Upper Limb Prosthetics Market worth USD 1.2 billion by 2030, says Global Market Insights Inc.

Selbyville, Delaware, Nov. 03, 2022 (GLOBE NEWSWIRE) —

The upper limb prosthetics market value is expected to reach USD 1.2 billion by 2030, according to a recent report by Global Market Insights Inc.

The expanding elderly population base that is diagnosed with several illnesses is anticipated to boost market trends. Age-related immune deficiencies and a loss of disease resistance make geriatric individuals more susceptible to a variety of disorders, including co-morbid conditions, which is stimulating the use of upper limb prosthetics.

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Human-like control offered by prosthetic elbows to bolster market expansion

Upper limb prosthetics market from the prosthetic elbow component segment is projected to grow at over 5% CAGR from 2022 to 2030. It helps mimic human-like control wherein the joint motion is linked to a trans-humeral prosthesis. As a result, the elbow joint can function using the residual limb’s mobility. The majority of elbow prosthetics available in the market are powered by myoelectric impulses, providing the prosthetic complex control that allows users movement in the entire limb.

Technological advancements to boost myoelectric prosthetic devices demand

Upper limb prosthetics market from the myoelectric prosthetic devices segment is slated to exceed USD 380 million by 2030. This is due to an increase in arm amputations brought on by improvements in upper limb prosthetic devices. The electrical signals produced by the muscles in the residual limb serve as input for the myoelectric prosthetic devices. These devices minimize tethering and provide access to superior strength, several grip patterns, natural hand motions, and so on.

Browse key industry insights spread across 167 pages with 183 market data tables & 16 figures & charts from the report, “Upper Limb Prosthetics Market Size by Component (Prosthetic Wrist, Prosthetic Elbow, Prosthetic Shoulder, Prosthetic Arm, Terminal Devices), Product (Passive Prosthetic Devices, Body Powered Prosthetic Devices, Myoelectric Prosthetic Devices, Hybrid Prosthetic Devices), End-Use (Hospitals, Prosthetic Clinics, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/upper-limb-prosthetics-market

Cost-effectiveness and better functionality to fuel ambulatory surgical centers segment progression

Ambulatory surgical centers segment is poised to be valued at more than USD 170 million by 2030. These facilities feature highly functional and well-equipped operating rooms, as well as competent specialists who provide same-day treatment. The surgeries carried out at these centers often do not require hospital admissions and are more cost-efficient, which is forecast to augment segment progress.

Growing aging population in APAC region to amplify regional revenue share

Asia Pacific upper limb prosthetics market is estimated to grow at over 6.5% CAGR from 2022 to 2030. The growing population with limb loss, product introductions, and rising awareness pertaining to upper limb prostheses through public efforts are contributing to business expansion. Furthermore, the APAC market is likely to expand with the widening aging population across the region owing to longer life expectancies and declining birth rates.

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Strategic partnerships and initiatives to supplement market development

Prominent firms in the upper limb prosthetics market are Ossur, Steeper Inc., Open Bionics Ltd, CPOUSA, Ottobock SE & Co. KGaA, and Coapt LLC, among others. Companies in the industry are engaging in strategic initiatives in order to increase their geographical presence and enhance their customer base.

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About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.