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, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030

Upper Limb Prosthetics market is estimated to grow at a substantial pace through the forecast timeline owing to the increasing number of patients experiencing sudden injuries and other vascular disorders that result in amputation.

One of the most common reasons for adult male amputations is trauma, which is responsible for around 80% of all hospital-acquired amputations worldwide. This rise in trauma cases around the world is causing a surge in product uptake, which will spur market expansion in the coming years. With robust R&D investments and efforts by the market players, the upper limb prosthetics market is set to expand rapidly and witness several product innovations and launches.

For instance, in February 2022, leading manufacturer of upper-limb prosthetics, COVVI Ltd, announced the launch of glove makeover for the COVVI hand. This glove improves the hand's sturdiness, durability, and aids high level of dexterity. The company was able to expand its product line and outperform its competitors technologically with this smart launch. Similarly, in December 2021, Steeper, experts in upper limb prosthetic technology, expanded its product line by announcing the launch of Espire Elbow as a commercial product. The Espire Elbow delivers cutting-edge technology, revolutionary designs, and is offered in myoelectric driven joints as well as lightweight mechanical types.

The upper limb prosthetics industry report is bifurcated in terms of component, product, end-use and region.

According to component, the terminal devices segment of the upper limb prosthetics market is anticipated to witness rapid growth. Terminal devices for electric prosthetics are available in a wide variety of forms, sizes, and styles. Electronic terminal devices are a popular alternative for individuals with upper limb differences due to their durability and water resistance. Furthermore, the growing development and availability of battery-powered, more robust terminal devices that are frequently user-controlled via myoelectric signals have surged the demand for the component.

As per product, the rising demand for hybrid prosthetic devices would boost the overall market size through the forecast period owing to a number of useful product features. A hybrid prosthesis provides a larger range of capabilities, which could increase its use in the workplace and other settings. Hybrid prostheses are typically advantageous for people who require more than one movable component and have greater levels of limb loss. Additionally, it can significantly aid in the functional recovery and rehabilitation of a person with an upper limb deficiency.

Based on end user, the Hospitals segment is predicted to generate high market revenue between 2023 and 2030. The market growth is attributed to the growing number of amputation surgeries carried out at hospitals. For instance, in the United States, there are about 10,000 new upper extremity amputations performed annually. Furthermore, in addition to providing continuous access to services for both acute and complex diseases, hospitals also complement and enhance the performance of many other components of the healthcare system.

Regionally, the need for healthcare facilities and services for prosthetics surgery has increased due to the growing need for prosthesis in middle eastern countries. By 2020, two-thirds of those who have had amputations live in areas with limited resources and the number of amputees was estimated to be 5 million, with about 25% of them being upper limb amputees, who reside in Africa. Furthermore, the MEA upper limb prosthetics market is expected to expand substantially, owing to the initiatives and efforts taken by the government.