Hyperbaric Oxygen Therapy Devices Market is forecast to grow at above 9% CAGR throughout the forecast period of 2021 to 2031
- 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.
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- 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.
Key Points Covered in Hyperbaric Oxygen Therapy Devices Market Study
- Market estimates and forecast 2015-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Hyperbaric Oxygen Therapy Devices Market and How to Navigate
- Recommendation on Key Winning Strategies
Hyperbaric Oxygen Therapy Devices Market 2021 – 2031 Future Outlook Brighter In Comparison to Historic Growth
According to the report by Future Market Insights, rising cases 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 will drive the market growth.
As per the research conducted by Indian Journal of Anesthesia hyperbaric oxygen therapy devices can be used as a supportive treatment during pandemic as it provides effective oxygenation in COVID-19 patients.
COVID-19 infected patients were more susceptible to other infections in comparison with non-infected patients. With rapid mutation of virus, the patients were facing higher risk of cardiac arrest.
According to the US National Library of Medicine, hyperbaric oxygen therapy helped in improving cognitive ability of the patients suffering from post COVID-19 syndrome. The excess oxygen supplied at elevated pressure triggered oxygen and pressure sensitive genes promoting various regenerative processes.
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 are likely to yield highly opportunistic prospects, contributing towards the overall expansion of the market.
How Is Rising Prevalence Of Ischemic Stroke Driving Market?
According to Federal Ministry of Education and Research, around 200,000 people suffer their first stroke every year in Germany. The study also states that ischemic stroke is the most common form caused by blood clot blocking the circulation of blood to the brain.
Growing instances of ischemic stroke will boost the demand for advanced hyperbaric oxygen therapy devices. Increased per capita income and better government insurance policies in developed nations are key hyperbaric oxygen therapy devices market drivers.
Rising prevalence of obesity and diabetes is propelling the stroke cases, thereby accelerating product demand. With elevated efficacy and multi-functionality of hyperbaric oxygen therapy devices, a steady market growth is expected during the forecast period.
Rising demand for non invasive and drug free treatment among the customers and integration of hyperbaric oxygen therapy devices with imaging technology like CT and Magnetic Resonance Imaging (MRI) for studying brain ischemia and early detection of acute ischemic stroke will positively influence the market expansion.
Continuous research and development regarding the hyperbaric oxygen therapy preconditioning after the ischemic stroke will create novel market growth opportunities in the upcoming years.
Factors Hindering Hyperbaric Oxygen Therapy Devices Market Growth
According to Mayo Clinic Organization, although the hyperbaric oxygen therapy is generally safe, there are some risks associated with the procedure. It also states that lung collapse is possible due to change in air pressure.
Increasing cases of middle ear injuries and ear drum rupture due to variation in air pressure will restrict hyperbaric oxygen therapy devices the market growth.
Hyperbaric oxygen therapy devices are expensive. According to Hyperbaric Vermont Organization, a single session of hyperbaric oxygen therapy costs around US$ 400 per hour in Vermont. Insurance and government policies do not effectively cover the hyperbaric oxygen therapy expenses.
Thus, high cost of hyperbaric oxygen therapy and lack of favorable reimbursement policies will hamper the market growth.
Complications associated with hyperbaric oxygen therapy like seizure, low blood sugar, and short term near sightedness will negatively influence the market demand.
How is The Hyperbaric Oxygen Therapy Device Market expanding in the U.S?
The hyperbaric oxygen therapy devices market in the U.S. is expected to flourish during the forecast period due to growing prevalence of necrotizing soft tissue infections, diabetes and cancer across the country.
As per the data from Center of Disease Control and Prevention (CDC), the mortality rate due to necrotizing soft tissue infections vary from 24% to 34%. Necrotizing soft tissue infections (NSTIs) coupled with streptococcal toxic shock syndrome (STSS) elevates the mortality rate to 60%. Procedure for removal of infected tissue and muscle or amputation of body parts is undertaken depending upon the severity of infection.
According to Undersea and Hyperbaric Medical Society, the hyperbaric oxygen therapy devices work in alliance with surgical debridement, antibiotic therapy and maximal goal-directed critical care therapy to treat necrotizing soft tissue infections.
The rising incidence of necrotizing soft tissue infections will fuel the demand for faster and efficient hyperbaric oxygen therapy devices.
Increasing government and private research showcasing the high effectiveness of hyperbaric oxygen therapy in elevating the survival rate and limb salvation will heighten the market demand during the forecast period.
Why Is Demand for Hyperbaric Oxygen Therapy Devices Surging In Russia?
According to the World Health Organization, nearly 21.1% of women aged 15 to 49 are suffering from severe anemia in Russia. Rapid advancement in the healthcare system in Russia along with growing government initiative towards awareness will boost the hyperbaric oxygen therapy devices market in Russia during the forecast period.
Increasing awareness regarding the negative effects of anemia on human body will fuel the demand of hyperbaric oxygen therapy devices. Increased healthcare spending habit showcased by consumer will further fuel the market demand.
According to International Diabetes Federation, as of 2019 around 8.28 million people are suffering from diabetes in Russia. Diabetes is one of the leading causes of non healing wounds like diabetic foot ulcer.
