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NEWARK, Del, March 16, 2023 (GLOBE NEWSWIRE) -- In 2023, upper limb prosthetics sold for approximately US$ 398 million worldwide. The Upper Limb Prosthetics Market is predicted to grow at a CAGR of 4.1% and reach a valuation of US$ 624.9 million by 2033. This is according to a detailed FMI analysis.

In the global prosthetics market, upper limb prosthetics account for 3.8% of the total. Road accidents are the leading cause of fractured bones, and this may boost the market for upper limb prosthetics.

The global upper limb prosthetics market is experiencing strong growth due to increased amputation procedures and increased research and development. The market is also expected to grow due to a rising geriatric population and increased road accidents and amputations.

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According to the American Cancer Society, approximately 1,000 new cases of osteosarcoma are diagnosed in the United States every year, mainly among teens and adults. A biopsy is used to diagnose osteosarcoma, and the tumor is usually removed during surgery.

As a result of the high number of bone cancers in the United States and worldwide, there is a high demand for advanced prosthetics. These devices require a lot of maintenance and are expensive, and reimbursement policies inhibit their growth. As the government increases its support for amputee initiatives, the market will be able to grow at a rapid rate.

The rise in the number of road accidents is due to rapid modernization and increasing sales of high-performance vehicles. In addition, rash and drunk driving are contributing to an increase in the number of road accidents around the world. This is predicted to contribute to the upper limb prosthetics industry's enhanced growth. said a lead analyst at FMI.

Key Takeaways from the Upper Limb Prosthetics Market Study

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Competitive Landscape for the Upper Limb Prosthetics Market

As the geriatric population increases, research and development efforts increase, and technological advancements in upper limb prosthetics increase, the upper limb prosthetics market is expected to grow. As the population ages, more limb amputations are performed, accident injuries and trauma cases increase, and geriatrics increase in number.

There are a number of prominent players in the global plant-based hot dog market, including Touch Bionics Inc., Fillauer LLC, Endolite India Ltd., Ottobock SE & Co. KGaA, College Park Industries, Steeper Inc., TRS Inc., and others.

Recent Developments in the Upper Limb Prosthetics Market

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Upper Limb Prosthetics Market Segmentation by Category

Upper Limb Prosthetics Market by Product:

Upper Limb Prosthetics Market by Component:

Upper Limb Prosthetics Market by Indication:

Upper Limb Prosthetics Market by End User:

Table of Content

1. Executive Summary | Upper Limb Prosthetics Market

1.1. Global Market Outlook

1.2. Demand-side Trends

1.3. Supply-side Trends

1.4. Technology Roadmap Analysis

1.5. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitations

Complete TOC with Report Preview: https://www.futuremarketinsights.com/reports/upper-limb-prosthetics-market

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About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S., and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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Upper Limb Prosthetics Market is projected at a CAGR of 4.1% and ... - GlobeNewswire