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Upper Limb Prosthetics Market Value Hit US$ 1.9 Bn by 2026

Acumen Research and Consulting, Recently Published Report On “Upper Limb Prosthetics Market Size, Share, Trends, Scope, Growth and Forecast 2019-2026”

/EIN News/ -- LOS ANGELES, Aug. 14, 2019 (GLOBE NEWSWIRE) -- The global upper limb prosthetics market is estimated to grow at CAGR above 10.5 % over the forecast time frame 2019 to 2026 and reach the market value around US$ 1.9 billion by 2026.

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Road crashes are one of the primary triggers of bone fracture and are anticipated to be a major driver for the development of the prothesis industry for the upper limbs. Rapid modernisation and high-performance vehicle revenues are the variables that lead to an rise in the amount of road accidents. Rash driving and drunk driving also increase the amount of road accidents worldwide. These variables will lead to the development of the prothetic upper limb industry.

Moreover, the growing geriatric population is one of the main reasons why the upper limb prosthesis industry is growing. Another powerful factor promoting demand for high limb prosthetics in the worldwide markets is that older individuals are more prone to orthopedic illnesses due to fragile bones. More than 65% of amputations are done on individuals aged 50 years and older, according to recent UN stats. Increasing diabetes incidence is also quoted as an important impact factor connected with the increasing demand for upper limb prostheses.

The focus on physical fitness, recreation and other physical events, including aerobics and walking, has been increasing even among amputees, leading to enhanced demand for upper limb prostheses. The demand for fresh upper limb prothetics on the market is affected by an growing amount of bone wounds immediately. Develop creative protheses in the upper limbs enable amputies to engage effectively in fitness and recreation sports and also to do their regular tasks such as grasping, eating and the like. Many educational programs are structured by cultural commissions and play a key part in promoting amputees to engage in sports operations that have significantly boosted the revenues of the prothetics of the upper limb.

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An significant element that is anticipated to boost the upper limb market's development is the growing incidence of bone diseases such as osteoporosis, osteosarcoma, osteopenia, and others. Some other bone illnesses such as hyperparathyroidism, Paget's bone disease, ricketing and osteomalacia, and incomplete osteogénesis also significantly influence bone power and can increase the requirement for upper limb prostheses. These illnesses significantly reduce bone density and thereby increase the likelihood of bone fractures. The demand for prothetics of the upper limb is anticipated to boost.

The acceptance speed of prothetic instruments, which is anticipated to boost the development of the upper limb prothetic industry, increases as prothetic technology progresses. Advanced technology has resulted to better lifestyles for upper limb consumers and increased market demand.

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Upper limbs are artificial implants used to substitute a defected bodily organ or limb. These prothetics improve an amputee's lifestyle by enabling an individual to travel correctly.

Key Players & Strategies

Many main upper limb prosthetics companies are concentrating on innovating fresh products with sophisticated characteristics and providing rehabilitative facilities. Some of the major firms are strongly engaged in strategic purchases and partnerships to introduce creative goods on the market for upper limb prosthetics. The prominent players active in the market include Ossur, Fillauer LLC, Ottobock SE & Co. KGaA, CPOUSA, College Park Industries, TRS Inc., Howard Orthopedics Inc., Steeper Inc., WillowWood Global LLC, Endolite India Ltd., Coapt LLC among others.

The main strategic measures of these sector participants are technological advances, creative item launchs, capability extension, merger, procurement and accreditation.  In July 2019, Ossur Global reached an arrangement to purchase the major supplier of prothesis products and facilities to College Park Industries. The procurement approach is to expand the brand portfolio and business that can boost the company's development.

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