DUBLIN, Oct. 17, 2022 /PRNewswire/ — The “Prosthetic Arm Market – Forecasts from 2022 to 2027” report has been added to ResearchAndMarkets.com’s offering.
The prosthetic arm market is projected to witness a compound annual growth rate of 15.86% to grow to US$2,212.657 million by 2027, from US$789.358 million in 2020.
Increased healthcare spending in emerging economies, the growing relevance of the public-private partnership (PPP) model across different regions, an increase in the prevalence of joint-related diseases, and an ageing population have all contributed to the market growth for prosthetic arms growing rapidly in recent years.
With growing technology, Artificial Intelligence, and machine learning the prosthetic limb market has seen significant development. Innovations such as cybernetic arms that are powered and controlled by a smartphone, as well as the usage of accelerometer technology, are creating substantial business prospects, while Bluetooth connectivity is continuing to rise. Another key factor is the growing prevalence of chronic diseases like Cancer, Diabetes amongst others are prime reasons for amputation apart from severe injuries.
Increased cases of Amputations
One of the prime reasons which are supporting the overall market growth is the growing cases of amputations. An increase in the cases of amputations has been observed – the prime reason being rising chronic diseases and accidents. According to the National Health Interview Survey and Vital Statistics report, the United States has an estimated 1.9 million amputees and around 185,000 amputation procedures conducted each year. Peripheral vascular disease and diabetes account for 82 percent of all amputations done.
These numbers are expected to further increase with the rising prevalence of such…