The global market for upper limb prosthetics, a medical device used to replace an entirely or partially lost or diseased arm as a result of an accident, trauma, disease, or congenital anomaly, is anticipated to grow at a faster rate than average during the forecast period due to an increase in road accidents and injuries as well as an increase in amputations. Over 3 million people have had an arm amputated worldwide, according to Ohio State University. In total, 1.77 million persons have an amputation below the elbow, 0.84 million above the elbow, 0.24 million at the shoulder, and 0.15 million at the hand or shoulder. During the forecast period, an increase in the worldwide geriatric population is anticipated to boost market expansion for upper limb prostheses. For instance, musculoskeletal diseases are prevalent among the elderly. As a result, it is anticipated that there would be a global increase in demand for upper limb prostheses along with the incidence of musculoskeletal illnesses. The market for upper limb prosthetics is likely to experience considerable growth prospects as the frequency of limb amputation treatments rises.
According to Coherent Market Insights, The market for Upper limb Prosthetics was valued at US$ 864.5 Mn in 2021 and is anticipated to grow at a CAGR of 5.0% between 2022 and 2028 to reach US$ 1,219.7 Mn.
Leading Companies in the Upper Limb Prosthetics Industry:
1. Open Bionics
The company was started in 2014 and is based in Bristol, United Kingdom. The business creates affordable, 3D-printed prosthetic arms for amputees who have lost limbs below the elbow. Due to the ongoing Russian invasion of Ukraine in 2023, Open Bionics worked with the nonprofit organisation Superhumans Centre in Ukraine to equip Ukrainian soldiers with bionic Hero Arms.
2. Coapt LLC
The business was founded in 2012 and is based in Chicago, Illinois, United States. Coapt Systems, Inc. creates, manufactures, and sells facial rejuvenation goods. The company sells biodegradable items that can be used to mend soft tissue during treatments for facial cosmetic surgery. Liberating Technologies, Inc., which was owned by College Park Industries, was acquired by Coapt in July 2021.
3. WillowWood Global LLC
The firm was established in 1907 and is based in Mount Sterling, Ohio, United States. The business provides liners, raised hoover, prosthetic feet, modular components and other items to help people who have lost limbs continue to be active and live independent lives. The first prosthetic liner with incorporated electronics, the Alpha Control Liner System, was released in May 2023, according to a statement from the business and Coapt LLC.
4. Steeper Inc.
The company was started in 1921 and is based in Leeds, United Kingdom. In order to help elderly and seriously disabled individuals live more independently, the company provides a wide variety of upper limb prosthetic components that make use of cutting-edge myoelectric hands and control systems, sturdy body-powered components, and lightweight cosmetic systems.
5. Ottobock SE & Co. KgaA
The company was founded in 1919 and is based in Duderstadt, Germany. The business produces medical technology products. The business offers technology-related products and services, including prosthetics. Ottobock provides services to healthcare workers and patients everywhere.
6. Fillauer LLC
The company was started in 1914 and is based in Chattanooga, TN. Orthotic and prosthetic items are produced, distributed, and centrally fabricated by Fillauer LLC. The company offers services and products related to orthotic and prosthetic development, design, and technology.
7. Ossur
The business was started in 1971 and is based in Reykjavík, Iceland. The business creates, produces, and sells prosthetics, compression therapy, bracing and support goods, and other non-invasive orthopaedic equipment. In the research, creation, and distribution of non-invasive orthopaedics, Ossur possesses a broad range of skills.
Definition: An artificial device known as a prosthesis fills in a missing body part. A hand that has completely or partially been lost due to an accident, disease, injury, or trauma can be replaced with an upper limb prosthetic.
