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Report
Upper Limb Prosthetics Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 110 Pages I Mordor Intelligence
The upper limb prosthetics market studied is anticipated to witness a CAGR of nearly 5.5% during the forecast period. Certain factors that are driving the market growth include an increasing number of serious injuries and a rise in the number of amputations and technological advancements.
The world has been facing the huge threat of COVID-19. As per the World Health Organization (WHO), COVID-19 is infectious, and most people infected by the virus experience mild to moderate respiratory illness. The COVID-19 outbreak had a slightly negative impact on the upper limb prosthetics market. The lockdown measures across the world resulted in decreased public mobility and significantly impacted the joint replacement procedures and other surgeries, as the procedures which were non-immediate were postponed to decrease the burden on healthcare infrastructure. According to the study published in the British Journal of Surgery, in May 2020, based on a 12-week period of peak disruption to hospital services due to COVID-19, around 28.4 million elective surgeries worldwide were canceled or postponed. More than 580,000 planned surgeries in India were either canceled or delayed as a result of the COVID-19 pandemic, according to a study conducted by an international consortium in May 2020. However, with the upliftment ban and lockdown in many countries, elective surgeries resumed gradually. The upper limb prosthetic surgeries were not included under emergency surgery, thereby impacting the studied market.
The rising burden of sports injuries such as tennis elbow and other disorders is anticipated to fuel the tissue sealant market as the incidences of these disorders will increase the demand for their treatment, including surgeries. As per the 2020 statistics by the United Kingdom National Health Service, tennis elbow is a common condition affecting about 1-3% of the population, indicating about 4 to 7 cases per 1000 every year. Also, the high prevalence rate of tennis elbows in the country will increase the demand for prosthetics elbow, thus driving the market growth.
According to the data published by the American Cancer Society Inc. in October 2020, about 1,000 new cases of osteosarcoma are diagnosed in the United States every year, majorly targeting teens and adults. Surgery is an important part of treatment for almost all osteosarcomas, including the biopsy to diagnose cancer and the removal of the tumor. Therefore, a high number of bone cancer cases in the United States and across the world boost the demand for prosthetics, thereby positively impacting the market studied.
However, the high cost of the devices and lack of reimbursement policies are considered the major restraining factors for the upper limb prosthetics market.
Upper Limb Prosthetics Market Trends
Myoelectric Expected to Hold Significant Share in the Upper Limb Prosthetics Market
Electric prostheses, also commonly known as myoelectric prostheses, are controlled using electric signals, which are actually created by the body muscles. Specifically, these electric-powered prosthetics work by using the user's existing muscles in the residual limb in order to control the functions of the prosthetic device itself. A sensor present within the device is able to obtain electrical signals from these muscles. Then it translates those signals into movements and executes the demands properly. Hence, these have become a great option for those who want a natural-looking prosthesis that utilizes existing nerves for functional use. There are severe issues associated with traumatic cases, which include amputation, the loss of a body part, usually a finger, toe, arm, or leg, which occurs as the result of an accident or injury, hence the high incidence of various types of injuries is expected to drive the demand for such prosthetics, across the world.
Additionally, recent product launches will also contribute significantly to the market growth. For instance, in September 2021, Steeper Group launched its Myoelectric System. This system is designed to offer patients and clinicians across the globe a durable, high-capacity upper limb system at an affordable cost.
Moreover, recent technological advancements and studies proving the efficacies of myoelectric prosthetics are expected to contribute to the studied market. For instance, a study "Myoelectric untethered robotic glove enhances hand function and performance on daily living tasks after stroke," published in December 2020, suggests that myoelectric untethered robotic gloves enhance the motion and bimanual task performance and motivate people to use their muscles during engaging activities of daily living.
Thus, due to the above-mentioned factors, the studied segment is expected to grow significantly over the forecast period.
North America is Expected to Dominate the Upper Limb Prosthetics Market
The key factors driving the growth of the market in North America include the direct presence of key regional players, a strong distribution network, and a well-established healthcare infrastructure. Recent trends in the North American upper limb prosthetics market include the use of new polymer materials and the development of prosthetic devices as per the functional need of patients. Manufacturers are concentrating on developing lightweight yet highly long-lasting orthopedic prosthetics to satisfy the needs of the users. These factors boost the market in North American countries.
Technological advancements in the field of upper limb prosthetics in the United States will drive the market. For instance, in September 2021, Cleveland Clinic researchers engineered a first-of-its-kind bionic arm for patients with upper-limb amputations that allows wearers to think, behave and function as a person without an amputation. It will enable patients to send nerve impulses from their brains to the prosthetic when they want to use or move it and to receive physical information from the environment and relay it back to their brain through their nerves.
Thus, due to the above-mentioned factors, the upper limb prosthetics market is expected to grow significantly in the North American region during the study period.
Upper Limb Prosthetics Market Competitor Analysis
The upper limb prosthetics market is competitive and consists of a few major players. Companies like Blatchford Limited (Endolite India Ltd), Fillauer LLC, Ortho Europe, Ossur, Ottobock SE & Co. KgaA, Steeper Inc., Protunix, WillowWood Global LLC hold a substantial market share.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Number of Serious Injuries and Rise in Number of Amputations
4.2.2 Technological Advancements
4.3 Market Restraints
4.3.1 High Prices of Prosthetics
4.3.2 Lack of Awareness in Developing Regions
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD Million)
5.1 By Device Type
5.1.1 Body Powered
5.1.2 Passive
5.1.3 Hybrid
5.1.4 Myoelectric
5.2 By Component
5.2.1 Prosthetic Elbow
5.2.2 Prosthetic Wrist
5.2.3 Prosthetic Arm
5.2.4 Prosthetic Shoulder
5.2.5 Other Components
5.3 By End User
5.3.1 Hospitals
5.3.2 Prosthetic Clinics
5.3.3 Other End Users
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Middle-East
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of Middle-East
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Blatchford Limited (Endolite India Ltd)
6.1.2 Fillauer LLC
6.1.3 Ortho Europe
6.1.4 Ossur
6.1.5 Ottobock SE & Co. KgaA
6.1.6 Steeper Inc.
6.1.7 Protunix
6.1.8 WillowWood Global LLC
6.1.9 COAPT LLC
6.1.10 Open Bionics Ltd
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