Rising incidence of accidents and sports injuries are expected to drive the global prosthetic arm market

The Global Prosthetic Arm Market is estimated to reach USD 2.3 Bn by 2027, growing at a CAGR of 12.6% over the forecast period.

The expanding rate of osteosarcoma is likewise expanding the interest in prosthetics and orthotics items. For instance, according to National Cancer Institute (NCI) assessed around 3,450 new instances of bone and joint malignancy in 2019, bringing about 1,590 passing’s worldwide. In United Kingdom, kids with the cancer disease, and every individual from the Association of Medical Research Charities (AMRC), revealed that osteosarcoma is the most widely recognized bone growth in kids, and consistently around 30 new youngsters are determined to have the infection in the United Kingdom starting from 2018. The market has been determined by the expanding wellbeing consumptions done by a few governments to improve the technological advancement in the area.

The increasing number of sports wounds that supports the development of global prosthetic arm market. The rising predominance of bone-related illnesses like osteosarcoma, osteoporosis, and osteopenia will expand the development of the global market. The expanding demand for prosthetics among geriatric population due to increasing disabilities that is another driving factor for the growth of the global prosthetic arm market. For instance, the proportion of the world's population aged 60 and up will nearly double from 12 percent to 22 percent between 2015 and 2050. Furthermore, by 2050, over 80% of the world's elderly would live in low- and middle-income countries. Expanding the utilization of 3D printing for prosthetics assembling bring down the expense of creation, that is the boosting factor for the growth of global prosthetic arm market. The rising life expectancy and average age that affect the general development of the global market.

The wounds and mishaps during the period saw a huge decrease in the year as the government across the world forced lockdowns to avoid the spread of the disease. This brought about a lesser number of accidental wounds during the period and thereby impacted this market negatively during this period.

Expanding instances of amputation are relied upon to fuel the market during the estimate forecast period. For instance, according to National Health Interview Survey and Vital Statistics report, there are an expected 1.9 million amputees in the United States and around 185,000 removals medical procedures played out every year. Of those removals’ procedure performed, 82% are due to peripheral vascular disease and diabetes.

Global Prosthetic Arm Market, by Type Outlook (Revenue, USD Billion, 2021-2027)

  • Activity-Specific Prosthesis
  • Electrically Powered Prosthesis
  • Passive Prosthesis
  • Hybrid Prosthesis
  • Body-Powered Prosthesis
  • Generic APIs

Based on type, the electrically powered prosthetic is expected to dominate the market over the forecast period due to high adaptation of devices

The electrically powered prosthesis segment shows significant growth over the forecast period. The rising adaption and preference for electrically powered prothesis by the professionals drives the growth of this segment. The demand of devices is increasing due to it’s resemblance to original hand and it’s more synchronisation with existing nerves. However, the body-powered prosthesis is expected to grow at the highest CAGR during the forecast period.

The Global Prosthetic Arm Market Segmentation:

Global Prosthetic Arm Market, by Product Outlook (Revenue, USD Billion, 2021-2027)

  • Trans-humeral Prosthetic
  • Trans-radial Prosthetic

Global Prosthetic Arm Market, by Region Outlook (Revenue, USD Billion, 2021-2027)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Key Findings:

  • Based on the type, the electrically powered prosthesis segment held the largest market share in 2020
  • Based on product, the trans-radial prosthetic segment is expected to hold the largest share over the forecast period due to increasing advancement in technology in the trans-radial prosthetic segment
  • Based on regions, the North America region is anticipated to hold a market’s maximum share in the year 2027 in the prosthetic arm market

Company Profiles and Competitive Intelligence

The key players operating in the prosthetic arm market are:

  • Ottobock SE & Co. KgaA
  •  Blatchford Limited (Endolite India Ltd)
  •  Fillauer LLC
  •  Ortho Europe 
  •  Steeper, Inc.
  •  Ossur
  •  Open Bionics Ltd.
  •  WillowWood Global, LLC
  •  Protunix
  • Zimmer Biomet Holdings, Inc.
  • Straumann AG
  • Touch Bionics, Inc.
  • Mobius Bionics
  • Shadow Robot Company
  • Ekso Bionics
  • ReWalk Robotics
  • Xilloc Medical
  • Alimco
  • Smith & Nephew

Recent News:

  • In 2021, Psyonic Racks up accolades as its bionic hand is ready for Nationwide Launch as it is the first with sensors in the fingertips that offer multi-touch feedback.
  • In January 2020, the distributor of orthotic and prosthetics products Cascade Orthopedic Supply, declared an investment in the Ottobock company to strengthen the alliance of both companies to further enhance the access to product for all prosthetic and orthotic.

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