DUBLIN, Aug. 19, 2021 /PRNewswire/ — The “Prosthetic Arm Market – Forecasts from 2021 to 2026” report has been added to ResearchAndMarkets.com’s offering.
The global prosthetic arm market is evaluated at US$ 880.783 million for the year 2019 growing at a CAGR of 12.54% reaching the market size of US$ 2014.162 million by the year 2026.
The market for the prosthetic arm has seen high growth in recent years, driven by increased healthcare spending in emerging economies, the growing relevance of the public-private partnership (PPP) model across different regions, a rise in the prevalence of joint-related diseases, an increase in the aging population. Innovations in smartphone technology like cybernetic arms powered and controlled by a smartphone and the use of accelerometer technology provide significant market opportunities, while Bluetooth communication continues to strengthen growth.
Geographically, the market has been prominent in developed countries with advanced healthcare systems, with the United States and Europe taking the lead, however growing awareness and information and technology spill resulting from increased global integration has significantly bolstered demand for prosthetic arms in the developing world. Certain factors that are driving the market growth include an increasing number of serious injuries and a rise in the number of amputations and technological advancements.
According to the United States Department of Health and Human Services, around 8.7…