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)
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)
Global Prosthetic Arm Market, by Region Outlook (Revenue, USD Billion, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the prosthetic arm market are: