USD 3.94 billion
Report ID: SQSG35A2093 | Region: Global | Published Date: December, 2022 | Pages: 157
Global Hyperbaric Oxygen Therapy Devices Market was valued at USD 3.94 billion in 2021 and is expected to reach USD 6.37 billion by 2028, at a CAGR of 7.1% during the forecast period (2022-2028).
The hyperbaric oxygen therapy device plays an important role in various medical issues as it is a medical device that is used to provide an optimum level of oxygen to the tissues in the human body under high atmospheric pressure.
The air pressure, in this medical treatment, is increased two to three times higher than the normal air pressure. Thus, the oxygen-carrying blood helps to fight bacteria and other unwanted hosts in the body by promoting healing.
This medical treatment is used to treat wounds as a result of radiation, air bubbles in blood vessels, and many other serious infections like diabetes.
The Food and Drug Administration (FDA) has approved 13 medical uses of hyperbaric oxygen therapy (HBOT) to date. The regulatory has approved a number of indications such as pulmonary embolism, severe anaemia, decompression sickness, burns and brain abscesses to name a few out of the thirteen approved indications.
Another factor that is projected to accelerate the growth of the market include the huge price tag associated with hyperbaric oxygen therapy (HBOT) products.
Global Market Size
USD 3.94 billion
topical oxygen chambers
monoplace oxygen chambers
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Global Hyperbaric Oxygen Therapy market is segmented on the basis of product, application, end users, and region. By product, the market is segmented into monoplace oxygen chambers, multiplace oxygen chambers, topical oxygen chambers, and portable oxygen chambers. By application, the market is segmented into decompression sickness, wound healing, infectious diseases, gas embolism, carbon monoxide poisoning, and others. By end user, the market is segmented into hospitals, ambulatory care centers, outpatient clinics, standalone hyperbaric treatment centers, and others. By region, the market is segmented into North America, Europe, Latin America, Asia Pacific, and MEA.
Analysis by Product Type
By product type, the monoplace HBOT devices industry will witness expansion through 2028 due to rising technological advancements and its growing adoption in hospitals and clinics.
These devices tend to one individual at a time, usually in a reclining position. They also allow only certain intravenous lines as well as ventilation ducts to penetrate through the hull.
Because of their ease of installation and handling, and low maintenance costs, monoplace systems mark higher commercial availability. Increasing penetration to offer portability and user-friendly operability will additionally contribute a positive edge to the HBOT devices market expansion.
Analysis by Application
By Application, Hyperbaric oxygen therapy devices are becoming more common in the healthcare system for wound healing. Rapid healing necessitates an abundance of oxygen.
Hyperbaric oxygen therapy involves exposing the body to 100% oxygen in the injured area 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.
Factors such as rising healthcare expenses and an ageing population are expected to boost the segment growth. 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.
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Globally, North America was the leading segment and accounted for around 32% of the total revenue in 2016. The U.S. was the leading market in 2022 and is also anticipated to hold largest revenue share over the forecast period.
According to the American Venous Forum, advanced venous diseases characterized by skin changes and leg ulceration affect over 2.5 million people annually in the U.S.
The increasing prevalence of chronic & acute wounds and simultaneously growing treatment rate due to the presence of developed healthcare technology, growing healthcare expenditure, and huge disposable income are some of the factors that are expected to boost the market over the coming years.
Asia Pacific will witness substantial demand for hyperbaric oxygen therapy market in the future. Emerging economies such as India, China, Philippines, Vietnam, and Brazil have been experiencing strong economic growth. Increasing population and rising need for wound healing treatment have spurred the demand for HBOT in the region.
Growing disposable income has triggered consumers to avail of technologically advanced medical treatment and therapies. Asia Pacific is expected to be the fastest growing region over the coming few years.
This region is anticipated to deliver enormous growth due to increasing per capita income, growing medical tourism industry, and rising public awareness regarding benefits of HBOT devices. As compared to the growth rate of Japan, China is anticipated to witness faster growth in the Asia Pacific region.
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Rising Number of Obesity to Bolster Demand for Hyperbaric Oxygen Therapy Market
High Cost Associated with Setting up Device can Hinder Market Growth
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The global Hyperbaric Oxygen Therapy market is highly competitive with the presence of several international and local players across the globe. Product diversification, advancement, merger & acquisition and quality enhancement are the leading key strategies opting through prominent market players.
Top Players Company Profiles
Technological Advancement will Provoke Market Growth Exponentially in Coming Years
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global hyperbaric oxygen therapy market analysis, the global market is witnessing healthy growth during the forecast period owing to high growth in health. Players in the market will cater to diabetic patients the most. 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.
|Market size value in 2021||USD 3.94 billion|
|Market size value in 2028||USD 6.37 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Hyperbaric Oxygen Therapy Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Hyperbaric Oxygen Therapy Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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