The size of the global hyperbaric oxygen therapy devices market is projected to value USD 265.32 million by 2027 from USD 186.54 million in 2022, growing at a CAGR of 7.3% during the forecast period.
Hyperbaric oxygen therapy (HBOT) devices are used for delivering pure oxygen (100%) to tissues in the body under higher atmospheric pressure. Atmospheric pressure in hyperbaric oxygen chambers or devices is increased from one to three times higher than normal atmospheric pressure, which fights bacteria and stimulates the release of a substance called growth factors and stem cells, promoting healing.
Hyperbaric oxygen treatment (HBOT) improves the efficiency of leukocytes, particularly at the wound site, while also reducing the harmful effects of carbon monoxide (CO) and cyanide.
The widespread acceptance of this technology is one of the significant factors contributing to the growth of the global HBOT devices market.
The increasing incidence and prevalence of acute and chronic wounds, the widely available hyperbaric oxygen treatment systems, and the growing popularity of leisure and adventure activities are some of the key driving factors fueling the growth of the global hyperbaric oxygen therapy device market. In addition, the need for improved hyperbaric oxygen therapy equipment will increase as the number of cases of ischemic stroke rises. In developed countries, rising per capita income and improved government insurance policies are significant market drivers for hyperbaric oxygen treatment devices. In addition, the rising demand for multiplace HBOT devices for decompression sickness, the growing adoption of monoplace HBOT devices for wound healing, the rise in the incidences of gas embolism and carbon monoxide poisoning, and the growing investment by key players to develop advanced hyperbaric oxygen therapy devices are expected to propel the market forward.
The development of portable HBOT devices and the rising number of clinical trials supported by various institutions and players show that the market is progressing and contributing to its expansion. Technological advances in hyperbaric oxygen treatment equipment are likely to enhance demand in the next few years. The rise in demand for hyperbaric oxygen treatment equipment is mostly due to an increase in diabetic patients throughout the world. As a result, the market is expected to rise in the next few years. Furthermore, the industry is expected to grow as medical tourism grows. In addition, the rising incidence of obesity and diabetes is driving up the number of stroke cases, which is driving up product demand. A steady market expansion is predicted during the forecast period due to the increased efficacy and multi-functionality of hyperbaric oxygen treatment equipment. One of the causes expected to drive demand in the coming years is the rising use of hyperbaric oxygen treatment in wound healing and aesthetic operations. As the number of athletes grows, so does the need for this technology. This increase is due to increased commercial availability of monoplace systems, growing demand for monoplace HBOT devices for ease of handling, and reduced hospital gas supply requirements.
The high cost of therapy and reimbursement challenges are limiting the market's growth to some extent. Furthermore, few medical experts are still suspicious about HBOT devices being used in unapproved settings, restricting expansion. In addition, hyperbaric oxygen treatment complications such as seizure, low blood sugar, and short-term nearsightedness are expected to showcase a negative impact on market growth.
Additionally, a lack of knowledge about such technologies might be a stumbling block to the market's expansion. Another market restriction is the risk of side effects after medication. Changes in eyesight, sinus damage, oxygen toxicity, and other issues are among them. The market for hyperbaric oxygen therapy devices will be limited by the rising number of cases of middle ear injuries and eardrum rupture caused by changes in air pressure.
COVID-19 Impact on the global hyperbaric oxygen therapy devices market:
Factors such as the world's largest number of COVID-19 cases, the presence of a significant number of important local businesses capable of building up manufacturing of these devices, and increasing access to modern healthcare facilities are all driving demand for Hyperbaric oxygen therapy devices. Unfortunately, supportive treatments such as nasal cannula oxygen therapy, face mask oxygen therapy, noninvasive ventilation, mechanical ventilation, and even severe procedures like extracorporeal membrane oxygenation fail to improve oxygenation in certain individuals. As a result, hyperbaric oxygen therapy (HBOT) has been recommended as a supportive treatment for COVID-19 patients who need to enhance their oxygenation. HBOT also reduces tissue inflammation in COVID-19 patients, decreasing the serious impacts of the cytokine storm.
Despite the lack of literature on HBOT in COVID-19 patients, HBOT has been recommended as a novel supportive treatment in COVID-19 patients due to the current need for further supportive therapy to enhance oxygenation. Unfortunately, the COVID-19 pandemic poses an unprecedented challenge to preserving patient access to HBOT. Still, it has enabled our tertiary wound care center to take quick yet carefully planned action to protect patient safety and optimize wound results. As a result, the market has tremendous growth during the pandemic and in the coming years.
