Market Research Report
Prosthetic Arm Market - Forecasts from 2021 to 2026
|Prosthetic Arm Market - Forecasts from 2021 to 2026|
Published: July 7, 2021
Knowledge Sourcing Intelligence
Content info: 110 Pages
Delivery time: 1-2 business days
The global prosthetic arm market is evaluated at US$ 880.783 million for the year 2019 growing at a CAGR of 12.54% reaching a market size of US$ 2014.162 million by the year 2026. The market for the prosthetic arm has seen high growth in recent years, driven by increased healthcare spending in emerging economies, the growing relevance of the public-private partnership (PPP) model across different regions, a rise in the prevalence of joint-related diseases, an increase in the aging population. Innovations in smartphone technology like cybernetic arms powered and controlled by a smartphone and the use of accelerometer technology provide significant market opportunities, while Bluetooth communication continues to strengthen growth. Geographically, the market has been prominent in developed countries with advanced healthcare systems, with the United States and Europe taking the lead, however growing awareness and information and technology spill resulting from increased global integration has significantly bolstered demand for prosthetic arms in the developing world. Certain factors that are driving the market growth include an increasing number of serious injuries and a rise in the number of amputations and technological advancements.
According to the United States Department of Health and Human Services, around 8.7 million sports and recreation injuries were reported in 2018 in the United States. Out of these, 72% were injuries related to lower and upper extremities. The injuries are increasing at a rapid rate and are a major factor for the growth of the upper limb prosthetics market.
The increasing incidence of osteosarcoma is also increasing the demand for prosthetics and orthotics products. A report published by the National Cancer Institute estimated around 3,450 new cases of bone and joint cancer in 2018, resulting in 1,590 deaths globally. Children with the Cancer United Kingdom, a member of the Association of Medical Research Charities (AMRC), reported that osteosarcoma is the most common bone tumor in children, and every year around 30 new children are diagnosed with the disease in the United Kingdom as of 2018.
The market has been significantly driven by the increasing health expenditures done by several governments to enhance the technological advancements in the sector.
The increasing number of sports injuries will boost the global prosthetic arm market growth. The rising prevalence of bone-related diseases such as osteosarcoma, osteoporosis, and osteopenia will augment the growth of the global market. The increasing geriatric population will also drive market growth. Increasing the use of 3D printing for prosthetics manufacturing will lower the cost of production, thus boosting the market growth. Demographic factors such as rising life expectancy and average age will also impact the overall growth of the market. However, the high price of prosthetics and maintenance costs associated with these devices will hamper the market growth over the forecast period.
The advent of COVID-19 harmed the prosthetic arm market given the restricted movement of people during the period. The injuries and accidents during the period witnessed a significant decline in the year as the governments across the world-imposed lockdowns to curb the widespread of the disease. This resulted in a lesser number of unintentional injuries during the period, lowering the demand for prosthetic arm treatment. The patients in critical conditions were treated during the period and the ones which required continuous medical attention, Furthermore, the market is expected to witness a stagnant growth during the forecast period as usual activities resume in the coming years and also due to the technological innovations taking place in the healthcare sector.
Increasing cases of amputations are expected to fuel the market during the forecast period.
According to the data provided by the National Health Interview Survey and Vital Statistics report, there are an estimated 1.9 million amputees in the United States and approximately 185,000 amputations surgeries performed each year. Of those amputations performed, 82% are due to Peripheral Vascular Disease and Diabetes. However, there are other causes of amputation. Approximately 8,900 children receive amputations each year due to lawnmower accidents. Birth defects result in a lifelong need for prosthetic devices. About 6,000 of these are upper extremity amputees in a given year. Walter Reed Army Medical Center is treating about 1,000 military amputees. The Veterans Administration has 40,000 amputees currently receiving services in the VA healthcare system.
In western developed countries the rate of amputations of lower limbs is 17.1 amputations per 100,000 inhabitants - in Spain alone, 5,000 such amputations are carried out each year. The overall annual numbers of amputees in the U.S. as well in the Veterans Administration healthcare system are accelerating because of diabetes-related limb amputations. The growth rate of the over-65 age group is nearly triple that of the under65 age group. More than 65 percent of amputations are performed on people age 50 and older. There is a direct correlation between age and the onset of diabetes and vascular disease, which are the leading causes of amputations. Limb loss does not affect just the aged. Every day in the United States, children are born with missing limbs, and teenagers 7 suffer amputations as a result of accidents or cancer. Today there are approximately 200 amputee-clinic teams in operation throughout the United States.
Middle East & Africa