Prosthetic Arm Market Size, Share, Opportunities, COVID 19 Impact, And Trends By Type (Passive Prosthesis, Body-Powered Prosthesis, Electrically-Powered Prosthesis, Hybrid Prosthesis, Activity-Specific Prosthesis), By Product (Transradial Prosthetic, Transhumeral Prosthetic), And By Geography - Forecasts From 2022 To 2027

The prosthetic arm market is projected to witness a compound annual growth rate of 15.86% to grow to US$2,212.657 million by 2027, from US$789.358 million in 2020.

Increased healthcare spending in emerging economies, the growing relevance of the public-private partnership (PPP) model across different regions, an increase in the prevalence of joint-related diseases, and an ageing population have all contributed to the market growth for prosthetic arms growing rapidly in recent years. With growing technology, Artificial Intelligence, and machine learning the prosthetic limb market has seen significant development. Innovations such as cybernetic arms that are powered and controlled by a smartphone, as well as the usage of accelerometer technology, are creating substantial business prospects, while Bluetooth connectivity is continuing to rise. Another key factor is the growing prevalence of chronic diseases like Cancer, Diabetes amongst others are prime reasons for amputation apart from severe injuries.

Increased cases of Amputations

 One of the prime reasons which are supporting the overall market growth is the growing cases of amputations. An increase in the cases of amputations has been observed - the prime reason being rising chronic diseases and accidents. According to the National Health Interview Survey and Vital Statistics report, the United States has an estimated 1.9 million amputees and around 185,000 amputation procedures conducted each year. Peripheral vascular disease and diabetes account for 82 percent of all amputations done. There are, however, various reasons for amputation. Lawnmower accidents result in the amputation of around 8,900 children each year. Birth defects necessitate the need for prosthetic devices for the rest of one's life. In a given year, around 6,000 of these are upper extremity amputees. Around 1,000 military amputees are being treated at Walter Reed Army Medical Center while 40,000 amputees are getting treatment from the Veterans Administration's healthcare system. In Spain, about 5,000 amputations are carried out every year. With rising diseases like cancer and diabetes, the rate of amputation has grown over the decades. These numbers are expected to further increase with the rising prevalence of such diseases. According to the International Diabetes Federation (IDF), about 537 million had diabetes in 2021 and is expected to reach 783 million by the year 2045. With this, the amputation rate is also anticipated to rise. Moreover, due to the global trend of delayed pregnancy and other factors, the number of newborns without deformities has increased, globally. All these factors are anticipated to contribute to the prosthetic arm market in the forecast period.

Passive prosthesis opportunity

Passive arm prostheses are the ideal alternative for people who desire a prosthetic that is both practical and realistic in appearance. Most modern passive prostheses are designed to resemble a natural arm, hand, and fingers. Passive prosthetic arms do not possess any complex mechanisms and hence are more economical than most other smart prosthetic options. This is one of the major reasons for the growth of the market since some prosthetic options can cost a heavy amount of money. The growing cases of sports-related injuries and other accidents have increased the market demand for the passive prosthesis market. Growing motorcycle and vehicle accidents have also driven the demand for the prosthetic arm market. Furthermore, growing cancer cases have also increased the number of amputation and surgery procedures. Surgical treatment is required for primary malignant tumours of the limbs. According to data from the American Cancer Society, a projected 1.9 million new cancer cases will be diagnosed in 2022, with 609,360 cancer deaths in the United States. The increasing number of cancer cases worldwide is expected to increase the market demand for the passive prosthetic arm market and would report a significant rise in profit. Moreover, owing to the growing technological developments in the industry, the market is expected to rise significantly.

North America is projected to grow steadily

 In by geography segment, North America is expected to dominate the market growth during the forecast period. The North American Prosthetic arm market is segmented into the USA, Canada, and Mexico. The direct presence of prominent regional competitors, a wide distribution network, and a very well-established healthcare infrastructure are among the key drivers driving the market's expansion in North America. The use of new polymer materials and the creation of prosthetic devices tailored to the functional needs of patients are the two latest trends in the North American prosthetics arm market. To meet the needs of consumers, manufacturers are working on manufacturing lightweight, long-lasting orthopaedic prosthetics. These variables have a positive impact on the market in North America. An increasing incidence of major injuries, a rise in the frequency of amputations, and technical improvements in the United States are some of the reasons driving market expansion. More than 8.7 million sports and leisure injuries were recorded in the United States in 2019, according to the US Department of Health & Human Services. Seventy-two percent of the injuries were from the lower & upper extremities. Injuries are increasing at a rapid rate, and this is a primary element driving the demand for arm prosthetics.

Covid-19 Impact on Prosthetic Arm Market:

The COVID-19 pandemic negatively impacted the global prosthetic arm market. The robust outbreak of the virus and its exponential spread across the masses resulted in the implementation of a nationwide lockdown and physical shutdown. Restrictive movement and fear of contracting the virus resulted in delays in non-essential healthcare clinics and hospital visits, which impacted the market for prosthetics. Furthermore, lockdown and employment uncertainties led to delays in non-essential expenditure, including investment in prosthetics. The shift of focus towards the virus and its treatment diverted the healthcare industry resources towards COVID-19, and hence away from prosthetic and other ortho sectors, resulting in hampering production, hence impacting the market.

Prosthetic Arm Market Scope:

Segmentation

• By Type
  • Passive Prosthesis
  • Body-Powered Prosthesis
  • Electrically-Powered Prosthesis
  • Hybrid Prosthesis
  • Activity-Specific Prosthesis
• By Product
  • Trasradial Prosthetic
  • Transhumeral Prosthetic
• By Geography
  • North America
    • US
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Others
  • Middle East and Africa
    • UAE
    • Saudi Arabia
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Taiwan
    • Thailand
    • Indonesia
    • Others