Hyperbaric Oxygen Therapy Devices Market Trends: Development is Changing Business Needs
The global Hyperbaric Oxygen Therapy Devices Market Size is expected to be valued at US$ 3.21 Billion in 2022. With the growing usage of hyperbaric oxygen therapy in wound healing, coupled with the increasing number of athletes resulting in demand for HBOT, the overall demand for Hyperbaric Oxygen Therapy Devices is projected to grow at a CAGR of 7.1% between 2022 and 2032, totaling around US$ 6.37 Billion by 2032.
The introduction of hyperbaric oxygen therapy (HBOT) technique enhances the effectiveness of leukocytes, especially in the wound site, and hinders the toxic effect of carbon monoxide (CO) and cyanide. Growing acceptance of this technology globally is one of the key factors expected to boost the market during the forecast period.
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Rising number of patients with diabetes around the globe is the prime factor for the increase in demand of hyperbaric oxygen therapy devices. Thus, the market is to witness an upward trend with the passing years. Additionally, the market is set to gain because of the increasing medical tourism. The support and investment by the government of the developing reasons in the healthcare sector too cannot be ignored for the rise in demand. Plus, nowadays, patients with brain injuries and cancer are also being treated using this technology.
The regulatory approval for a number of indications such as pulmonary embolism, severe anemia, decompression sickness, burns and brain abscesses to name a few out of the thirteen approved indications, is one of the major factors that is expected to escalate the growth of the hyperbaric oxygen therapy device market over the analysis period. Moreover, the increasing adoption of hyperbaric oxygen therapy devices for lung disease treatment and prevention of reperfusion injury is one of the major factors that is expected to propel the market growth during the forecast period.
The North America hyperbaric oxygen therapy devices market is expected to accumulate a market share of 34.0% in 2022. North America is anticipated to be the largest market for Hyperbaric Oxygen Therapy Devices, owing to reasons such as the growing population and the increasing preference for wound healing treatments.
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Key Takeaways from the Market Study
- Global Hyperbaric Oxygen Therapy Devices Market was valued at US$ 3.21 Billion by 2022-end
- From 2017 to 2021, Hyperbaric Oxygen Therapy Devices demand expanded at a CAGR of 4.2%
- By product, monoplace hyperbaric oxygen therapy devices to acquire a revenue share of 54%.
- By Application, the Wound Healing segment dominates the Hyperbaric Oxygen Therapy Devices Market with a CAGR of 31%.
“The ability of the hyperbaric oxygen therapy procedure to effectively treat carbon monoxide poisoning, is one of the major factors that is anticipated to accelerate the growth of the hyperbaric oxygen therapy devices market in the near future,” remarks an FMI analyst.
Players in the global Hyperbaric Oxygen Therapy Devices Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In May 2021, CūtisCare, a leading provider of multi-place hyperbaric services for trauma centers and acute care hospitals, announced the official launch of hyperbaric aware website and national campaign. CūtisCare aims to increase awareness about hyperbaric oxygen therapy to effectively deal with various chronic conditions.
- 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.
- In July 2019, Unique Group, the world’s prominent advanced subsea, offshore, and life support solution providers, launched its next generation multiplace hyperbaric oxygen treatment chamber, ‘Uni-Heal 2200 hyperbaric oxygen treatment facility’.
- In February 2019, new medical research conducted at the LSU Health New Orleans School of Medicine indicates that the procedure can be beneficial for the patients of Alzheimer’s, when conducted with other therapies or by itself.
Key companies profiled : Cardinal Health, Mölnlycke Health Care, Acelity L.P. Inc. (3M), Lohmann & Rauscher GmbH & Co. KG, Smith & Nephew, ConvaTec Inc., DeRoyal Industries, Inc., HARTMANN, Medela LLC, Haromed Bvba (Belgium), Carilex Medical GmbH. Genadyne Biotechnologies, Inc., Cork Medical, LLC, Alleva Medical Ltd. (Devon Medical Products, and Argentum Medical, LLC
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Key Segments Covered in the Hyperbaric Oxygen Therapy Devices Industry Analysis
Hyperbaric Oxygen Therapy Devices Market by Type of Products:
- Mono-place HBOT Devices
- Multi-place HBOT Devices
- Topical HBOT Devices
Hyperbaric Oxygen Therapy Devices Market by Application:
- Wound Healing
- Decompression Sickness
- Gas Embolism
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