Upper Limb Prosthetics Market Trends, Growth Insights And Forecast To 2027
Upper limb prosthetics market is anticipated to witness substantial gains on account of the increasing number of trauma cases and medical amputations. In 2018, the global market was valued at USD 1 billion with around 321,018 units utilized in the year.
Traumas can be afflicted by any major accidents ranging from car crashes to physical assaults which can lead to amputation of upper limb depending on the condition. While the medical amputations include removal of the upper limb resulting from any dreadful diseases like diabetes or cancer. After the limb is cut off, a prosthetic implant is fitted to mimic the functionality of the normal body part. Therefore, the increasing number of trauma cases and rising prevalence of some chronic diseases will foster upper limb prosthetics market growth.
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The technological advancements like 3D printing for manufacturing upper limb prosthetics will help lowering the product cost making it more affordable, and thereby impacting the industry trends.
Cost-effectivity and practicality are some of the favoring aspects of the terminal devices. Also, they require lower maintenance which will lead to high product adoption further boosting the market growth. As per estimates, terminal devices segment of upper limb prosthetics market is expected to grow at a CAGR of 11.8% over the forecast period.
People with diabetes and vascular diseases are at highest risk of amputations which will contribute to the largest share by cause. Currently cancer is the fastest growing segment by cause owing to the rising prevalence of cancer which also leads to majority of deaths across the globe. Rising prevalence of vascular diseases and diabetes may lead to increased number of amputations, which will support product adoption on a large scale, thereby, accelerating market share.
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The U.S. held largest regional share of global upper limb prosthetics market in 2018, owing to the established healthcare infrastructure coupled with high awareness of prosthesis among the citizens. Additionally, high technological adoption along with the presence of major manufacturers in the region will drive the U.S. market share during the forecast period. Furthermore, high government investments to support healthcare R&D will further stimulate the industry outlook.
Partial Chapter of the Table of Content
Chapter 2.Executive Summary
2.1. Upper limb prosthetics industry 3600 synopsis, 2014 - 2025
2.1.1.Business trends
2.1.2.Component trends
2.1.3.Product trends
2.1.4.Cause trends
2.1.5.End-use trends
2.1.6.Regional trends
Chapter 3.Upper Limb Prosthetics Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2014 – 2025
3.3. Industry impact forces
3.3.1.Growth drivers
3.3.1.1.Technological advancements in prosthetics
3.3.1.2.Increasing number of accidents and trauma
3.3.1.3.Rising geriatric population
3.3.2.Industry pitfalls & challenges
3.3.2.1.High cost of prosthetics
3.4.Growth potential analysis
3.4.1.By component
3.4.2.By product
3.4.3.By cause
3.4.4.By end-use
3.5. Regulatory scenario
3.6. Porter’s analysis
3.7. Competitive landscape, 2018
3.7.1.Strategy dashboard
3.8. PESTEL analysis
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