Jan 28, 2020 (AmericaNewsHour) — Total Healthcare Spending around the Globe was USD 7.5 Trillion in 2016 – W.H.O.
CRIFAX added a report on ‘Global Upper Limb Prosthetics Market, 2019-2028’ to its database of market research collaterals consisting of overall market scenario with prevalent and future growth prospects, among other growth strategies used by key players to stay ahead of the game. Additionally, recent trends, mergers and acquisitions, region-wise growth analysis along with challenges that are affecting the growth of the market are also stated in the report.
Rising number of health problems around the globe is the major concerning factor that is leading to an increase in medical innovations, driving many key players to invest highly in healthcare sector. Additionally, rising technological advancements in the healthcare industry is estimated to create numerous opportunities in the Global Upper Limb Prosthetics Market throughout the forecast period, i.e., 2019-2028. Furthermore, the total healthcare spending is increasing faster than GDP, with an average of 6% in low and middle-income countries as compared to high-income countries, as per a report by World Health Organization (W.H.O.). It also states that the average spending on healthcare (per capita) was USD 1000, whereas half of the countries around the globe spent less than USD 350 per person in 2016. The total healthcare spending around the globe accounted for USD 7.5 trillion in the same year. This increase in the global healthcare spending is estimated to boost the growth of the Upper Limb Prosthetics Market over the forecast period.
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Lack of healthcare professionals might act as a challenging factor to the growth of the Upper Limb Prosthetics Market, however, healthcare occupations are estimated to increase in years to come. For instance, the employment rate in the field of healthcare is estimated to grow 14 % over the time period of 2018-2028, as stated by the U.S. Bureau of Labor Statistics. Healthcare sector in the U.S. holds the highest growth rate as compared to other sectors and is estimated to add about 1.9 million new jobs during the same period. This can be attributed to rising geriatric population resulting in higher demand for healthcare facilities. As per the statistics by W.H.O., elderly population, aged 60 years and older accounted for 900 million in 2015 and by 2050, it is estimated to touch 2 Billion, thereby leading to an increased demand for nursing and homecare services in upcoming years. Moreover, government and healthcare bodies across the world are raising awareness among their regions pertaining to rising rate of numerous diseases coupled with preventive measures to curb that rate. These are some of the notable factors that are estimated to drive significant opportunities in the global Upper Limb Prosthetics Market during the forecast period.
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Furthermore, to provide better understanding of internal and external marketing factors, the multi-dimensional analytical tools such as SWOT and PESTEL analysis have been implemented in the global Upper Limb Prosthetics Market report. Moreover, the report consists of market segmentation, CAGR (Compound Annual Growth Rate), BPS analysis, Y-o-Y growth (%), Porter’s five forces analysis, absolute $ opportunity and anticipated cost structure of the market.
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