Hyperbaric Oxygen Therapy Devices Market
Hyperbaric Oxygen Therapy (HBOT) Devices Market Analysis by Product (Monoplace, Multiplace HBOT Devices), by Application (Wound Healing, Decompression Sickness, Infection Treatment, Gas Embolism), by Region - Global Forecast 2021-2028
Hyperbaric Oxygen Therapy Devices Market Outlook (2021-2028)
The global hyperbaric oxygen therapy devices market reached a valuation of US$ 3.1 Bn in 2020.
Sales of hyperbaric oxygen therapy devices are slated to rise at a CAGR of 8.9% to reach US$ 7.3 Bn by the end of 2028, with North America remaining the most lucrative regional market.
Hyperbaric Oxygen Therapy Devices Market Size (2020)
US$ 3.1 Bn
Projected Year Value (2028)
US$ 7.3 Bn
Global Market Growth Rate (2021-2028)
Key Companies Profiled
Consumption Analysis of Hyperbaric Oxygen Therapy Devices from 2017-2020 Vs Market Outlook for 2021-2028
“Growing Acceptance of Hyperbaric Oxygen Therapy Technology to Fuel Market Value”
As per Fact.MR, a market research and competitive intelligence provider, the hyperbaric oxygen therapy (HBOT) devices market was valued at US$ 4.02 Bn in 2021.
At 1.5 to 3 times the average atmospheric pressure, hyperbaric oxygen therapy devices supply 100% pure oxygen to the bodily tissues. Excess oxygen in the circulation encourages the production of white blood cells and leucocytes, which fight bacteria, as well as the secretion of stem cells, which aids in speedier healing and the restoration of normal body function.
Hyperbaric oxygen therapy devices are used to treat chronic problem wounds by delivering oxygen to all body tissues through monoplace HBOT chambers, multiplace HBOT chambers or topical HBOT chambers.
Diabetes affects roughly 422 million people worldwide, according to World Health Organization figures. According to the report, 1.6 million people die each year as a result of diabetes-related disorders. Diabetes can lead to a variety of problems, including diabetic foot ulcers, ischemic strokes, and chronic infections. The market will grow as the number of people diagnosed with diabetes and obesity rises.
Rising adoption of hyperbaric oxygen therapy equipment for lung disease treatment and prevention of reperfusion injury is driving the market growth over the forecast period. As healthcare personnel transition to hyperbaric oxygen therapy devices for healing soft tissue necrosis, the market is expected to develop significantly over the coming years.
Demand for hyperbaric oxygen therapy devices is predicted to increase at a CAGR of 8.9% from 2021 to 2028.
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Which Growth Factor is Driving Demand for Hyperbaric Oxygen Therapy Devices?
“Growing Prevalence of Ischemic Stroke to Boost Industry Expansion”
The most frequent type of stroke is ischemic stroke, which is caused by a blood clot limiting blood flow to the brain. As the number of occurrences of ischemic stroke rises, so will the demand for better mechanical ventilation devices. The market for hyperbaric oxygen therapy devices is being driven by rising per capita income and enhanced government insurance programs.
Rising incidence of diabetes and obesity is driving up the number of ischemic strokes, which is fueling the sales of hyperbaric oxygen therapy devices. Increased efficacy and multi-functionality of hyperbaric oxygen therapy devices for prevention of reperfusion injury to augment the market expansion over the coming years.
Customers' increasing need for non-invasive, drug-free treatment, as well as the integration of hyperbaric oxygen therapy equipment with imaging technology such as CT and MRI for researching brain ischemia and early diagnosis of acute ischemic stroke, will boost the market growth.
Ongoing research & development into hyperbaric oxygen therapy preconditioning after an ischemic stroke will open up new market growth potential over the coming years.
What Key Challenges are Faced by Hyperbaric Oxygen Therapy Device Manufacturers?
“High Treatment Costs & Poor Reimbursement Regulations Restraining Market Growth”
Some medical experts are suspicious about HBOT use in unapproved contexts, which is projected to stifle market growth. The demand for HBOT devices may be hampered to some extent by lack of awareness, rising treatment costs and reimbursement issues. Hyperbaric oxygen therapy complications will harm product demand.
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Why is North America Expected to Lead the Global Hyperbaric Oxygen Therapy Devices Market?
“Rising Investments by HBOT Device Suppliers Driving Market Growth in North America”
North America is expected to account for the highest share of the global hyperbaric oxygen therapy devices market, owing to reasons such as the growing population and the increasing preference for wound healing treatments.
Rising prevalence of chronic and acute wounds, combined with the rise in adventure activities, has increased the need for better wound healing treatments. The growing popularity of advanced hyperbaric oxygen therapy has prompted a surge in investments by HBOT device suppliers.
