The upper limb prosthetics market is expected to grow at a CAGR of 4.9% to reach US$505 million during the forecast period 2022-2028
The global sales of upper limb prostheses amounted to approximately US$379 million in 2022. According to detailed industry analysis, the global market upper limb prosthetics market is expected to grow at a CAGR of 4.9% and reach a valuation of US$505 million by 2028. Upper limb prostheses have grown in sales at a modest pace in recent years. Apart from a rising trend in cosmetic prostheses, the prevalence of sports injuries is contributing significantly to the growth in demand for upper limb prostheses in the global market.
The use of additive manufacturing/3D printing for prostheses is gaining momentum in the market, especially among amputees who cannot afford the high price associated with conventional limb prostheses. Adoption of upper limb prostheses has been ubiquitous in hospitals, at a steadily increasing rate. FMI expects a higher rate of adoption in prosthetic clinics in the coming years. However, high price coupled with incompatibility with mass production is likely to limit the rapid revenue growth of upper limb prosthetics market.
Several prominent players in the competitive landscape of Upper Limb Prosthetics market are prioritizing new product launches by looking at opportunities lying within competitive price ranges. While this strategy is likely to help companies improve their penetration in developing markets, others will also focus on developing practical accessories to facilitate the use of upper limb prostheses, such as gloves.
According to IMF analysis, a considerable number of competing companies in the upper limb prosthetic market are focused on providing prosthetic rehabilitation and amputee care services. The steady increase in demand for prostheses as a result of accidental and age-related disabilities will primarily drive sales of upper limb prostheses. The rapid increase in the number of orthopedic disorders and post-traumatic disabilities will also remain a key factor determining the demand for upper limb prostheses in the near future, according to the report.
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The prosthetic wrist will hold more than a quarter of the market share
Transradial disarticulation (below the elbow) will remain the key indication generating maximum demand for upper limb prostheses. The report shows a higher revenue share of more than 1/4e of the total value, collectively contributed by wrist disarticulation and transhumeral (above the elbow) disarticulation. Partial hand selling also recorded a moderately growing share of market revenue.
Wrist prosthesis sales account for more than a quarter of the total market value, while prosthetic arm is likely to develop the highest sales potential in the coming years. According to the IMF study, elbow prostheses and terminal devices are currently among the most sought-after components of upper limb prostheses after wrist prostheses. The combined revenue share of these two in the market is expected to be over 45% in 2019. However, shoulder prostheses will also continue to see moderate demand over the next few years.
Almost 2/5e of the total demand for upper limb prostheses is represented by myoelectric prostheses, followed by their body-powered counterparts. According to IMF analysis, passive prosthetics can be positioned as a relatively lucrative type of upper limb prosthesis.
North America and Europe hold more than 55% market share
While more than 55% of global market revenue comes from developed regional markets, the penetration of upper limb prostheses in most developing regions remains in its lag phase. According to the IMF study, the market in China, India and some of the rapidly developing economies in East and South Asia show promising growth prospects after 2019. The report attributes this growth to sophistication healthcare infrastructure, improved reimbursement scenario, rapidly expanding patient base and flourishing medical tourism sector.
Rising per capita health spending, surging private and public investment in R&D, and the influx of activities involving the shift of manufacturing bases to developing regional pockets have also been instrumental in establishing positive growth prospects for the upper limb prosthetics market in these regions.
The IMF forecasts a CAGR of 4.9% for the upper limb prosthetics market revenue over the period 2022-2028. The report has tracked some of the prominent players active in the global upper limb prosthetics market including Fillauer LLC, Touch Bionics Inc., Endolite India Ltd., College Park Industries, and Ottobock SE & Co. KGaA, among others.
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