At 8.80% CAGR, Global Hyperbaric Oxygen Therapy Devices Market Size & Share to Surpass US$ 5.80 Billion By 2028 | Hyperbaric Oxygen Therapy Devices Industry Trends, Share, Growth, Value, Analysis & Forecast Report By ZMR
NEW YORK, Aug. 16, 2022 /PRNewswire/ -- As per Zion Market Research study, 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.
Hyperbaric Oxygen Therapy Devices Market: Overview
HBOT, also known as hyperbaric oxygen therapy, is a type of medical treatment that involves breathing 100% pure oxygen using a mask, endotracheal tube, or even just by being in an area with greater atmospheric pressure. Because the amount of oxygen in the blood increases with increased atmospheric pressure, this promotes general healing. Hyperbaric oxygen treatment is provided in specialized pressure chambers with pressures that may equal or surpass 1.4 atmospheres (ATM). HBOT has become a therapeutic therapy for treating chronic wounds such as diabetic wounds, venous and arterial insufficiency ulcers, crush injuries, and others by administering large levels of oxygen since many chronic wounds are oxygen-deficient. In addition to chronic wounds, HBOT has successfully treated severe compartment syndrome, ischemia, decompression sickness, gas gangrene, air or gas embolism, carbon monoxide poisoning, and many others. Additionally, the worldwide market for hyperbaric oxygen therapy devices is expanding due to the rising popularity of adventure and leisure activities. Additionally, the market for hyperbaric oxygen therapy devices will soon benefit from an increase in pediatric open-heart surgery patients. The global market for hyperbaric oxygen therapy devices isn't expanding, nevertheless, due to the high expenses of the procedure.
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Key Industry Insights & Findings of the Hyperbaric Oxygen Therapy Devices Market Reports:
- As per the analysis shared by our research analyst, the Hyperbaric Oxygen Therapy Devices Market is expected to grow annually at a CAGR of around 8.80 % (2022-2028).
- Through the primary research, it was established that the Hyperbaric Oxygen Therapy Devices Market was valued at approximately USD 3.50 billion in 2021 and is projected to reach roughly USD 5.80 billion by 2028.
- Due to the growth of wrinkles from UV exposure, the indications for HBOT have been steadily rising. In addition, the potential for revenue growth for companies in the global hyperbaric oxygen treatment devices market is being driven by an increase in the number of medical aesthetic clinics adopting hyperbaric oxygen therapy devices for skin rejuvenation procedures, including wrinkle removal.
- During hyperbaric oxygen therapy, a patient may have consequences including oxygen poisoning (lung, neurological system), barotrauma tic lesions (nasal sinuses, middle ear, lung, teeth, inner ear), ocular effects (cataract growth and myopia), and confinement anxiety.
- The increased circulation of oxygen stimulates the development of leucocytes and white blood cells, which fight germs, as well as the release of stem cells, which promotes quicker healing and the return of normal bodily function.
- The global hyperbaric oxygen therapy devices market is divided into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on geographical analysis.
- The market is expanding due to the rising incidence of diabetes among India's aging population, the expansion of healthcare facilities, and the emergence of additional regional businesses involved in the production & distribution of medical devices.
Zion Market Research published the latest report titled "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." into their research database.
Industry Dynamics:
Hyperbaric Oxygen Therapy Devices Market: Growth Drivers
- Photo aging treatment and skin rejuvenation prospects are expanding demand for HBOT devices.
Increased demand for hyperbaric oxygen therapy devices for skin rejuvenation and treatment is anticipated to produce significant profits. Due to the growth of wrinkles from UV exposure, the indications for HBOT have been steadily rising. In addition, the potential for revenue growth for companies in the global hyperbaric oxygen treatment devices market is being driven by an increase in the number of medical aesthetic clinics adopting hyperbaric oxygen therapy devices for skin rejuvenation procedures, including wrinkle removal.
Hyperbaric Oxygen Therapy Devices Market: Restraints
- Hyperbaric oxygen therapy's effects and complications could restrain market growth.
During hyperbaric oxygen therapy, a patient may have consequences including oxygen poisoning (lung, neurological system), barotrauma tic lesions (nasal sinuses, middle ear, lung, teeth, inner ear), ocular effects (cataract growth and myopia), and confinement anxiety. Additionally, many patients report experiencing discomfort or ear ache as a symptom of issues with the hyperbaric oxygen therapy. Additionally, the market for hyperbaric oxygen therapy devices is specialized and expensive. Because of the unpredictability of realizing predicted profits, this discourages businesses from entering the market.
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Global Hyperbaric Oxygen Therapy Devices Market: Opportunities
- Device demand is fueled by the medical benefits of hyperbaric oxygen therapy.
