Upper Limb Prosthetics Market to Reach $1.04 Bn, Globally, by 2030 at 4.2% CAGR: Allied Market Research

- Technological advancements in prosthetics and prevalence of bone conditions such as osteosarcoma, osteoporosis, and osteopenia drive the growth of the global upper limb prosthetics market.

PORTLAND, Ore., Feb. 2, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Upper Limb Prosthetics Market by Product Type (Passive Prosthetic Devices, Myoelectric Prosthetic Devices, Body Powered Prosthetic Devices, Hybrid Prosthetic Devices) Component (Prosthetic Wrist, Prosthetic Arm, Prosthetic Elbow, Prosthetic Shoulder, and Others) and End User (Hospitals, Prosthetic Clinics, Others): Global Opportunity Analysis and Industry Forecast, 2021-2030." According to the report, the global upper limb prosthetics industry generated $687.73 million in 2020, and is expected to generate $1.04 billion by 2030, registering a CAGR of 4.2% from 2021 to 2030.

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Drivers, Restraints, and Opportunities

Technological advancements in prosthetics, rise in number of accidents and trauma, and prevalence of bone conditions such as osteosarcoma, osteoporosis, and osteopenia drive the growth of the global upper limb prosthetics market. However, lack of reimbursement policies and high initial and maintenance costs associated with these devices hinder the market growth. On the other hand, favorable government initiatives to support amputees create new opportunities in the coming years.

Covid-19 Scenario

• The Covid-19 pandemic impacted the upper limb prosthetics market negatively as the many prosthetic procedures were postponed due to shift in focus toward treatment of Covid-infected patients and measures taken for avoidance of cross-contamination in hospitals. 
• According to the statistics of the University of Birmingham, nearly 6.3 million orthopedic surgeries were postponed or canceled across the world during the initial phase of the Covid-19 pandemic. However, the utilization of prosthetics increased post-lockdown.

The passive prosthetic devices segment to continue its lead position during the forecast period

Based on product type, the passive prosthetic devices segment held the highest share in 2020, accounting for more than two-fifths of the global upper limb prosthetics market, and is estimated to continue its lead position during the forecast period. Moreover, this segment is projected to manifest the highest CAGR of 5.0% from 2021 to 2030. This is due to increase in prevalence of bone diseases and surged demand for upper limb prosthetics. The research also analyzes segments including myoelectric prosthetic devices, body-powered prosthetic devices, and hybrid prosthetic devices.

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The prosthetic clinics segment to maintain its leadership status during the forecast period

Based on end user, the prosthetic clinics segment accounted for the largest share in 2020, contributing to more than two-thirds of the global upper limb prosthetics market, and is expected to maintain its leadership status during the forecast period. Moreover, this segment is estimated to portray the highest CAGR of 5.0% from 2021 to 2030. This is due to rise in number of prosthetics clinics and increase in usage of prosthetics in hospitals. The report also analyzes segments such as hospitals and others.

North America to offer lucrative opportunities

Based on region, North America contributed to the highest market share in 2020, accounting for around two-fifths of the global upper limb prosthetics market, and is expected to continue its dominance in terms of revenue by 2030. Moreover, this region is estimated to manifest the fastest CAGR of 5.1% from 2021 to 2030. This is due to increase in the prevalence of bone conditions such as osteosarcoma diseases and presence of leading market players in the region. The research also analyzes regions including Asia-Pacific, Europe, and LAMEA.

Leading Market Players

• CBPE Capital LLP (Blatchford Limited)
• Coapt LLC.
• Colfax Corporation (DJO, LLC)
• Ossur (College Park Industries)
• Mobius Bionics LLC
• Motorica LLC
• Naked Prosthetics
• Ottobock SE & Co. KGaA
• Protunix
• Steeper Group

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