High number of diabetic individuals who suffer from foot ulcers or non-healing wounds is driving market growth in the region.
Why is the U.S. Hyperbaric Oxygen Therapy Devices Market Gaining Traction?
“Increasing R&D Initiatives for HBOT Devices Development Boosting Market Revenue”
Favorable reimbursement regulations and an increase in R&D efforts, as well as a rise in government healthcare spending, will boost the HBOT devices market revenue in the United States.
The financial strain on the U.S. healthcare system is so high that the medical services and centers for medical care have amended the payment policy for wound care, providing financial incentives to hospitals in order to improve and reduce expenses.
Rising prevalence of necrotizing soft tissue infections, diabetes, and cancer, as well as the involvement of key players, are driving the market growth in the country.
How is China Contributing to the Sales of Hyperbaric Oxygen Therapy Devices?
“Rising Medical Tourism to Boost Market Expansion”
Rapid growth of the medical tourism business in China is likely to boost the market significantly. Industrial growth is projected to be influenced by increasing per capita income, higher product penetration, and increased public awareness in China.
Rising incidence of gas embolism and carbon monoxide poisoning, as well as increasing investment by key companies in developing new hyperbaric oxygen therapy devices, are driving market expansion in China.
In China, rapid development and modernization of healthcare facilities will open up new business prospects. The adoption of more favorable reimbursement regulations in the country will boost the market for hyperbaric oxygen therapy devices.
Why are Monoplace HBOT Devices in Such High Demand?
“Growing Adoption of Monoplace HBOT Devices in Hospitals & Clinics”
Demand for monoplace HBOT devices is expected to rise at a CAGR of 7% over the forecast period (2021 to 2028). The market is developing due to recent innovations and increasing utilization of monoplace HBOT devices in hospitals and clinics.
Growing adoption of wound healing, widespread availability of monoplace systems, rising demand for the convenience of handling, and reduced hospital gas supply requirements are the factors fueling the sales of monoplace HBOT devices.
Furthermore, monoplace HBOT devices can handle a large number of patients with various diseases and assist medical personnel in monitoring all of the patient's indications and symptoms. Increased penetration to provide portability and user-friendly operability will also help to propel the HBOT devices market forward.
Which Application Holds a Dominant Stance in Hyperbaric Oxygen Therapy?
“Availability of Advanced Solutions in Wound Healing Driving Demand for HBOT Devices”
Hyperbaric oxygen therapy devices are becoming more common in the healthcare system as the prevalence of wound site infection rises. Rapid healing necessitates an abundance of oxygen. Hyperbaric oxygen therapy involves exposing the body to 100% oxygen in the injured area in order to speed up the healing process.
Because of the rising occurrences of obesity and diabetes around the world, demand for hyperbaric oxygen therapy systems in wound healing applications will rise. Segment growth will be fueled by factors such as rising healthcare expenses and an ageing population. One of the few aspects that can be attributed to the greatest market share is the availability of improved solutions for the treatment of chronic wounds.
COVID-19 Impact on Sales of Hyperbaric Oxygen Therapy Products
The COVID-19 pandemic significantly impacted the healthcare industry. The use of hyperbaric oxygen therapy devices as an alternate treatment for COVID-19-related hypoxia has grown in favor. Rising acceptance as an emergency investigative device supported the industry growth during the pandemic.
Increasing government and private studies demonstrating hyperbaric oxygen therapy's high effectiveness in improving survival rates will boost market demand over the coming years.
Rising investments by key players in R&D and the development of hyperbaric oxygen therapy products will be vital to preserving a competitive edge, with regular alliances being formed in an attempt to diversify product portfolios and increase market share.
- In November 2019, AHA Hyperbarics introduced the AHA Flex V2, a new model of innovative high-pressure medical hyperbaric chambers that are specifically built to meet the growing need for HBOT safety and efficacy.
Key Segments Covered in Hyperbaric Oxygen Therapy Devices Industry Research
Hyperbaric Oxygen Therapy Devices Market by Product:
- Monoplace HBOT Devices
- Multiplace HBOT Devices
Hyperbaric Oxygen Therapy Devices Market by Application:
- Wound Healing
- Decompression Sickness
- Infection Treatment
- Gas Embolism
Hyperbaric Oxygen Therapy Devices Market by Region:
- North America Hyperbaric Oxygen Therapy Devices Market
- Europe Hyperbaric Oxygen Therapy Devices Market
- Asia Pacific Hyperbaric Oxygen Therapy Devices Market
- Latin America Hyperbaric Oxygen Therapy Devices Market
- Middle East & Africa Hyperbaric Oxygen Therapy Devices Market
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