08-Aug-2022 | Zion Market Research
The global hyperbaric oxygen therapy devices market size was worth USD 3.50 billion in 2021 and is estimated to grow to USD 5.80 billion by 2028, with a compound annual growth rate (CAGR) of approximately 8.80 % over the forecast period. The report analyzes the hyperbaric oxygen therapy devices market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the hyperbaric oxygen therapy devices market.
The goal of hyperbaric oxygen treatment is to prevent harmful consequences from gas bubbles by using high-pressure oxygen and therapeutic recompression. An oxygen-rich source and a pressure chamber make up the treatment. The therapy has successfully treated decompression sickness, carbon monoxide poisoning, and gas gangrene. By delivering oxygen-rich plasma to the precise location of oxygen deficiency, hyperbaric oxygen treatment (HBOT) promotes wound healing. Even though HBOT is a very effective and recommended therapy, there are still a few risks, such as middle ear injuries, eye damage, sinus issues, seizures, lung failure, etc. One of the few things predicted to spur development is the increasing investment made by private parties like OxyHealth and SOS Group Global Ltd. in creating technologically improved HBOT equipment. The emergence of portable HBOT devices and the rise in clinical studies supported by different institutions and industrial companies are signs of continuous progress and are fueling the global hyperbaric oxygen therapy devices market expansion. The existence of technology assessment groups that evaluate the evidence supporting the use of hyperbaric oxygen, such as Cochrane Collaboration, Alberta Heritage Foundation for Medical Research, and Agency for Healthcare Research & Quality (AHRQ).
A few key factors propelling the growth of the global market for hyperbaric oxygen therapy devices include the rising incidence and prevalence of acute & chronic wounds, the easy accessibility of hyperbaric oxygen therapy systems, and the rising popularity of leisure & adventure activities. However, the high cost of care and difficulties with payment is somewhat impeding this market's expansion. Hyperbaric oxygen treatment is growing in popularity within the healthcare industry due to the increase in wound site infections, carbon monoxide poisoning, and gas embolism. In addition, the use of hyperbaric oxygen therapy for treating radiation burns and injuries and advantageous insurance plans will increase the market's revenue.
The global hyperbaric oxygen therapy devices market is segregated based on product, application, and region. Based on product, the market is divided into monoplace HBOT devices and multiplace HBOT devices. Among these, the monoplace HBOT devices segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period. Based on application, the market is classified into wound healing, decompression sickness, infection treatment, and gas embolism. The wound healing category dominated the market in 2021.
Due to rising consumer household budgets and a rapidly expanding population, North America is anticipated to become a lucrative region for global hyperbaric oxygen therapy devices market. The burden of both chronic and acute wounds is growing, and the number of adventurous activities is rising, which has increased the need for better wound healing therapies. Leading regional players have made more investments as a result of the rising demand for sophisticated hyperbaric oxygen therapy. Emerging nations like India, China, the Philippines, Vietnam, and Brazil have all seen rapid economic expansion. The region's need for HBOT has grown due to expanding populations and a greater need for wound care. Consumers are more likely to use technologically advanced medical treatments and therapies because of rising disposable income.
Key players functioning in the global hyperbaric oxygen therapy devices market include Environmental Tectonics Corporation, Royal IHC, Perry Baromedical, Sechrist Industries, Inc., Fink Engineering Pty Ltd., Gulf Coast Hyperbarics, Inc., HAUX-LIFE-SUPPORT, Hearmec Co., Ltd., Hyperbaric SAC, SOS Group Global Ltd., Medical Equipment and Consumer Goods Plant (KhSC), OxyHeal International, Inc., Submarine Manufacturing and Products Limited (SMP Ltd.), OxyHealth, Pan-America Hyperbarics, Inc., Tekna Manufacturing, LLC, Baroks Hyperbaric A.S, Sands Hyperbarics, PCCI, Inc., and other prominent players.
Browse the full “Global Hyperbaric Oxygen Therapy Devices Market By Product (Monoplace HBOT Devices, Multiplace HBOT Devices), By Application (Wound Healing, Decompression Sickness, Infection Treatment, Gas Embolism), and By Region - Global & Regional Industry Overview, Comprehensive Analysis, Market Intelligence, Historical Data, and Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/hyperbaric-oxygen-therapy-devices-market
Global Hyperbaric Oxygen Therapy Devices Market is segmented as follows:
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