Global upper limb prosthetics market size was valued at $687.73 million in 2020, & is projected to reach $1,044.18 million by 2030, registering a CAGR of 4.24%.

PORTLAND, OREGON, UNITED STATES, August 30, 2022 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Upper Limb Prosthetics Market by Product Type, Component, End User, and Region: Global Opportunity Analysis and Industry Forecast, 2021–2030," 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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Upper extremity prostheses and other prosthetic devices are made for people with a variety of limb losses, from a partial hand amputation to complete or multiple limb loss. Amputation of one limb is termed as unilateral amputation, while amputation of both the right and the left limb is termed as bilateral amputation. A transradial amputation (below-elbow amputation) occurs through the long bones of the radius and ulna, while a transhumeral amputation (above-elbow amputation) occurs through the humerus. An amputation through a joint is called as disarticulation.

Coronavirus (COVID-19) was discovered in late December in Hubei province of Wuhan city in China. The disease is caused by a virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted from humans to humans. The upper limb prosthetics manufacture was disturbed in the 2020 due to the slowdown of distribution chain of raw material.

COVID-19 scenario analysis:

1) The COVID-19 impact on the Upper limb prosthetics market is unpredictable and is expected to remain in force till the fourth quarter of 2021.

2) The COVID-19 outbreak forced governments across the globe to implement strict lockdowns and banned import-export of nonessential items for most of 2021. This led to sudden fall in the availability of important raw materials.

3) Moreover, nationwide lockdowns forced manufacturing facilities to partially or completely shut their operations.

4) Adverse impacts of the COVID-19 pandemic have resulted in delays in activities and initiatives regarding development of reliable and innovative drone analytics systems globally.

Prosthetic devices or customized supports are also beneficial to people who have complex upper limb pathologies such as brachial plexus injuries. Lower extremity prosthetic services are provided to clients who are missing both an upper and a lower limb or who need specialized interdisciplinary involvement as offered by the Institute team. The type of fitting of prosthetic device is determined based on the desire of the patient, the patient's lifestyle and vocational interests as well as funding considerations. Each amputee (infant, child, adolescent or adult) is assessed at a center with physiatrists (specialists in physical medicine) as well as the clinic prosthetist and occupational therapist. Furthermore, a plan is made for fitting a prosthesis or prosthetic device which best meets the patient's needs.

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Moreover, the manpower needed for the manufacturing plants were made to home quarantine or lockdown which made to shut down of the manufacturing plants of the prosthetic devices. In addition, the transportation was major issue for availability of the advanced prosthetic devices. The slowdown in the supply of the devices at the preferred location resulted in the negligence of the customers to have one. The manufacturing plants were also impacted by the government restriction norms for the production of the devices. This further resulted in the increasing supply and demand gap. This led to the negative impact again on the market. Overall, the impact of the COVID-19 pandemic on the upper limb prosthetics market was reported to be negative. This was attributed to the factors like difficulty in the management of the amputation cases which require hospital stay, prolong recovery time in the covid-19 conditions and delay in the limb surgeries.

North America accounted for major share of the upper limb prosthetics market share in 2020, and is expected to remain dominant throughout the forecast period. This was attributed to increase in number of accidents and trauma, rise in patient awareness towards prosthetic surgeries, surge in demand for prosthetic devices, availability of advanced healthcare facilities with trained medical professionals, presence of key players in the region, and surge in investment made by governments in the healthcare system. However, Asia-Pacific is expected to experience the highest growth rate during the forecast period majorly due to improvement in healthcare infrastructure, rise in number of hospitals with availability of advanced prosthetic devices, and technological advancements in the field of healthcare.

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.

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About Us

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.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with vario research data tables and confirms utmost accuracy in our market forecasting. Each and ever us companies and this helps us in digging out market data that helps us generate accurate y data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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