The Global Prosthetic Arm Market was valued at USD 1.0 Bn in 2020 and is expected to reach USD 2.3 Bn by 2027, growing at a CAGR of 12.6% during the forecast period.
The prosthetics devices are designed for the replacement of missing or damaged parts of the body. A prosthetic arm is a machine that mimics the activity of a human arm. Prosthetic arms are made from various beans associated with pivots controlled by actuators. One finish of the arm is connected to a firm base. They can be constrained by people either straightforwardly or over a distance.
The prosthetics devices are designed for the replacement of missing or damaged part of the body. A prosthetic arm is a machine that mimics the activity of a human arm. Prosthetic arms are made from various beans associated by pivots controlled by actuators. One finish of the arm is connected to a firm base. They can be constrained by people either straightforwardly or over a distance.
Prosthetic Arm Market Dynamics
The main driving factors influencing the growth of the global prosthetic arm market are the increasing prevalence of osteosarcoma, increasing fund by the government for research & development, and the rising sports accidents, vascular disease, obesity, stroke, diabetes, and arthritis led to an increase in the number of amputation cases. Product launches in past four to five years by the key-players and increase in sales are the propelling factors for the growth of the market. For instance, in 2019, Open Bionics launched 3D-printed hero prosthetic arm and started sales in the UK and U.S.
However, the high cost of prosthetic and maintenance of the same are expected to impede the growth of this market. Increasing use of 3D printing for prosthetic manufacturing will help in lowering the manufacturing cost of such devices which is the great opportunity for the key player in the Prosthetic Arm Industry.
The Global Prosthetic Arm Market Segmentation:
Based on product, trans-radial prosthetic sub-segment is expected to dominate the global prosthetic arm market due to advancement in the technology
Based on product, the global market is sub-divided into trans-humeral prosthetic and trans- radial prosthetic. In 2020, the trans-radial prosthetic is dominating segment over the forecast period. This is due to advancement and development in the technology such as wires and cable that works like robotic arm. The patients with trans-radical prosthetic arm delivers the easy movement of hand like the real arm is the propelling factor for the growth of the global prosthetic arm Industry.
Geographically, North America accounted for the largest share of the global prosthetic arm market
In the base year 2020, North America region dominated the market, followed by Europe region. The major reasons behind the dominance of the North America region are the increasing prevalence of loss in the arm due to trauma, diabetes, and increased healthcare expenditure. Increasing prevalence of cancer and other chronic diseases is rising the organ failure therefore demand for prosthetic arm increases during the forecast period.
However, Asia-Pacific region is expected to grow at the highest CAGR during the forecast period owing to rising incidences of road accidents and other accidents and loss of arm is considerably the major factor for the growth of target market.
The report also provides an in-depth analysis of the global prosthetic arm market dynamics such as drivers, restraints, opportunities, and challenges
COVID-19 Impact on the Global Prosthetic Arm Market
The outbreak of COVID-19 has negatively impacted on prosthetic arm market due to strict lockdown imposed in many countries. However, due to the outbreak of COVID-19, the funding for the innovation in prosthetic arms is distracted and lesser number of injuries & accidents during this period due to imposed lockdown are some of the restraining factors for the growth of the global prosthetic arm market. Supply chain of the prosthetic devices was impacted during this period which further responsible for the increase in waiting time and cost for the prosthetic devices.
The report also provides an in-depth analysis of key trends in global prosthetic arm market
The report also provides an in-depth analysis of recent news developments and investments
Company Profiles and Competitive Intelligence
The key players operating in the prosthetic arm market are:
The unique insights provided by this report also includes the following:
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