Global Upper Limb Prosthetics Market - 2022-2029

Market Overview

The global upper limb prosthetics market size was valued at US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

Upper limb prostheses are medical devices used to replace a sick or missing arm that has been partially or completely lost due to an accident, disease, trauma, or congenital disability. Interposing joints, terminal devices (TD), sockets, suspension, and control systems are all part of upper limb prostheses.

Market Dynamics

The rise in rates of kidney disorders, complications associated with kidney transplants, and the prevalence of lifestyle and chronic diseases are some of the primary drivers driving the Upper Limb Prosthetics market.

Increasing prevalence of sports injuries will drive the market growth

The increased prevalence of sports injuries, such as tennis elbow and other illnesses, is expected to boost the tissue sealant market as the demand for treatment, including operations, increases. According to the United Kingdom National Health Service's 2020 data, tennis elbow is a frequent ailment that affects 1-3 percent of the population, resulting in 4 to 7 occurrences per 1000 per year. Because of the high frequency of tennis elbow in the country, demand for prosthetic elbow will rise, propelling the market forward. Furthermore, the rising number of incidents of road accidents worldwide has increased the demand for upper limb prosthetics. According to the National Highway Traffic Safety Administration's Traffic Safety Facts, pedal cyclist fatalities climbed by 38 percent in the United States from 2010 to 2018. A similar trend was observed in Australia, with 1,195 road crash deaths in 2019, representing a 5.3 percent rise over 2018. These occurrences result in upper and lower limb injuries or diseases, which may necessitate amputation. The rising incidence of traffic accidents and injuries is expected to encourage upper limb prostheses in arm amputation treatments, enhancing the industry's growth.

According to data released by the American Cancer Society in October 2020, approximately 1,000 new osteosarcoma cases are identified in the United States each year, with the majority of cases affecting teens and adults. Almost all osteosarcomas require surgery, which includes a biopsy to detect cancer and the excision of the tumor. As a result, many bone cancer cases in the United States and worldwide boost demand for prosthetics, favorably impacting the market under consideration. An increase will aid the expansion of the upper limb prosthetics market in the number of trauma cases and amputations in the future years. Over the next few years, the market for upper limb prosthetics will be bolstered by increasing diabetic patients. According to the International Diabetes Federation (IDF), over 435 million people will have diabetes by 2030. Over the forecast period, such factors are projected to promote the growth of the upper limb prosthetics market.

The high cost of upper limb prosthetics is likely to hamper the market growth

However, the high cost of upper limb prosthetics and the current regulatory environment may negatively impact the industry's growth. The cost of a normally made arm prosthesis in 2019 ranges from USD 4,000 to USD 75,000, according to the National Center for Bioinformatics Information (NCBI). The high expense of upper-limb prostheses is one of the most important barriers to their adoption by amputees. Furthermore, the United States of America The FDA keeps a close eye on medical device development, approval, and post-approval adverse effects, including upper-limb prosthesis. These devices are designated as Class II, which means they must go through a premarket notification (510k) process to receive permission for commercial use. The 510(k) approval is a lengthy process that verifies the device's safety and effectiveness. As a result, the high cost of upper limb prosthetics and the rigid regulatory framework may stifle the market's growth.

COVID-19 Impact Analysis

The advent of the COVID-19 pandemic has resulted in an upsurge in hospitalizations, which is an unprecedented public health risk. The coronavirus pandemic caused enormous illness loads, fatalities, and financial hardships worldwide. Several countries have enacted statewide lockdowns and emergencies to stem the spread of the illness. Following COVID-19, surgeons were instructed to do only the necessary procedures. This has had a significant impact on the market for the upper-limb prosthesis. As a result of COVID-19's significant influence on amputation surgeries, the adoption of upper limb prosthetics has decreased to some extent worldwide, further affecting market demand.

