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Upper Limb Prosthetics Market will expand at healthy CAGR of 4.8% in 2028

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Upper limb prosthetic sales in 2019 are estimated to close in on US$ 330 Mn, and record a Y-o-Y growth of 4.4% over 2018, according to a new study of Future Market Insights (FMI). Upper limb prosthetics have been witnessing progressing sales scenari
Upper Limb Prosthetics Market will expand at healthy
CAGR of 4.8% in 2028
Healthcare, Pharmaceuticals & Medical Devices
February 2019
Report Id : REP-GB-8991
Status : Publish
Category : Healthcare, Pharmaceuticals & Medical Devices
©2015 Future Market Insights, All Rights Reserved
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Upper Limb Prosthetics Market Analysis
Upper limb prosthetic sales in 2019 are estimated to close in on US$ 330 Mn, and record a Y-o-Y growth
of 4.4% over 2018, according to a new study of Future Market Insights (FMI). Upper limb prosthetics
have been witnessing progressing sales scenario at a modest pace over the recent past. Besides a rising
trend of cosmetic prosthetics, prevalence of sports injuries is significantly contributing to the demand
growth of upper limb prosthetics in the global market.
Use of additive manufacturing/3D printing for prosthetics has been gaining momentum within the
marketplace, particularly among amputees who are unable to afford the high price point associated with
conventional limb prosthetics. Adoption of upper limb prosthetics has been pervasive at hospitals, at a
steadily increasing rate. FMI expects a higher rate of adoption across prosthetic clinics in the years to
come. However, an expensive price point, coupled with mass production incompatibility, is most likely to
limit rapid revenue growth of upper limb prosthetics market.
Several prominent players in the competitive landscape of upper limb prosthetics market are prioritizing
new product launches eyeing the opportunities lying in competitive price ranges. While this strategy is
likely to aid companies improve penetration into developing markets, others will also focus on
development of convenient accessories to assist the usage of upper limb prosthetics – such as hand
gloves.
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©2015 Future Market Insights, All Rights Reserved
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Upper Limb Prosthetics Market Analysis
As per FMI’s analysis, a considerable number of companies competing in upper limb prosthetics market
are concentrating on providing rehabilitative prosthetic services and amputee care. Consistently
increasing demand for prostheses following accidental and aging related disabilities will primarily push
sales of upper limb prosthetics. Rapid surge in the number of orthopedic disorders and post-traumatic
disabilities will also remain a key factor determining demand for upper limb prosthetics in the near
future, according to the report.
Prosthetic Wrist to Hold over One-Fourth Market Share
Transradial disarticulation (below elbow) will remain the key indication generating maximum demand for
upper limb prosthetics. The report points to a higher revenue share of over 1/4th of the total value,
collectively contributed by wrist disarticulation and transhumeral disarticulation (above elbow). Sale of
partial hand has also been registering a moderately growing share in the market revenue.
Prosthetic wrist sales account for over a fourth of the total market value whereas, prosthetic arm is likely
to develop highest-selling potential in the years to come. Prosthetic elbow and terminal devices are
currently among highly sought after components of upper limb prosthetics after prosthetic wrist,
according to FMI’s study. The combined revenue share of these two in the market has been anticipated to
be more than 45% in 2019. However, prosthetic shoulders will also continue to experience moderate
demand over the course of next few years.
©2015 Future Market Insights, All Rights Reserved
5
Upper Limb Prosthetics Market Analysis
Almost 2/5th of the total demand for upper limb prosthetics is accounted by myoelectric prosthetic
devices, followed by body powered counterparts. As per FMI’s analysis, passive prosthetic devices can be
positioned as a relatively lucrative type of upper limb prosthetics.
North America & Europe Hold over 55% Share in Market Value
While more than 55% share of the global market revenue is contributed by developed regional markets,
the penetration of upper limb prosthetics within most of the developing regions remains in its latency.
According to FMI’s study, the market in China, India, and some of the fast-developing economies in East
and South Asia economies hints at promising growth prospects post 2019. The report attributes this
growth to the sophistication of healthcare infrastructure, improvements in reimbursement scenario,
rapid expansion of the patient pool, and the flourishing medical tourism sector.
Increasing per capita healthcare spending, spike in the private and public investments in R&D, and the
influx of activities involving shifting of manufacturing bases to developing regional pockets have also
been instrumental in establishing a positive growth outlook for upper limb prosthetics market in these
regions.
©2015 Future Market Insights, All Rights Reserved
6
Upper Limb Prosthetics Market Analysis
FMI forecasts a 4.8% CAGR for the upper limb prosthetics market revenue over 2018-2028. The report
has tracked some of the most prominent players active in the global upper limb prosthetics market,
including Fillauer LLC, Touch Bionics Inc., Endolite India Ltd., College Park Industries, and Ottobock SE &
Co. KGaA, among others.
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amir shaikh
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