and technological progress.
Upper Limb Prosthetics, Segmentation by Product
- Passive Prosthetic Devices
- Hybrid Prosthetic Devices
- Body Powered Prosthetic Devices
- Myoelectric Prosthetic Devices
Amongst these segments, the body powered prosthetic devices segment in upper limb prosthetics market is anticipated to hold the largest share over the forecast period. One of the primary drivers of growth in the body-powered prosthetic devices segment is their cost-effectiveness. These devices typically require fewer components and are simpler in design, making them more affordable for a broader range of patients. Body-powered prosthetic devices are known for their durability and reliability. These devices often have fewer electronic components, reducing the risk of malfunctions and the need for frequent repairs, thereby improving patient satisfaction. The simplicity of body-powered prosthetic devices translates into minimal maintenance requirements. Users benefit from reduced downtime and fewer visits to prosthetists or technicians for adjustments and repairs. Research conducted by the Amputee Coalition indicates that individuals using body-powered prosthetic devices experience fewer interruptions due to maintenance, leading to improved overall usability. The affordability and simplicity of body-powered prosthetic devices contribute to their accessibility, particularly in regions with limited resources. This segment addresses the needs of a more diverse patient population. The World Health Organization (WHO) emphasizes the importance of affordable and accessible prosthetic solutions, promoting the use of body-powered devices in resource-constrained settings.
Upper Limb Prosthetics, Segmentation by Component
- Prosthetic Wrist
- Prosthetic Elbow
- Prosthetic Arm
- Prosthetic Shoulder
- Terminal Device
- Prosthetic Socket
Amongst these segments, the prosthetic wrist segment in upper limb prosthetics market is anticipated to hold a significant share over the forecast period. A primary driver of growth in the prosthetic wrist segment is the continuous stream of technological advancements. Innovations in materials, sensors, and design have resulted in prosthetic wrists that offer enhanced dexterity, control, and functionality, closely mimicking natural hand and wrist movements. The prosthetic wrist segment's growth is also driven by the increased functionality it provides. Modern prosthetic wrist devices offer wearers the ability to perform a wider range of daily activities with greater precision, contributing to their overall quality of life and independence. A study published in the Journal of Prosthetics & Orthotics highlights significant advancements in prosthetic wrist functionality, empowering users with increased independence and improved quality of life. Customization of prosthetic wrists to meet individual patient needs and preferences is a key driver. Prosthetists and engineers collaborate closely with patients to create devices that closely align with their anatomical characteristics and functional requirements, ensuring the best possible fit and functionality.
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Few of the well-known industry leaders in upper limb prosthetics market that are profiled by Research Nester are Stryker Corporation, Össur hf, Mobius Bionics LLC, Protunix, Ortho Europe, Motorica LLC, Steeper, Inc., Fillauer LLC, Naked Prosthetics, and Endolite India Ltd, and other key market players.
Recent Development in the Upper Limb Prosthetics Market
- Stryker Corporation launched Tornier shoulder arthroplasty portfolio and its first new Tornier product, the Perform Humeral Stem to deal with little patient anatomy that poses special difficulties and provide doctors the ability to plan their perform cases and offer precise, real-time virtual surgery.
- Össur hf introduced the new Rebound Post-Op Elbow Brace to enhance the clinical fitting experience and ease-of-use for patients who are healing from serious elbow injuries such as stable fractures of the elbow, distal humerus, proximal radius, or ulna bones; tendon and ligament injuries and repair, and provide them both elbow immobilization and range-of-motion restriction.
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