Introduction: The human hand is essential for independence, and its replacement after loss poses a major challenge in medicine and engineering. Prosthetic devices have evolved from basic wooden limbs to advanced bio-integrated systems, with myoelectric prostheses marking a key milestone. These devices interpret muscle-generated electrical signals to control movement, restoring dexterity that closely mimics natural function. Objective: This study reviews the past technological developments in prosthetic arm development and various sensor fusion and integration to advance the prosthetic arm system. Methodology: A vast literature in the field of prosthetic arm design and development are considered in this study are critically evaluated. Results and Conclusion: It is observed the high cost, limited availability and restrict access of prosthetic arm especially in developing countries pushes towards the design of affordable prosthetic solutions. It has driven innovations such as three-dimensional (3D) printing and simplified bio signal processing in prosthetic arm. 3D printing enables rapid, low-cost customization, while streamlined myoelectric systems maintain essential functionality at reduced expense. Together, these technologies hold promise for improving accessibility and quality of life. Additionally the advancements in machine learning could also improve the accuracy of prosthetic arm posture mimicking and classification. This review highlights the evolution, challenges, and future directions of low-cost myoelectric prosthetic arms, emphasizing the importance of affordability and inclusivity in advancing global prosthetic care.