Market Challenges And Opportunities

However, factors such as high cost of upper limb prosthetics and stringent regulatory scenario are major factors expected to hamper growth of the upper limb prosthetics market.

Global Upper Limb Prosthetics Market Drivers:

Increase in number of road accidents/injuries and rise in number of amputations is expected to augment growth of the global upper limb prosthetics market during the forecast period. Upper limb prosthetics is a medical device used to replace an entirely or partially lost or diseased arm due to an accident, trauma, disease, or congenital anomaly. According to Ohio State University, over 3 million people worldwide have an arm amputation. Around 1.77 million people have an amputation below the elbow, 0.84 million have an amputation above the elbow, 0.24 million have a shoulder amputation, and 0.15 million have a hand or should amputation.

Growing geriatric population across the globe is expected to boost growth of the global upper limb prosthetics market during the forecast period. For instance, musculoskeletal disorders are common in elderly population. Thus, with the rise in incidence of musculoskeletal disorders, the demand for upper limb prosthetics is also expected to increase worldwide. According to the World Health Organization (WHO), by 2030, 1 in 6 people in the world will be aged 60 years or over, and this number is expected to reach around 2.1 billion by 2050.

Global Upper Limb Prosthetics Market Opportunities:

Increase in the number of limb amputation procedures is expected to provide significant growth opportunities for players in the upper limb prosthetics market. For instance, amputation is the surgical removal of all or part of a limb or extremity such as an arm. Upper limb amputation is the removal of any part of the upper extremity by surgery. In July 2021, Ossur announced the launch of the Rebound Post-Op Elbow Brace, a non-invasive, lightweight adjustable brace with intuitive design features intended to optimize the fitting experience for clinicians and ease of use for patients who are recovering from a severe elbow injury or surgical procedures.

Increase in research and development around the world is expected to provide lucrative growth opportunities for players in the global upper limb prosthetics market. With the rise in number of amputations worldwide, the demand for upper limb prosthetics is also increasing. As a result, market players are focusing on developing novel products. For instance, in May 2018, Ossur planned to invest US$ 7.6 million to design advanced myoelectric prosthetic solutions at Touch Bionics facility. This investment assisted the company in driving innovation and research and development capabilities in the market.

Global Upper Limb Prosthetics Market Restraints:

High cost of upper limb prosthetics is expected to hamper the growth of the global upper limb prosthetics market. For instance, according to National Center for Bioinformatics Information (NCBI), in 2019, the cost of conventionally manufactured arm prosthesis is very high, ranging from US$ 4,000 to 75,000. The high cost associated with the upper-limb prostheses is amongst the significant barrier to their adoption among amputees, and this in turn is expected to hinder growth of the upper limb prosthetics market.

Stringent regulatory scenario is expected to hinder growth of the upper limb prosthetics market. For instance, the U.S. Food and Drug Administration (FDA) closely monitors development, approval, and post-approval adverse effects related to medical devices, including upper limb prosthetics. FDA classifies these devices into class II devices, which require 510(k) approval to get approval for commercial use of the product. 510(k) approval represents a complicated process that demonstrates safety and efficacy of the device.