For body tissue to function correctly, there must be enough oxygen present. Even more, oxygen is needed for the tissue to repair after an injury. Hyperbaric oxygen therapy devices hasten the healing process by providing more oxygen to these wounded regions. In addition, the increased circulation of oxygen stimulates the development of leucocytes and white blood cells, which fight germs, as well as the release of stem cells, which promotes quicker healing and the return of normal bodily function.
Global Hyperbaric Oxygen Therapy Devices Market: Challenges
- The expensive cost of HBOT devices is posing as a major hurdle to market growth.
Reimbursement problems, the high expense of hyperbaric oxygen therapy, which necessitates many sessions, and difficulties following HBOT are a few of the major challenges that are anticipated to restrain its expansion in the years to come. Furthermore, hyperbaric oxygen therapy is not covered by the policies of many insurance companies.
Additionally, HBOT can cause a number of side effects, including nasal issues, eye impairment, and middle ear injury. Oxygen poisoning is an uncommon but serious condition that can cause convulsions, fluid buildup in the lungs, lung failure, and other issues.
Global Hyperbaric Oxygen Therapy Devices Market: Segmentation
- The global hyperbaric oxygen therapy devices market is segregated on the basis of product, application, and region.
- Monoplace HBOT device held the biggest market share.
The market is divided into monoplace HBOT and multiplace HBOT based on the product. In 2021, monoplace HBOT held the biggest market share, and it is anticipated to expand at the highest long-term CAGR throughout the forecast period. One patient can be accommodated at a time in a monoplace chamber made of transparent acrylic. It is designed to give extremely high pressures of 100% pure oxygen to the body, saturating it. In a monoplace chamber, a single patient may comfortably get treatment and anticipate privacy, speedier treatment times, tailored treatments, and rapid staff assistance. Patients will be required to wear specific garments in these chambers due to the high pressures as a basic safety measure.
- Wound healing held the biggest market share
The global hyperbaric oxygen therapy devices market has been divided into wound healing, decompression sickness, infection treatment, and gas embolism on the basis of application. Wound healing held the biggest market share. Throughout the forecast period, it is expected to expand at the highest long-term CAGR. Healing of the skin mostly means healing the wound. It starts right away after epidermal layer damage and might take years. Highly structured cellular, humoral, and molecular systems are a part of this dynamic process. The three phases of it—inflammation, proliferation, and remodeling—all overlap. Any disruption to this results in unusual wound healing.
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List of Key Players in Hyperbaric Oxygen Therapy Devices Market:
- Environmental Tectonics Corporation
- Roya IHC
- Perry Baromedical
- Sechist Industries Inc.
- FinkEngineering Pvt Ltd.
- GulfCoast Hyperbarics Inc.
- HAUX-LIFE-SUPPORT
- Hearmec Co. Ltd.
- Hyperbaric SAC
- SOS Group Global Ltd.
- Medical Equipment and Consumer Goods Plant (KhSC)
- OxyHal 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.
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Recent Developments
- November 2019: AHA Hyperbarics GmbH unveiled the AHA Flex V2 hyperbaric system at the MEDICA trade fair in Germany. The AHA Flex V2 hyperbaric system is used to treat diabetic foot ulcers, crush injuries, and cerebrovascular insult (CVI). This grid-powered gadget, which consists of two bags, operates on a 2.0 bar.
- February 2020: Environmental Tectonics Corporation Biomedical Systems' hyperbaric segment was purchased by Perry Baromedical Corporation. Perry Baromedical Corporation grew and penetrated markets in the Asia-Pacific region thanks to the purchase. Additionally, the acquisition improved the installed base both domestically and internationally.
Regional Dominance:
- North America to dominate the global market during forecast period.
The global hyperbaric oxygen therapy devices market is divided into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on geographical analysis. The highest market share belonged to North America, which is anticipated to expand at a long-term CAGR over the projection period. The main factor driving North America's market share expansion in this sector is the presence of rivals who have made technical strides. Over the next several years, it is anticipated that technological advancement in the field of HBOT devices will push demand and further propel their growth.
Over the next several years, Asia Pacific is anticipated to see the fastest growth. The market is expanding due to the rising incidence of diabetes among India's aging population, the expansion of healthcare facilities, and the emergence of additional regional businesses involved in the production & distribution of medical devices. Due to increase in per capita income, a booming medical tourism business, and expanding public knowledge of the advantages of HBOT devices, this region is predicted to experience huge development. China is predicted to see faster growth in the Asia Pacific area.
Global Hyperbaric Oxygen Therapy Devices Market is segmented as follows:
Hyperbaric Oxygen Therapy Devices Market: By Product Outlook (2022-2028)
- Monoplace HBOT Devices
- Multiplace HBOT Devices
Hyperbaric Oxygen Therapy Devices Market: By Application Outlook (2022-2028)
- Wound Healing
- Decompression Sickness
- Infection Treatment
- Gas Embolism
Hyperbaric Oxygen Therapy Devices Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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