Road accidents are one of the main causes of bone fracture, and this is expected to be a key factor driving the growth of the upper limb prosthetics market. Rapid modernization and towering sales of high-performance vehicles are factors responsible for an increase in the number of road accidents. Also, rash driving and drunk driving are increasing the number of road accidents all over the world. These factors are expected to contribute to the increased growth of the upper limb prosthetics market.
Moreover, increasing geriatric population is one of the major factors driving the growth of upper limb prosthetics market. Old aged people are more susceptible to orthopedic diseases owing to weakening bones, which is another strong factor encouraging demand for upper limb prosthetics in the global market.
According to the latest UN statistics, more than 65% of amputations are performed on people aged 50 years and older. Increasing prevalence of diabetes is also cited as a significant impact factor associated with growing demand for upper limb prosthetics.
Increased Sports and Physical Fitness Activities Supporting Demand Growth
The focus on physical fitness, leisure sports, and other physical activities such as aerobics and running among others is growing, even among amputees, which has led to an increased demand for upper limb prosthetics. An increasing number of bone injuries directly impacts the demand for new upper limb prosthetics in the market. Development of innovative upper limb prosthetics are enabling amputees to actively participate in fitness and leisure sports, and also to perform their daily activities like grasping, eating, and the like.
There are many social programs that are being organized by different social committees that play an important role in encouraging amputees to participate in various sports activities, which has been a significant booster to the sales of upper limb prosthetics.
Increasing Prevalence of Bone Diseases to Propel Demand for Upper Limb Prosthetics
The increasing prevalence of bone diseases such as osteoporosis, osteosarcoma, osteonecrosis, osteopenia, and others is another important factor that is expected to fuel the growth of the upper limb prosthetics market. Some of the other commonplace bone disorders such as hyperparathyroidism, Paget’s disease of the bones, rickets, and osteomalacia and osteogenesis imperfect also affect bone strength severely and may add to the elevating demand for upper limb prosthetics. These diseases substantially decrease bone density and thereby raise the chances of bone fractures. This is expected to increase the demand for upper limb prosthetics.
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Technological Advancements Catalyzing Market Growth
With advancements in prosthetic technology, the adoption rate of prosthetic devices is increasing, which is expected to fuel the growth of the upper limb prosthetics market. Advanced technologies have led to an improved lifestyle for upper limb prosthetic users, further increasing the demand in the market. Innovative 3-D printed prosthetic implants are also becoming commonplace in the rapidly evolving market.
Competitive Landscape of the Global Upper Limb Prosthetics Market Report
The report has a section focusing on market competition the profiles the key players operating in the upper limb prosthetics market, based on the product offerings and revenue contribution. Some of the key players featured in this report include Touch Bionics Inc., Fillauer LLC, Endolite India Ltd., Ottobock SE & Co. KGaA, College Park Industries, Steeper Inc., and TRS Inc.
Key manufacturers in upper limb prosthetics landscape are offering a wide range of products. Ottobock SE & Co. KGaA is maintaining the strategic focus on enhancing value proposition of their products. The company is recognized for an advanced medical products portfolio and has been strategizing on patient-centric offerings. Fillauer LLC manufactures more than 3,000 prosthetic products with multiple advanced features that are responsible for allowing movement.
Several key manufacturers of upper limb prosthetics are focusing on the innovation of new products with advanced characteristic features, and provision of rehabilitative services. Some of the leading companies are also involved actively in strategic acquisitions and collaborations targeting introduction of innovative products in the upper limb prosthetics market.
Upper limb prosthetics are artificial implants that are used to replace a defected body organ or limb. These upper limb prosthetics enhance the lifestyle of an amputee by allowing the person to move properly
There are various factors that are responsible for the loss of a limb:
- Genetic Disorder
Upper limb prosthetics help perform various tasks such as grasping, occupational challenges such as painting, weightlifting, hammering, and activities related to our daily lives such as writing, eating, and dressing.
These upper limb prosthetics are very expensive as they are manufactured according to the size and anatomy of the amputee.
About the Report
The company conducted a research study on the upper limb prosthetics market for the forecast period 2018 to 2028. The report shows a comprehensive evaluation of the business opportunities arising in the upper limb prosthetics market. The report also explains the main dynamics of the upper limb prosthetics market.
Additional Questions Answered
Some of the additional questions addressed in this report on the upper limb prosthetics market are-
- What is the revenue potential of the products related to upper limb prosthetics across the regions of North America and Europe?
- Who are the key competitors and what are their portfolios in the upper limb prosthetics market?
- What are major challenges influencing the growth of the upper limb prosthetics market?
- How is intervention from insurance coverage shaping the growth of the upper limb prosthetics market?
The upper limb prosthetics market has been calculated by studying various market parameters that are primarily based on medical devices. Different strategies adopted by manufacturers of upper limb prosthetics are analyzed. These studies are used to obtain an estimation of the overall market. This information is further validated with rigorous primary and secondary research.
Based on product type, the upper limb prosthetics market is segmented into
- passive upper limb prosthetics
- body powdered upper limb prosthetics
- myoelectric upper limb prosthetics
- hybrid upper limb prosthetics.
Based on component, the upper limb prosthetics market is segmented into
- prosthetic wrists
- prosthetic elbows
- prosthetic shoulders
- prosthetic arms
- terminal devices.
Based on indication, the upper limb prosthetics market is segmented into
- forequarter amputations
- shoulder disarticulation
- transhumeral disarticulation
- elbow disarticulation
- transradial disarticulation
- wrist disarticulation
- partial hand
- fingers amputations.
Based on end user, the upper limb prosthetics market is segmented into
- prosthetic clinics
- rehabilitation centers