What is Upper Limb Prosthetics Market?
A prosthesis is an artificial device that replaces a body part that has been lost. Prosthetics for the upper limb can be used anywhere from the shoulder joint to the fingertips, including the fingers, palm, wrist, forearm, elbow, upper arm, and shoulder. The upper limb prosthetics market growth includes an increasing number of serious injuries and a rise in the number of amputations and technological advancements.
The market study is being classified by Type (Passive Prosthetic Devices, Body Powered Prosthetic Devices, Myoelectric Prosthetic Devices and Hybrid Prosthetic Devices) and major geographies with country level break-up.
Blatchford Limited (United Kingdom), Fillauer LLC (United States), Ortho Europe (United Kingdom), Ossur (Iceland), Ottobock SE & Co. KgaA (Germany), Steeper, Inc. (United Kingdom), Protunix (France), WillowWood Global, LLC (United States), COAPT LLC (United States) and Open Bionics Ltd (United Kingdom) are some of the key players profiled in the study.
The companies are exploring the market by adopting expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain a competitive advantage through combined collaborations. Research Analyst at AMA predicts that United States and United Kingdom Players will contribute to the maximum growth of Global Upper Limb Prosthetics market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Upper Limb Prosthetics market by Type, Application and Region.
On the basis of geography, the market of Upper Limb Prosthetics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Increasing Number of Accidents and Trauma
- Rising Geriatric Population
Market Trend
- Technological Advancements in Prosthetics
Restraints
Opportunities
- Increasing Use of 3D Printing for Prosthetics Manufacturing that Lower the Cost of Production
- Growing Healthcare Expenditure in Develpoing Countries
Challenges
- High Maintenance Cost associated with Devices
- Inadequate Reimbursement Coverage
Market Leaders and some development strategies
In July 2019, Ossur Global signed an agreement to acquire College Park Industries, a leading provider of lower and upper limb prosthetics and services. Company strategy behind the acquisition is expansion of product portfolio and business that may accelerate growth of the company.
In April 2019 Smith & Nephew United Kingdom-based company has acquired Osiris Therapeutics, Inc. The acquisition is expected to accelerate growth from Smith & Nephew’s Advanced Wound Management franchise.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Upper Limb Prosthetics Provider, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End-Use Industry