Upper limb prosthetics is a medical device used replace an entirely or partially diseased or lost arm due to an accident, trauma, disease, and/or congenital anomaly. A prosthesis is an artificial device that substitutes for a missing part of the body. Upper limb prosthetics comprises socket, suspension, terminal device, interposing joints, and control system, among others. There are three major types of upper limb prosthetics, such as cosmetic, body-powered, and myoeletric. There are also hybrid type prostheses available. These prosthetics are lightweight, affordable, therapeutic, functional, and reliable than most bionic alternatives.
Market Statistics:
The global upper limb prosthetics market is estimated to account for US$ 907.6 Mn in terms of value by the end of 2022.
Drivers:
Rise in demand for upper limb prosthetics and rise in number of limb amputation procedures across the world are factors expected to hamper the growth of the global upper limb prosthetics market during the forecast period. For instance, with the rise in number of amputations and rise in number of road accidents or injuries, the demand for upper limb prosthetics and the number of limb amputation procedures is also increasing rapidly. In July 2021, Stryker announced the launch of Tornier shoulder arthroplasty portfolio and launched its Tornier product, the Perform Humeral Stem, which is designed with four collar diameters and is available in multiple lengths to optimize humeral fit and give surgeons the power to perform and the options to choose.
Opportunities:
Increase in research and development activities across the globe are expected to offer lucrative growth opportunities for players in the upper limb prosthetics market. For instance, players in the market and researchers worldwide are focusing on developing and launching novel limb prosthetics to meet rise in demand. In September 2021, Cleveland Clinic researchers developed a first-of-its-kind bionic arm for patients with upper limb amputations that allows the users to think, behave, and function like a person without an amputation. The bionic system combines three important functions such as intuitive motor control, touch and grip kinesthesia, and the intuitive feeling of opening and closing the hand.
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Restraints:
High cost of prosthetics, lack of awareness among people, and stringent regulatory scenario are major factors expected to hinder growth of the upper limb prosthetics market. For instance, the high cost associated with the upper limb prostheses is amongst the significant barrier to their adoption among amputees. Moreover, the U.S. Food and Drug Administration (FDA) classifies these prosthetics into class II medical devices, which require 510(k) approval to get approval for commercial use of the product. The 510(k) approval represents a complicated process that demonstrates safety and efficacy of the device.
Global Upper Limb Prosthetics Market - Impact of Coronavirus (Covid-19) Pandemic
Outbreak of COVID-19 has had a negative impact on the growth of the upper limb prosthetics market. Safety measures, such as nationwide lockdown and travel restrictions (to curb spread of the virus), across the world resulted in decreased public mobility and significantly impacted the joint replacement and limb amputation procedures (as these procedures were not included under emergency surgeries), as these procedures were postponed to decrease the burden on the healthcare infrastructure. However, with the ease of lockdown in many countries worldwide, elective surgeries resumed gradually.
Key Takeaways:
The global upper limb prosthetics market was valued at US$ 864.5 Mn in 2021 and is forecast to reach a value of US$ 1,219.7 Mn by 2028 at a CAGR of 5.0% between 2022 and 2028.
Among device type segment body powered segment held dominant position in the global upper limb prosthetics market in 2021, accounting for 49.2% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
Increase in cases of road accidents and rising number of sports injuries across the world have increased the demand for upper limb prosthetics. According to the World Health Organization (WHO), road accidents are a major public health problem as crashes kill more than 1.25 million people and injure about 50 million people a year, of which 90% casualties occur in developing countries. Similar trend is expected to be observed during the forecast period, and this in turn is expected to aid in the growth of the market.
Competitive Landscape:
Major players operating in the global upper limb prosthetics market include Open Bionics, Coapt LLC, WillowWood Global LLC, Steeper Inc., Ottobock SE & Co. KgaA, Ossur, Ortho Europe, Fillauer LLC, Protunix, and Blatchford Limited (Endolite India Ltd), among others.
Recent Developments:
In May 2020, Ossur purchased the rights to proprietary design and visualization software used in the shape capture, design and manufacture of prosthetics and orthotics from Standard Cyborg Inc., a company that develops cutting-edge computer vision tools.
In October 2019, Fillauer acquired Therapeutic Recreational Systems (TRS, Inc), the leading companies in the innovation of body-powered, upper limb prosthetic devices.
In June 2018, Coapt, LLC announced two new distribution agreements with Fillauer Europe AB and Orthopaedic Appliances Pty Ltd., that will bring its system to upper-limb amputees in Europe, Australia and New Zealand.
