Upper Limb Prosthetics Market 2028 | The competitive outlook, profiles and growth strategies of major players are Touch Bionics Inc., Fillauer LLC, Endolite India Ltd. etc.
According to a new study from Future Market Insights (IMF), sales of upper limb prostheses in 2019 are expected to approach US $ 330 million and register year-on-year growth of 4.4% from 2018. Limb prostheses Senior executives have seen sales growth at a modest pace lately. Besides an upward trend in cosmetic prostheses, the prevalence of sports injuries is contributing significantly to the growth of the demand for upper extremity 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 tag associated with conventional limb prostheses. The adoption of upper limb prostheses has been ubiquitous in hospitals, at a steadily increasing rate. IMF expects a higher adoption rate in prosthetic clinics in the coming years. However, a high price, coupled with an incompatibility of mass production, is most likely to limit the rapid growth in income of upper limb prosthesis market.
Several leading players in the competitive landscape of the upper limb prosthesis market are prioritizing new product launches by eyeing opportunities within competitive price ranges. While this strategy is likely to help companies improve their penetration into developing markets, others will also focus on the development of practical accessories to aid in the use of upper limb prostheses – such as gloves for the upper limbs. hands.
According to IMF analysis, a considerable number of companies competing in the upper limb prosthesis market are focused on providing prosthetic rehabilitation services and amputee care. The growing demand for prostheses as a result of accidental and aging-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 fourth market share
Transradial disarticulation (below the elbow) will remain the key indication generating maximum demand for upper limb prostheses. Report shows higher revenue share of more than 1/4e of the total value, brought together by the disarticulation of the wrist and the transhumeral disarticulation (above the elbow). The partial hand sale also recorded a moderately increasing share of market revenue.
Sales of prosthetic wrists represent more than a quarter of the total market value, while the prosthetic arm is likely to develop the highest sales potential in the years to come. According to the IMF study, elbow prostheses and terminals are currently among the highly sought after components of upper limb prostheses after the wrist prosthesis. The combined revenue share of these two in the market is expected to be over 45% in 2019. However, prosthetic shoulders will also continue to experience 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 muscle counterparts. According to the IMF analysis, passive prostheses can be positioned as a relatively lucrative type of upper limb prosthesis.
Analysis Overview Global Upper Limb Prosthetics Market Segmentation By Product Type (Passive Prostheses, Body-Powered Prostheses, Myoelectric Prostheses, Hybrid Prostheses); By components (prosthetic wrist, prosthetic elbow, prosthetic shoulders, prosthetic arm, end devices); By indication (forequarter amputations, shoulder disarticulation, transhumeral disarticulation (above the elbow), elbow disarticulation, transradial disarticulation (below the elbow), wrist disarticulation, partial hand, finger amputations); By end user (hospitals, prosthetic clinics, outpatient surgery centers): https://www.futuremarketinsights.com/reports/upper-limb-prosthetics-market
North America and Europe have over 55% market value share
While over 55% of the global market revenue comes from developed regional markets, the penetration of upper limb prostheses in most of the developing regions remains in its latency. According to the IMF study, the market in China, India and some of the fast-developing economies of East and South Asian economies points to promising growth prospects after 2019. The report attributes this growth to the sophistication of health care infrastructure and improved reimbursement scenario, the rapid expansion of the patient base and the flourishing medical tourism sector.
The increase in health spending per capita, the surge in private and public investment in R&D and the influx of activities involving the relocation of manufacturing bases to developing regional pockets have also played a decisive role in establishing positive growth prospects for the upper limb prosthesis market in these regions.
IMF forecasts a 4.8% CAGR for upper limb prosthetics market revenue over 2018-2028. The report has followed some of the largest players active in the global upper limb prosthesis market including Fillauer LLC, Touch Bionics Inc., Endolite India Ltd., College Park Industries, and Ottobock SE & Co. KGaA, among others.
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