Upper Limb Prosthetics Market Trends

Growth Drivers

Rising Geriatric Population – 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.
Growing Prevalence of Bone Cancer- The most frequent procedure for an arm bone tumour 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.

Challenges

Exorbitant Cost of Upper Limb Prosthetics - Implications for rehabilitation after upper limb amputation, abandonment rates in prosthetic rehabilitation have been demonstrated to reach higher than 40%, owing to which patients prefer other surgical methods for the treatment. As a result, the adoption rate of upper limb prosthetics is impacted.
Lack of Access to Prosthetic Care in Several Developing Regions
Lack of Skilled Professionals and Rehabilitation Services

Upper Limb Prosthetics Market: Key Insights

Base Year	2023
Forecast Year	2024-2036
CAGR	~5%
Base Year Market Size (2023)	~ USD 0.398 Billion
Forecast Year Market Size (2036)	~ USD 0.929 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Frequently Asked Questions (FAQ)

Growing number of road accidents and the growing advancements in upper limb prosthetics are the major factors driving the growth of the market.

The market size of Upper Limb Prosthetics is anticipated to attain a CAGR of 5% over the forecast period, i.e., 2024 â€“ 2036.

The major players in the market are Stryker Corporation, Ã–ssur hf, Mobius Bionics LLC, Protunix, Ortho Europe, Motorica LLC, Steeper, Inc., Fillauer LLC, Naked Prosthetics, and Endolite India Ltd.

The body powered prosthetic devices segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North American region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.

Upper Limb Prosthetics Market Trends