The upper limb prosthetics market studied is anticipated to grow with a CAGR of nearly 5. 5%, during the forecast period. 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.
New York, Nov. 24, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Upper Limb Prosthetics Market- Growth, Trends, and Forecasts (2020 - 2025)" - https://www.reportlinker.com/p05989475/?utm_source=GNW
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.
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 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.
However, the high cost of the devices and lack of reimbursement policies are considered as the major restraining factors for the upper limb prosthetics market.
Key Market Trends
Myoelectric is Expected to Hold Significant Share in the Global Upper Limb Prosthetics Market
Electric prostheses, also commonly known as myoelectric prostheses, are controlled using electric signals which are actually created by the body muscles. Specifically, these electric-powered prosthetics work by using the user’s existing muscles in the residual limb in order to control the functions of the prosthetic device itself. A sensor present within the device is able to obtain electrical signals from these muscles. Then it translates those signals into movements and executes the demands properly. Hence, these have become a great option for those who want a natural-looking prosthesis that utilizes existing nerves for functional use. There are severe issues associated with traumatic cases which include amputation the loss of a body part, usually a finger, toe, arm, or leg, occurs as the result of an accident or injury, hence the high incidence of various types of injuries is expected to drive the demand for such prosthetics, across the globe.
North America is Expected to Dominate the Global Upper Limb Prosthetics Market
The key factors driving the growth of the market in North America include the direct presence of key regional players, a strong distribution network, and a well-established healthcare infrastructure. Recent trends in the North American upper limb prosthetics market include the use of new polymer material and the development of prosthetic devices as per the functional need of patients. Manufacturers are concentrating on developing lightweight, yet highly long-lasting orthopedic prosthetics to satisfy the needs of the users. These factors boost the market in the North American countries.
The global Upper Limb Prosthetics market is competitive and consists of a few major players. Companies like Blatchford Limited (Endolite India Ltd), Fillauer LLC, Ortho Europe, Ossur, Ottobock SE & Co. KgaA, Steeper Inc., Protunix, WillowWood Global LLC, among others, hold the substantial market share in the market.
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