Market Size Available
2021 to 2027
2022 to 2027
By Product, Application, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, Asia Pacific, Latin America, Middle East, and Africa
This research report on the global hyperbaric oxygen therapy devices market has been segmented and sub-segmented based on product, application, and region.
Hyperbaric Oxygen Therapy Devices Market – By Product:
Based on product, the Monoplace HBOT devices segment is the market leader capturing over 76% of the total revenue in 2020. The commercial availability of Monoplace systems and increased adoption of such devices, owing to ease of handling and less requirement of hospital gas supply, are few factors responsible for its revenue share in 2020. Furthermore, the Monoplace HBOT devices category is likely to witness the highest CAGR. The steadily rising demand for Monoplace systems in hospitals & clinics owing to their higher availability in the market is the key factor, which is likely to boost the market growth. As a result, Multiplace hyperbaric chamber is growing with the highest CAGR. But still, the rising requirement of treating the growing number of patients in one cycle has raised the demand for such systems in large-scale hospitals, which is expected to drive the market over the aforementioned forecast period.
Additionally, these devices can accommodate many patients with different conditions and help monitor medical staff for all patient’s signs and symptoms. Therefore, the overall cost of the services for patients is low compared to Monoplace devices, which also increases the adoption rate of such devices. The key Unique Selling Propositions (USPs) of Multiplace chambers allow for extended patient treatment time. The growing awareness among hospital professionals about the benefits of this system is expected to boost the market.
Hyperbaric Oxygen Therapy Devices Market – By Application
Based on application, the wound healing segment is the market leader because of the rising prevalence of chronic & acute wounds and wound site infection. In addition, the rising healthcare costs, increasing prevalence of obesity & diabetes, and growing aging population are some of the key factors that result in surging demand for treatment of chronic and acute wounds.
Hyperbaric Oxygen Therapy Devices Market – By Region
Regionally, North America was the leading segment and accounted for around 32% of the total revenue in 2020 in the global HOTD Market. However, developing countries such as the Philippines, Vietnam, India, China, and Brazil are experiencing strong economic growth. Growing population and growing need for wound healing treatment have driven the demand for HBOT in these regions. In addition, rising disposable income has shifted the consumer preference to avail of technologically advanced medical treatment and therapies.
The U.S. was the market leader in 2020 and is also expected to account for the largest revenue share over the aforementioned 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. However, the increasing prevalence of chronic & acute wounds and simultaneously growing treatment rate due to the presence of developed healthcare technology, growing healthcare expenditure by the government, and rising disposable income are few anticipated to boost the market growth in the forecast period.
However, Asia Pacific is anticipated 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, the growing medical tourism industry, and raising public awareness regarding the benefits of HBOT devices. In addition, China is set for a robust growth trajectory.
KEY MARKET PARTICIPANTS:
A few of the companies playing a promising role in the Global Hyperbaric Oxygen Therapy Devices Market profiled in this report are HAUX-LIFE-SUPPORT, HEARMEC, IHC Hytech B.V. (Royal IHC), Hyperbaric SAC, Sechrist Industries, Inc., Gulf Coast Hyperbarics, Inc., Fink Engineering, ETC Hyperbaric Chambers (Environmental Tectonics Corporation), OxyHeal International and SOS Group Global Ltd.
RECENT MARKET HAPPENINGS:
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.2 Monoplace HBOT Devices
5.1.3 Multiplace HBOT Devices
5.1.4 Topical HBOT Devices
5.1.5 Y-o-Y Growth Analysis, By Product
5.1.6 Market Attractiveness Analysis, By Product
5.1.7 Market Share Analysis, By Product
5.2.2 Wound Healing
5.2.3 Decompression Sickness
5.2.4 Infection Treatment
5.2.5 Gas Embolism
5.2.7 Y-o-Y Growth Analysis, By Application
5.2.8 Market Attractiveness Analysis, By Application
5.2.9 Market Share Analysis, By Application
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
184.108.40.206 By Geographical Area
220.127.116.11 By Product
18.104.22.168 By Application
6.1.4 Market Attractiveness Analysis
22.214.171.124 By Geographical Area
126.96.36.199 By Product
188.8.131.52 By Application
6.1.5 Market Share Analysis
184.108.40.206 By Geographical Area
220.127.116.11 By Product
18.104.22.168 By Application
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 ETC BioMedical Systems
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Fink Engineering Pty Ltd.
8.3 Gulf Coast Hyperbarics, Inc.
8.4 HAUX-LIFE-SUPPORT GmbH
8.5 Hearmec Co., Ltd.
8.6 Hyperbaric SAC
8.7 IHC Hytech B.V.
8.8 OxyHeal Health Group
8.9 Sechrist Industries, Inc.
8.10 SOS Medical Group, Ltd.
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures
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