Global Hyperbaric Oxygen Therapy Devices Market
Hyperbaric Oxygen Therapy Devices Market- Zion Market Research
At 8.80% CAGR, Global Hyperbaric Oxygen Therapy Devices Market Size increased by around USD 5.80 Billion By 2028 - Zion
SUITE N202, NEW YORK, UNITED STATES, January 17, 2023 /EINPresswire.com/ -- The report analyzes the global hyperbaric oxygen therapy devices market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the hyperbaric oxygen therapy devices market. The global hyperbaric oxygen therapy devices market is segregated based on product, application, and region. Based on product, the market is divided into monoplace HBOT devices and multiplace HBOT devices. Among these, the monoplace HBOT devices segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period. Based on application, the market is classified into wound healing, decompression sickness, infection treatment, and gas embolism. The wound healing category dominated the market in 2021. Key players functioning in the global hyperbaric oxygen therapy devices market include Environmental Tectonics Corporation, Royal IHC, Perry Baromedical, Sechrist Industries, Inc., Fink Engineering Pty Ltd., Gulf Coast Hyperbarics, Inc., HAUX-LIFE-SUPPORT, Hearmec Co., Ltd., Hyperbaric SAC, SOS Group Global Ltd., Medical Equipment and Consumer Goods Plant (KhSC), OxyHeal 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., and other prominent players.
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.
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Global Hyperbaric Oxygen Therapy Devices Market Overview
The goal of hyperbaric oxygen treatment is to prevent harmful consequences from gas bubbles by using high-pressure oxygen and therapeutic recompression. An oxygen-rich source and a pressure chamber make up the treatment. The therapy has successfully treated decompression sickness, carbon monoxide poisoning, and gas gangrene. By delivering oxygen-rich plasma to the precise location of oxygen deficiency, hyperbaric oxygen treatment (HBOT) promotes wound healing. Even though HBOT is a very effective and recommended therapy, there are still a few risks, such as middle ear injuries, eye damage, sinus issues, seizures, lung failure, etc. One of the few things predicted to spur development is the increasing investment made by private parties like OxyHealth and SOS Group Global Ltd. in creating technologically improved HBOT equipment. The emergence of portable HBOT devices and the rise in clinical studies supported by different institutions and industrial companies are signs of continuous progress and are fueling the global hyperbaric oxygen therapy devices market expansion. The existence of technology assessment groups that evaluate the evidence supporting the use of hyperbaric oxygen, such as Cochrane Collaboration, Alberta Heritage Foundation for Medical Research, and Agency for Healthcare Research & Quality (AHRQ).
A few key factors propelling the growth of the global market for hyperbaric oxygen therapy devices include the rising incidence and prevalence of acute & chronic wounds, the easy accessibility of hyperbaric oxygen therapy systems, and the rising popularity of leisure & adventure activities. However, the high cost of care and difficulties with payment is somewhat impeding this market's expansion. Hyperbaric oxygen treatment is growing in popularity within the healthcare industry due to the increase in wound site infections, carbon monoxide poisoning, and gas embolism. In addition, the use of hyperbaric oxygen therapy for treating radiation burns and injuries and advantageous insurance plans will increase the market's revenue.
Due to rising consumer household budgets and a rapidly expanding population, North America is anticipated to become a lucrative region for global hyperbaric oxygen therapy devices market. The burden of both chronic and acute wounds is growing, and the number of adventurous activities is rising, which has increased the need for better wound-healing therapies. Leading regional players have made more investments as a result of the rising demand for sophisticated hyperbaric oxygen therapy. Emerging nations like India, China, the Philippines, Vietnam, and Brazil have all seen rapid economic expansion. The region's need for HBOT has grown due to expanding populations and a greater need for wound care. Consumers are more likely to use technologically advanced medical treatments and therapies because of rising disposable income.
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Recent developments:
July 2019: To provide the healthcare sector with a unique hyperbaric treatment concept and treat infections and wounds, Unique Group unveiled multiplace hyperbaric oxygen therapy (HBOT) equipment.
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.
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.
Browse the full “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.” Report at https://www.zionmarketresearch.com/report/hyperbaric-oxygen-therapy-devices-market
Global Hyperbaric Oxygen Therapy Devices Market: Restraints
Hyperbaric oxygen therapy’s effects and complications could restrain the 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 earache as a symptom of issues with 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.
Global Hyperbaric Oxygen Therapy Devices Market: Opportunity
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.
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