Hyperbaric Oxygen Therapy Devices Market size worth US$ 5 Billion, Globally, by 2031 at 9% CAGR | FMI
The demand for hyperbaric oxygen therapy devices has been increasing significantly with rising prevalence of wound infection and gas embolism across the globe, according to ESOMAR-certified Future Market Insights’ (FMI) latest research report. As per the study, the global hyperbaric oxygen therapy devices market is anticipated to grow at above 9% CAGR throughout the forecast period from 2021 to 2031.
According to the report by Future Market Insights, growing incidences of ischemic stroke and diabetes has fueled the demand for hyperbaric oxygen therapy devices across the globe. According to data published by World Health Organization, around 422 Million people suffering from diabetes. Also, 1.6 million people die due to diabetes related diseases states to the study.
Diabetes becomes the breeding ground for various ailments like diabetic foot ulcer, ischemic stroke and chronic infections. Rising cases of diabetes and obesity will fuel the market growth. Hyperbaric oxygen therapy (HBOT) devices deliver 100% pure oxygen to the body tissues at 1.5 to 3 times the normal atmospheric pressure.
Excess oxygen in the blood promotes white blood cells and leucocytes to fight bacteria and promotes the secretion of stem cells for faster healing and restoring normal body function. Introduction of portable hyperbaric oxygen therapy devices and increasing awareness in medical space regarding importance and utility of multiplace HBOT, especially in wound healing will drive the market growth.
In the future, the market is anticipated to grow significantly, as healthcare workers are switching towards hyperbaric oxygen therapy devices for treating soft tissue necrosis. Asia Pacific region is likely to yield highly opportunistic prospects, contributing towards the overall expansion of the market.
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Key Takeaways from FMI’s Hyperbaric Oxygen Therapy Devices Market Study
- The U.S is expected to dominate hyperbaric oxygen therapy devices market on the back of rising cases of soft tissue necrosis and increasing government funding towards modernization of healthcare infrastructure.
- Rapidly increasing number of people suffering from anemia, especially women under reproductive age will increase hyperbaric oxygen therapy devices adoption across Russia.
- China will offer lucrative opportunities owing to increasing prevalence of osteomyelitis in older population and advancement in healthcare system.
- India is expected to exhibit impressive market growth owing to increase in cancer patients suffering from radiation injury and growing incidence of diabetic foot ulcers in the country.
- Monoplace hyperbaric oxygen therapy devices will continue to encompass maximum market share owing to its low set up time and high availability.
“Rising prevalence of acute and chronic wounds coupled with diabetic foot infection will amplify sales of hyperbaric oxygen therapy devices during the forecast period,” says the FMI analyst.
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Hyperbaric oxygen therapy devices market is dominated by few global market leaders. Market leaders operating in hyperbaric oxygen therapy devices market are focusing towards employing organic market strategies to consolidate their market position.
Organic strategies include new product development and extensive research and development for product portfolio expansion. They are also working towards launching modern and cheaper medical devices to penetrate the new markets and capture maximum market share especially in emerging economies.
Some market players are employing strategic merger and acquisition and forming an alliance with regional distributors to strengthen their supply chain channels. They are also emphasizing towards faster product approvals, product development and patenting.
Prominent players operating in the hyperbaric oxygen therapy devices market are:-
- ETC BioMedical Systems
- Fink Engineering Pvt. Ltd.
- Gulf Coast Hyperbarics Inc.
- HAUX-LIFE-SUPPORT GmbH
- Hearmec Co. Ltd.
- Hyperbaric SAC
- IHC Hytech B.V.
- OxyHeal Health Group
- Sechrist Industries, Inc.
- SOS Medical Group, Ltd.
More Insights on the Global Hyperbaric Oxygen Therapy Devices Market
In its latest report, FMI offers an unbiased analysis of the global hyperbaric oxygen therapy devices market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product (mono-place HBOT devices, multi-place HBOT devices, and topical HBOT devices) and application (wound healing, decompression sickness, infection, and gas embolism) and North America, Europe, Asia Pacific, and Rest of the World.
Key Highlights from Report
- How will the hyperbaric oxygen therapy devices market grow in the future?
According to FMI, the global hyperbaric oxygen therapy devices market is forecast to grow at above 9% CAGR throughout the forecast period of 2021 to 2031.
- Which is the most lucrative market for hyperbaric oxygen therapy devices?
The U.S. currently leads the North America market for hyperbaric oxygen therapy devices. Growth in the U.S. throughout the forecast period can be attributed to presence of developed healthcare infrastructure and increasing consumer spending on healthcare.
- Which product type accounts for maximum sales in hyperbaric oxygen therapy devices market?
Monoplace hyperbaric oxygen therapy chambers have emerged as leading the product in the hyperbaric oxygen therapy devices market.
- Who are some of the leading players in hyperbaric oxygen therapy devices market?
Some of the leading players operating in the hyperbaric oxygen therapy device market are ETC BioMedical Systems, Fink Engineering Pty, Ltd., Gulf Coast Hyperbarics, Inc., HAUX-LIFE-SUPPORT GmbH, Hearmec Co., Ltd., Hyperbaric SAC, IHC Hytech B.V., OxyHeal Health Group, Sechrist Industries, Inc., and SOS Medical Group, Ltd. among others.
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