Increasing government spending on developing medical facilities and steady rise in diabetic patients will accelerate hyperbaric oxygen therapy devices market growth. Market players are working towards developing novel hyperbaric oxygen therapy devices market to treat the wide range of diseases while in compliance with Russian regulations.
How Lucrative Is The Growth Opportunity In China?
According to a report published by National Institute of Health, every year around 10 million individuals suffer from burn in China. Report also states that burn is the fourth most common cause of injury in the world. Booming petroleum and chemical industry will increase the chances of burn injuries.
Rapid development and modernization of healthcare facilities in China will create novel market growth opportunities. Establishment of better reimbursement policies in the country will positively influence the hyperbaric oxygen therapy devices market growth.
According to World Health Organization, around 4.5 million new cases of cancer were detected in 2020. Surge in cancer patients elevates the demand for radiation therapy. However radiation therapy has major side effects leading to delayed radiation injury.
The incorporation of the hyperbaric oxygen therapy devices for treating radiation burns and injuries along with favorable insurance policies will boost the hyperbaric oxygen therapy devices market sales. Increasing prevalence of osteomyelitis in geriatric population will provide impetus to hyperbaric oxygen therapy devices market growth.
What Is Driving Adoption Of Hyperbaric Oxygen Therapy Devices In India?
According to a report published by Journal of Diabetic Foot Complications (JDFC) around 15% of diabetic patients are susceptible to foot ulceration in their lifetime. According to International Diabetes Federation, as of 2020, around 77 million people are suffering from diabetes in India. These numbers indicate huge market growth potential in India.
Growing prevalence of diabetes increases the chances of non healing wounds like diabetic foot ulcer. Rising geriatric population and developing healthcare infrastructure in India will provide favorable conditions for hyperbaric oxygen therapy devices market growth.
Growing government initiatives to provide better healthcare facilities and spreading awareness especially in rural population will be key factor driving the market growth. As per World Health Organization, in 2020, 1.32 million new cases of cancer were registered in India.
Radiation therapy is an effective method to shrink the cancerous tumor. Side effects of high radiation exposure lead to delayed radiation injury and soft tissue necrosis. High cancer prevalence and increasing demand for radiation therapy coupled with development in medical and healthcare centers will propel the market growth.
Which is the Top Selling Hyperbaric Oxygen Therapy Devices Type?
Demand for hyperbaric oxygen therapy devices especially monoplace hyperbaric oxygen therapy devices is anticipated to be relatively high as it is readily available and easy to install.
As the cases of acute and chronic wounds continue to rise, market players are looking to reduce cost of the product in order to make it available in remote corners of the world.
Why Are Hyperbaric Oxygen Therapy Devices Gaining Traction In Treating Wound Infections And Gas Embolism?
With rising incidence of wound site infection and cases of carbon monoxide poisoning and gas embolism, hyperbaric oxygen therapy devices are becoming popular in healthcare system. Rapid healing requires surplus of oxygen. In hyperbaric oxygen therapy, body is exposed to 100% oxygen to the wounded area to accelerate the healing process.
It is also efficient in treating gas embolism by providing pure oxygen at 3 times the normal atmospheric pressure to improve circulation. High oxygen pressure shrinks the gas bubble leading to easy passage through the system.
Hyperbaric Oxygen Therapy Devices Market – Competitive Landscape
Hyperbaric oxygen therapy devices market is dominated by a few global market leaders. Companies 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.
- Perry Baromedical Corporation acquired the hyperbaric division of Environmental Tectonics Corporation (ETC) Biomedical systems in 2020. The acquisition assisted Perry Baromedical Corporation to penetrate and expand in Asian Pacific markets. The acquisition also assisted in enhancing the installed base in the US and abroad.
Future Market Insights has also analyzed the following players in the hyperbaric oxygen therapy devices market in its detailed report:
- 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.
Hyperbaric oxygen therapy devices Market – Report Scope
|Historical Data Available for||2015-2020|
|Market Analysis||US$ Mn for Value & ‘000 Units for Volume|
|Key Regions Covered||North America, Europe, Asia Pacific, Rest of the World (ROW)|
|Key Countries Covered||U.S., Canada, Brazil, Mexico, Argentina, EU-5, BENELUX, NORDIC, Poland, Russia, Japan, China, India, ASEAN Countries, Australia & New Zealand, Rest of APEJ, GCC Countries, South Africa, Israel, Turkey, Iran, Rest of Middle East & Africa|
|Key Segments Covered||By Product, By Application|
|Key Companies Profiled||
|Report Coverage||Market Overview, Market Background, Market Forecast, Segmental Analysis, Regional Profiling and Competition Analysis|
|Customization & Pricing||Available upon Request|
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Key Segments Covered
- Mono-place HBOT Devices
- Multi-place HBOT Devices
- Topical HBOT Devices
- Wound Healing
- Decompression Sickness
- Gas Embolism
Download the TOC of this Report: https://www.futuremarketinsights.com/reports/hyperbaric-oxygen-therapy-devices-market/table-of-content
Key Regions Covered
- North America
- Asia Pacific
- Rest of the World (ROW)
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