Technological advances in prosthetics and the prevalence of orthopedic diseases such as osteosarcoma, osteoporosis and osteoporosis are driving the growth of the global upper limb market.
Portland, ore.And February 2, 2022 /PRNewswire/ – Allied Market Research has published a report titled, “Upper limb prosthetics market By product type (passive prostheses, electromuscular prostheses, powered prosthetics, hybrid prostheses) component (prosthetic wrist, prosthetic arm, artificial elbow, artificial shoulder, etc.) and end user (hospitals, prosthetic clinics, other) : Global Opportunity Analysis and Industry Outlook, 2021-2030″. According to the report, the global upper limb industry . has been created 687.73 million dollars In 2020, it is expected to generate $1.04 billion By 2030, recording a compound annual growth rate of 4.2% from 2021 to 2030.
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Drivers, limitations and opportunities
Technological advances in prosthetics, rising number of accidents and trauma, and prevalence of orthopedic diseases such as osteosarcoma, osteoporosis, and osteoporosis are the driving force for the growth of Global Upper Limb Prosthesis market. However, the lack of reimbursement policies, upfront costs and high maintenance costs associated with these devices hampers the growth of the market. On the other hand, favorable government initiatives to support amputees create new opportunities in the coming years.
The Covid-19 pandemic has negatively affected the upper limb prosthetics market as many reparative actions have been postponed due to the shift in focus towards treating patients with Covid and measures taken to avoid cross-contamination in hospitals.
According to statistics University of BirminghamDuring the first phase of the Covid-19 pandemic, nearly 6.3 million orthopedic surgeries were postponed or canceled worldwide. However, the use of prosthetics increased after the closure.
The passive prosthesis segment continues to lead during the forecast period
Based on product type, the passive prosthetic devices segment occupied the largest share in 2020, accounting for more than two-fifths of the global upper limb prosthetics market, and is estimated to continue its leadership position during the forecast period. Moreover, this segment is expected to show the highest compound annual growth rate of 5.0% from 2021 to 2030. This is due to the increasing prevalence of orthopedic diseases and the increasing demand for artificial upper limbs. The research also analyzes sectors including electromuscular prosthetics, powered prosthetics, and hybrid prosthetics.
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The prosthetic clinics sector to maintain its leading position during the forecast period
Based on the end user, the prosthetics clinic segment captured the largest share in 2020, contributing more than two-thirds of the global peripheral prosthetics market, and is expected to maintain its leadership position during the forecast period. Moreover, this segment is estimated to depict the highest compound annual growth rate of 5.0% from 2021 to 2030. This is due to the rise in the number of prosthetic clinics and the increase in the use of prosthetics in hospitals. The report also analyzes sectors such as hospitals and others.
North America To offer profitable opportunities
based on the area, North America It contributed to the highest market share in 2020, accounting for nearly two-fifths of the global limb prosthetics market, and is expected to continue its dominance in terms of revenue by 2030. Moreover, this region is estimated to exhibit the fastest compound annual growth rate of 5.1% From 2021 to 2030. This is due to the increasing prevalence of orthopedic diseases such as osteosarcoma and the presence of leading market players in the region. The search also analyzes regions including Asia PacificAnd Europeand LAMEA.
Leading market players
CBPE Capital LLP (Blatchford Limited)
The Colfax Corporation (DJO, LLC)
Osor (College Park Industries)
Mobius Bionix LLC
Ottobock SE & Co. KGaA
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“We have also published a few common market studies in the same field that may interest you. Below is the title of the report for your reference., considering the impact of Covid-19 on this market which will help you to assess the after effects of the pandemic on the short term and long term growth trends of this market. “
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pawan kumar, CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional institutional relationships with many companies and this helps us extract market data that helps us in creating accurate research spreadsheets and assures the utmost accuracy in our market forecasts. All data presented in the reports published by us are extracted through preliminary interviews with senior officials of the leading companies in the respective field. Our secondary data acquisition methodology includes in-depth online and offline research and discussions with industry knowledgeable professionals and analysts.
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SOURCE Allied Market Research