Upper Limb Prosthetics Market Size By Component (Prosthetic Wrist, Prosthetic Elbow, Prosthetic Shoulder, Prosthetic Arm, Terminal Devices), By Product (Passive Prosthetic Devices, Body Powered Prosthetic Devices, Myoelectric Prosthetic Devices, Hybrid Pr

Upper Limb Prosthetics Market Size By Component (Prosthetic Wrist, Prosthetic Elbow, Prosthetic Shoulder, Prosthetic Arm, Terminal Devices), By Product (Passive Prosthetic Devices, Body Powered Prosthetic Devices, Myoelectric Prosthetic Devices, Hybrid Prosthetic Devices), By End-use (Hospitals, Prosthetic Clinics, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Application Potential, Competitive Market Share & Forecast, 2022 - 2028

The upper limb prosthetics market is poised to exhibit sizable growth by 2028 owing to prevalent product demand in key regions across the globe. In addition, latest innovations in the field of prosthetics are estimated to further support market growth through the forecast timeline.

Key elements of upper limb prostheses include interposing joints, socket, suspension, the terminal device (TD), and control system. Recently, technological developments in prosthetics have significantly improved the product landscape, thereby positively impacting upper limb prosthetics industry outlook.

For instance, in February 2022, a team of scientists from UC Davis collaborated with reconstructive surgeons to rewire residual nerves around a patient’s amputation to decrease nerve ending pains by leveraging a novel surgical procedure known as Targeted Muscle Reinnervation (TMR), enhancing the quality of life for these patients. TMR refers to a surgical procedure that reroutes residual nerve endings to a nearby muscle, which reduces two main types of pain that can become unbearable for the patients.

The upper limb prosthetics market has bee segregated on the basis of component, product, end-use, and region. Based on component, the market has been further segmented into prosthetic elbow, prosthetic shoulder, prosthetic wrist, prosthetic arm, and terminal devices.

The prosthetic arm sub-segment is expected to reach a valuation of more than USD 348 million by 2028, progressing at a solid CAGR through the assessment timeframe. Technological advancements and launch of advanced prosthetics are likely to fuel the growth of the segment in the forthcoming years.

In terms of product, the upper limb prosthetics market has been categorized into myoelectric prosthetic devices, passive prosthetic devices, hybrid prosthetic devices, and body powered prosthetic devices. The body powered prosthetic devices sub-segment accounted for substantial market share in 2021 and is anticipated to witness notable growth over the analysis timeline to surpass USD 223 million in revenue by 2028. Numerous advantages offered by these devices are set to drive product demand over the following years.

With respect to end-use, the market has been divided into ambulatory surgical centers, hospitals, and prosthetic clinics. In 2021, the hospitals sub-segment held a considerable share in the upper limb prosthetics market and is projected to observe robust expansion to exceed a valuation of USD 279 million by 2028. Mounting utilization rates of upper limb prosthetics in hospitals are foreseen to propel segmental development in the upcoming years.

On the regional spectrum, the Middle East & Africa upper limb prosthetics market was valued at about USD 19.2 million in 2021 and is speculated to see steady growth at approximately 3.9% CAGR through the forecast period. Growing adoption of upper limb prosthetics across the countries in MEA is primed to support regional market growth in the future.