According to the recent research report titled ‘Upper Limb Prosthetics Market Size By Component, By Cause (Trauma, Vascular Disease and Diabetes, Cancer), By End-use (Hospitals, Prosthetic Clinics, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report, global upper limb prosthetics market is anticipated to accrue USD 2.3 billion by the year 2025.
 

Increasing life expectancy and subsequent rise in aging population, along with increasing number of accidents and trauma resulting in amputations are the key factors are driving global upper limb prosthetics market growth.
 

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Rising number of diabetic patients are also anticipated to add significant traction to the market development. Moreover, the International Diabetes Federation (IDF) claims that about 435 million people will suffer from diabetes by 2030.
 

Notably, upper limb prosthetic devices such as prosthetic shoulders, wrists, elbows, arms, and terminal devices have improved in efficiency and efficacy as a result of advances in prosthetic and healthcare technology. However, high cost and maintenance of these devices continues to negatively impact the remuneration scope of the industry.
 

Based on component type, prosthetic wrist segment holds major portion of global upper limb prosthetics market share, owing to its affordability and growing number of amputations associated with wrists.
 

Elaborating on product terrain, myoelectric prosthetic devices segment is projected to gain momentum over the coming years, attributable to the functionality and natural appearance it offers.
 

With respect to cause, vascular disease and diabetes segment held majority market share in 2018 creditable to low body healing process of diabetes patients coupled with increased vulnerability of vascular disease patients towards amputation.
 

As per end use scope, prosthetic clinics accounted for considerable global upper limb prosthetics market share in 2018, creditable to presence of medical experts and large number of amputee patients in these settings. Meanwhile, hospital segment is anticipated to showcase appreciable growth rate owing to high budget and large infrastructure of such healthcare establishment.
 

Geographically, U.S. held majority of the overall market share and will likely record modest gains in the upcoming years, creditable to presence of major industry players, availability of expert medical professionals, and increased healthcare expenditure. Additionally, highly developed healthcare infrastructure, growing acceptance for advanced technology, and rising cognizance among populace regarding prosthesis are also enhancing the industry outlook in the country.
 

On the other hand, India upper limb prosthetics industry is slated to amass notable gains over the study period, attributable to rising developments in healthcare technologies, increasing elderly populace, availability of affordable prosthetic impacts, and growing government initiatives to support amputees.
 

Major firms influencing global upper limb prosthetics market trends are WillowWood Global LLC, Howard Orthopedics Inc., TRS Inc., Steeper Inc., College Park Industries, Fillauer LLC, Endolite India Ltd., Össur hf., and Ottobock SE & Co. KGaA among others.