The size of the Latin American Hyperbaric Oxygen Therapy Devices Market was around USD 22.42 million in 2022. It is expected to grow at a CAGR of 7.5% to reach USD 32.19 million by 2027. It captures 12% of the global market.
Hyperbaric oxygen therapy is a non-invasive procedure to increase the healing rate of damaged tissue by delivering pure oxygen into the bloodstream. The growing prevalence of diseases primarily drives the HBOT devices market in this region, the widening application of HBOT devices in cosmetic procedures and wound healing, increasing cases of post-surgical infections, and technological advancements. Additionally, the growing demand for non-invasive therapy techniques and procedures has also driven the development of this market.
The Latin American market is greatly benefitting from the boom in medical tourism supported by the increasing adoption of technologically advanced medical products, tools, and medicines in this region. In addition, many patients from western countries prefer low-middle economic countries where the diagnosis and treatment costs are much less than seen in developed countries. This has been helping the market gain momentum at a rapid rate for the past several years.
Chronic wounds caused by diabetes, venous or arterial insufficiency, crush injuries, and wounds/tissue damage caused by the late effects of radiation therapy are increasing. In addition, complications from diabetes and other chronic diseases and their resultant treatment costs severely impact the patient. Hence, the increasing incidence and prevalence of acute and chronic wounds are projected to drive the growth of the Latin American hyperbaric oxygen therapy (HBOT) devices market over the assessment period.
On the other hand, some factors may threaten the growth of the Latin American HBOT market, such as lack of knowledge about these systems and the high cost of installation. Additionally, the lack of HBOT devices availability in developing countries may hamper the market growth.
This research report on the Latin America HBOT devices market has been segmented and sub-segmented into the following categories:
By Product:
By Application:
By Country:
In 2022, Brazil dominated the studied market and is projected to lead the market during the forecast period due to increasing disposable income, growing population, improving healthcare facilities, and increasing need for a wound-healing treatment, which has driven the demand for HBOT in this region. The government is taking a keen interest in treating the public. This has led the government to invest large sums of money in developing effective treatment methods. The cost burden of HBOT for middle-class people, so the government is taking initiatives to employ cost-effective products with favorable reimbursement policies. Factors such as better wound care reimbursement policy, financial incentives to hospitals, support for the research and development sector are projected to drive the growth of the hyperbaric oxygen therapy (HBOT) devices market in Brazil.
On the other hand, the regional market in Mexico has excellent growth potential owing to the growing popularity of HBOT, increase in research and development, increased adoption of HBOT systems for treating diseases such as decompression sickness, etc. and rapid growth in medical tourism over the forecast period is projected to aid the development of the market.
KEY MARKET PLAYERS:
Companies leading the Latin America HBOT devices market include Gulf Coast Hyperbarics, Inc.; Fink Engineering; ETC Hyperbaric Chambers (Environmental Tectonics Corporation); HAUX-LIFE-SUPPORT; HEARMEC; IHC Hytech B.V. (Royal IHC); Hyperbaric SAC; Sechrist Industries, Inc.; OxyHeal International; and SOS Group Latin America Ltd.
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