Market Size of Upper Limb Prosthetics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 5.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Upper Limb Prosthetics Market Analysis
The upper limb prosthetics market studied is anticipated to witness 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.
The world has been facing the huge threat of COVID-19. As per the World Health Organization (WHO), COVID-19 is infectious, and most people infected by the virus experience mild to moderate respiratory illness. The COVID-19 outbreak had a slightly negative impact on the upper limb prosthetics market. The lockdown measures across the world resulted in decreased public mobility and significantly impacted the joint replacement procedures and other surgeries, as the procedures which were non-immediate were postponed to decrease the burden on healthcare infrastructure. According to the study published in the British Journal of Surgery, in May 2020, based on a 12-week period of peak disruption to hospital services due to COVID-19, around 28.4 million elective surgeries worldwide were canceled or postponed. More than 580,000 planned surgeries in India were either canceled or delayed as a result of the COVID-19 pandemic, according to a study conducted by an international consortium in May 2020. However, with the upliftment ban and lockdown in many countries, elective surgeries resumed gradually. The upper limb prosthetic surgeries were not included under emergency surgery, thereby impacting the studied market.
The rising burden of sports injuries such as tennis elbow and other disorders is anticipated to fuel the tissue sealant market as the incidences of these disorders will increase the demand for their treatment, including surgeries. As per the 2020 statistics by the United Kingdom National Health Service, tennis elbow is a common condition affecting about 1-3% of the population, indicating about 4 to 7 cases per 1000 every year. Also, the high prevalence rate of tennis elbows in the country will increase the demand for prosthetics elbow, thus driving the market growth.
According to the data published by the American Cancer Society Inc. in October 2020, about 1,000 new cases of osteosarcoma are diagnosed in the United States every year, majorly targeting teens and adults. Surgery is an important part of treatment for almost all osteosarcomas, including the biopsy to diagnose cancer and the removal of the tumor. Therefore, a high number of bone cancer cases in the United States and across the world boost the demand for prosthetics, thereby positively impacting the market studied.
However, the high cost of the devices and lack of reimbursement policies are considered the major restraining factors for the upper limb prosthetics market.
