Market Overview:
Upper Limb Prosthetics Market is expected to grow at a CAGR of 5.6% during the forecast period 2022-2029. As per Priority Exploration, the worldwide red biotechnology market size is anticipated to hit around US$ 510 billion by 2027 from an estimated at US$ 322 billion out of 2022. The North America region has the highest market share in the Upper Limb Prosthetics Market, and it is further continuing its dominance during the forecast period.
Our research report gives wide perceptions of the latest trends and development prospects of the market analysis, detailed segmentation analysis, volume, size, share, growth drives, and opportunities in the market. In-depth regional and country-level illustration of the competitive landscape depends on several phases and status of clinical trials over the prominent economies of the globe, and also the report contains a number of major companies profiled in the relevant market.
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Market Drivers:
The significant expense of upper appendage prosthetics is probably going to hamper the market development
Nonetheless, the significant expense of upper appendage prosthetics and the ongoing administrative climate may adversely influence the business’ development. The expense of a regularly made arm prosthesis in 2019 territories from USD 4,000 to USD 75,000, as per the Public Place for Bioinformatics Data (NCBI). The high cost of upper-appendage prostheses is one of the main hindrances to their reception by handicapped people. Moreover, the US of America The FDA watches out for clinical gadget advancement, endorsement, and post-endorsement unfriendly impacts, including upper-appendage prosthesis. These gadgets are assigned as Class II, and that implies they should go through a premarket notice (510k) cycle to get consent for business use. The 510(k) endorsement is an extended cycle that confirms the gadget’s security and viability. Thus, the significant expense of upper appendage prosthetics and the unbending administrative structure might smother the market’s development.
Market Segmentation:
By Product
Passive Prosthetic Devices
Body Powered Prosthetic Devices
Myoelectric Prosthetic Devices
Hybrid Prosthetic Devices
By Component
Prosthetic Wrist
Prosthetic Elbow
Prosthetic Shoulder
Prosthetic Arm
By End-User
Hospital
Ambulatory Surgical Centers
Prosthetic Clinics
Others
Major Companies Covered:
Ossur, Fillauer LLC, Steeper Inc, Ottobock SE & Co.KgaA, Ortho Europe, Protunix, Willow Wood, Blatchford Limited, College Park Industries, TRS Inc, Mobius Bionics, Motorica LLC, among others.
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