According to a new report published by Allied Market Research, titled, โUpper Limb Prosthetics Market by Product Type, Component, End User, and Region: Global Opportunity Analysis and Industry Forecast, 2021โ2030,” The global upper limb prosthetics market size was valued at $687.73 million in 2020, and is projected to reach $1,044.18 million by 2030, registering a CAGR of 4.24% from 2021 to 2030.
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Key Findings of the Study –
- On the basis of product type, the passive prosthetic devices segment held more share in the global upper limb prosthetics market in 2020.
- On the basis of component, the prosthetic arm segment held largest upper limb prosthetics market share in 2020 and is expected to remain dominant throughout the forecast period.
- On the basis of end user, the prosthetic clinics segment exhibits fastest growth and is expected to grow at a CAGR of 5.00% from 2021 to 2030.
- On the basis of region, North America is expected to experience growth at the highest rate, registering a CAGR of 5.10% during the forecast period.
The upper limb prosthetics market is expected to witness significant growth over the forecast period, fueled by technological advancements in prosthetics, increasing number of accidents and injuries, and increasing orthopedic conditions. such as osteosarcoma, osteoporosis and osteopenia. According to data from the American Cancer Society, about 1,000 new cases of osteosarcoma are diagnosed in the United States each year.
The upper prosthetics market is segmented into product type, component, end user and region. By product type, the market is segmented into passive prostheses, myoelectric prostheses, functional prostheses, and hybrid prostheses. Based on components, the market is segmented into prosthetic wrist, end device, prosthetic arm, prosthetic knee, prosthetic shoulder, and others. According to the end user, it is classified into hospitals, prosthetic clinics and other end users. Regionally, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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North America accounted for the largest share of the upper prosthetics market in 2020 and is expected to remain the same during the forecast period. This is attributed to the increase in the number of accidents and traumas, the increase in the knowledge of patients about prosthetic surgery, the proliferation of prosthetics, the availability of health care facilities and qualified medical professionals, the presence of leaderโs sports in the region and the increase in investment occurred. from the government and the health system. However, Asia-Pacific is expected to experience the highest growth rate during the forecast period, mainly due to better healthcare infrastructure, increase in the number of hospitals with advanced prosthetics and technological advances in healthcare.
Key Market Players –
Major key players that operate in the industry are CBPE Capital LLP (Blatchford Limited), Coapt LLC., Colfax Corporation (DJO, LLC), Ossur (college park industries), Mobius Bionics LLC, Motorica LLC, Naked Prosthetics, Ottobock SE & Co. KGaA, Protunix, and Steeper Group.
By Region –
North America (U.S., Canada, Mexico)
Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
LAMEA (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
Asia-Pacific (Japan, China, Australia, India, South Korea, Rest of Asia-Pacific)
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Frequently Asked Questions?
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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