COVID-19 has posed a serious threat to the entire planet. COVID-19 is contagious, according to the World Health Organization (WHO), and most people infected with the virus have mild to moderate respiratory disease. The COVID-19 epidemic had a minor impact on the market for the upper-limb prosthesis. Lockdown measures used worldwide reduced public movement and had a considerable influence on joint replacement treatments and other surgeries, as non-urgent procedures were postponed to reduce the strain on healthcare facilities. According to a study published in the British Journal of Surgery, about 28.4 million elective procedures were canceled or postponed worldwide in May 2020, based on 12 weeks of peak interruption to hospital services owing to COVID-19. According to research completed by an international group in May 2020, the COVID-19 pandemic caused more than 580,000 planned procedures in India to be canceled or delayed. However, with lifting the upliftment ban and the ensuing lockdown in many countries, elective procedures have gradually resumed. Upper limb prosthetic surgeries were not included in the emergency surgery category, which impacted the market.

Segment Analysis

The myoelectric prosthetic devices segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

Electric prostheses, also called myoelectric prostheses, are controlled by electric signals generated by the body's muscles. These electric-powered prosthetics utilize the user's existing muscles in the residual limb to operate the prosthetic device's operations. The device has a sensor that can detect electrical signals from these muscles. The system then converts the signals into movements and accurately performs the commands. As a result, these have become a popular choice for folks who desire a natural-looking prosthesis that works with their existing nerves. Amputation is one of the worst complications linked with traumatic instances. Because the loss of a bodily part, usually a finger, toe, arm, or leg, occurs due to an accident or injury, the high prevalence of various sorts of injuries is predicted to boost demand for such prostheses around the world.

In addition, recent product launches will substantially impact market growth. Steeper Group, for example, debuted its Myoelectric System in September 2021. This system is intended to provide patients and professionals worldwide with a long-lasting, high-capacity upper limb system at a reasonable price. Furthermore, recent technological advancements and studies demonstrating the efficacy of myoelectric prosthetics are expected to boost the market. For example, according to a December 2020 titled "Myoelectric untethered robotic glove enhances hand function and performance on daily living tasks after stroke," myoelectric untethered robotic gloves improve motion and bimanual task performance and motivate people to use their muscles during engaging activities of daily living.As a result of the variables discussed above, the studied segment is predicted to increase significantly throughout the projection period.

Geographical Analysis

North America region holds the largest market share of the global upper limb prosthetics market

The direct presence of important regional players, a strong distribution network, and a well-established healthcare infrastructure are the key drivers driving the market's expansion in North America. The use of new polymer materials and the creation of prosthetic devices tailored to the functional needs of patients are two recent trends in the North American upper limb prosthetics market. To meet the needs of consumers, manufacturers are working on manufacturing lightweight, long-lasting orthopedic prosthetics. These variables have a positive impact on the market in North America.

The market will be driven by technological improvements in upper limb prosthetics in the United States. For example, Cleveland Clinic researchers developed a first-of-its-kind bionic arm for patients with upper-limb amputations in September 2021 that allows wearers to think, behave, and function normally. It will allow patients to send nerve impulses from their brains to the prosthetic when they want to use or move it and receive physical information from their surroundings and communicate it back to their brain via their nerves. As a result of the factors mentioned above, the upper limb prosthetics market in North America is predicted to increase significantly over the study period

Competitive Landscape

The upper limb prosthetics market is a fiercely competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Ossur, Fillauer LLC, Steeper Inc, Ottobock SE & Co.KgaA, Ortho Europe, Protunix, Willow Wood, Blatchford Limited, College Park Industries, TRS Inc, Mobius Bionics, Motorica LLC, Naked Prosthetics among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the upper limb prosthetics market globally. For instance, In April 2019, Ossur and the Alfred Mann Foundation (AMF) recently agreed to collaborate on developing and licensing AMF's implanted myoelectric sensor (IMES) device. The company was able to achieve a competitive advantage and increase its industry position due to this strategic relationship.

Key Developments

In May 2018, Ossur and Touch Bionics have agreed to invest USD 7.6 million (GBP 5.6 million) over three years to develop breakthrough myoelectric prosthetic devices. This investment aided the organization in advancing its innovation and R&D skills in the marketplace.

Ossur

Overview:

Ossur hf. is an Icelandic firm that develops, manufactures, and sells non-invasive orthopedic equipment, such as bracing and support items, compression therapy, and prostheses.

Product Portfolio:

i-Limb Ultra titanium hand: The i-Limb Ultra titanium hand has all of the advantages of the i-Limb Ultra hand, plus titanium-enhanced fingers that improve carry the load by 50%.

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