Upper Limb Prosthetics Market to hit $1.1 billion by 2028, Says Global Market Insights Inc.

SELBYVILLE, Del., Feb. 22, 2022 /PRNewswire/ -- Global upper limb prosthetics market revenue is anticipated to surpass USD 1.1 billion by 2028, according to a new research report by Global Market Insights Inc. Surgical advancements in upper limb prosthetics such as targeted muscle reinnervation (TMR) and osseointegration (OI) combined with advanced modern prosthetics has enabled patients to have more options, thereby promoting the market growth.

The modern-day technical advances aim at providing better quality of life to the amputees. Advancements such as the development of regenerative peripheral nerve interfaces, targeted sensory reinnervation, and agonist-antagonist myoneural interfaces is set to promote the device adoption. Furthermore, the improvements in modalities to develop and restore sensation, including implanted sensors & haptic devices; and enhancements in osseointegrated (bone-anchored) prostheses highlight substantial promise.

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Based on component, the upper limb prosthetics industry is segmented into prosthetic wrist, prosthetic elbow, prosthetic shoulder, prosthetic arm, and terminal devices. The prosthetic elbows garnered a business of over USD 142 million in 2021 and is expected to register over 5.2% CAGR through 2028. This device is a promising approach to replicate a human-like control strategy in which joint motion is connected onto a trans-humeral prosthesis. Thus, the mobility in the residual limb can be used to function the elbow joint. Most elbow prosthetics available in the market are controlled by myoelectric signals, this gives the prosthetic complex control that enables the user to manage the entire limb.

Some major findings of the upper limb prosthetics market report include:

• Growing geriatric population base that is more susceptible to co-morbid conditions and malignancies are anticipated to promote the adoption of upper limb prosthetics.
• Rise in number of trauma cases and road traffic accidents have accelerated traumatic and non-traumatic amputation that is expected to drive the global market growth.
• Some of the major industry players operating in the upper limb prosthetics industry include Ottobock SE & Co. KGaA, Endolite India Ltd., Ossur, Fillauer LLC, Steeper Inc., Mobius Bionics LLC, Ortho Europe, CPOUSA, Coapt LLC, Open Bionics Ltd among others.
• Competitors are emphasizing on implementing strategic initiatives such as forward integration, research collaborations, product launches and geographical expansion to garner significant market share and bolster industrial position.

Browse key industry insights spread across 150 pages with 184 market data tables & 15 figures & charts from the report, "Upper Limb Prosthetics Market Statistics By Component (Prosthetic Wrist, Prosthetic Elbow, Prosthetic Shoulder, Prosthetic Arm, Terminal Devices), Product (Passive Prosthetic Devices, Body Powered Prosthetic Devices, Myoelectric Prosthetic Devices, Hybrid Prosthetic Devices), End-use (Hospitals, Prosthetic Clinics, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2028" in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/upper-limb-prosthetics-market

Based on products, the upper limb prosthetics market is segmented into passive prosthetic devices, hybrid prosthetic devices, body powered prosthetic devices and myoelectric prosthetic devices. Passive prosthesis surpassed USD 255 million in 2021 and is expected to reach around USD 370 million by 2028. According to a report produced by the World Health Organization (WHO), in June 2021, 1.3 million people die each year due to road accidents and 20 to 50 million people endure fatal injuries from road accidents that incur disabilities. With the growing number of trauma cases, and technological advancements in the prosthesis industry, the adoption of passive prosthesis has gained impetus. Passive prostheses are relevantly light weighted as compared to the other prosthesis.

Japan upper limb prosthetics market is expected to reach over USD 56 million by 2028. This high market growth is primarily attributed to the growing technological advancements in the field of prosthetics & orthopedics and increasing prevalence of trauma cases across the country. According to the World Bank's data, in Japan, the people aged 65 and above accounted for around 28.3% of the total population in 2020, owing to a low birth rate and extended life expectancy. Thus, the rise in geriatric population in the country is expected to drive the regional market statistics.

Browse the Toc of this report @ https://www.gminsights.com/toc/detail/upper-limb-prosthetics-market

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SOURCE Global Market Insights Inc.