Upper Limb Prosthetics Market: Overview
Current research directions in the upper limb prosthetics market hover around improving the performance outcomes so that the devices meet the functional requirements in amputees. The technological developments relate notably to following performance attributes: socket design, prosthetic componentry, signal control schemes, rotational stability, and grip strength. Stakeholders in the upper limb prosthetics also consider the outcome measures of implantation to be contingent on the surgical techniques used. Some of the currently used ones are targeted muscle reinnervation or the use of implantable neurologic sensing devices.
Some of the recently unveiled devices in the upper limb prosthetics market are multi-articulating myoelectric hand and FDA-approved above-the-knee prostheses.
Despite constant technological strides in the upper limb prosthetics market and vast body of clinical studies in the upper limb to complement with, unsurprisingly, the rate of satisfaction with these set of prosthesis is low, in contrast to lower-limb prosthetics. The reason has to do with marked difficulty of patients to adjust to upper limb amputations, given the fact that prosthetic restoration is a lifelong process. This no doubt keeps on expanding the need for new fabrication methods and training programs in the upper limb prosthetics market. A difficult patient subset is designing prosthetics for children.
The insights also take care of the macroeconomic trends, including the current ongoing Covid-19 pandemic, that have impacted the current demand in clinical settings. Further, the report evaluates the market scope of ongoing research development programs in developed markets, and analyzes why new non-invasive methods will gain acceptance among the stakeholders.
Upper Limb Prosthetics Market: Key Trends
The focus on improving the quality of amputees to enable them to carry out their daily activities is a key factor boosting technological advancements in the upper limb prosthetics market. Upper-limb amputations account for a major percentage of trauma-related amputations, with hand or finger amputations become a kay target for stakeholders in the upper limb prosthetics market. Other common reasons are vascular/infection, congenital absence, and cancer. Per an estimate, still considered relevant, 500,000 people had to undergo amputation of the hand or fingers in the U.S. in 2005. The statistics paint a picture of the scope of the opportunities in the upper limb prosthetics market.
Surgeons have benefitted from the continuing strides made in robotics of exoskeleton assistive devices. Progress in the upper limb prosthetics market has focused on improving the benefits of myoelectric prostheses technologies and externally powered prosthesis. Some of the commercial releases in recent years have aimed at overcoming the limitations in inertial measurement unit (IMU) control.
Upper Limb Prosthetics Market: Competitive Analysis and Key Developments
Companies are leaning on meeting a wide range of functional requirements of prosthetics. Improving the patients’ and stakeholders’ expectations from top companies typically relate to dexterity, coordination, strength, and natural motion. A case in point is i-Limb Quantum by Össur, an Icelandic company that claims to pioneer in the development of non-invasive prosthetics. Some of the other popular devices contributing growth avenues to their respective manufacturers in the upper limb prosthetics market are i-Digit quantum, BeBionic hand, and Michelangelo hand.
Research agencies, such as Defense Advanced Research Projects Agency (DARPA) of the U.S. Government, play crucial role in development of next-gen technologies in the upper limb prosthetics market. DARPA has recently funded upper limb prosthetic solutions that can meet the advanced requirements of militaries. Another novel device is the efficacy of noninvasive electroencephalogram-based brain-computer interface (BCI). Another similar research in the upper limb prosthetics market relates to the Hand Proprioception and Touch Interfaces (HAPTIX) program, where the research team aims at developing upper limb prosthetics that allow multiple degrees of freedom for hand movement.
Upper Limb Prosthetics Market: Regional Assessment
The acceptance of new technologies in upper limb prosthetics is high in the U.S., where companies are making extensive research in unveiling highly dexterous and comfortable prosthetic limbs. A number of research on testing new non-invasive technologies are awaiting clinical trials. Other promising regions in the upper limb prosthetics market are Asia and Europe. New tools such as Assessment of Capacity for Myoelectric Control (ACMC) will stridently unearth new capitalization avenues for market players.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.