ESOMAR-certified consulting firm Future Market Insights (FMI) has recently published a report on the global hyperbaric oxygen therapy devices (HBOT) market for the forecast period of 2021-2031. According to the report, the market is expected to flourish, rising at a CAGR of 9% during the assessment period.
According to Undersea and Hyperbaric Medical Society, hyperbaric oxygen therapy devices work in alliance with maximal goal-directed critical care therapy, antibiotic therapy, and surgical debridement.
Rising demand for necrotizing soft tissue infections is fuelling the demand for hyperbaric oxygen therapy devices in global market. Key players are focusing on producing cheaper products so that it can be available in remote corners of the world.
Cases of diabetes and ischemic stroke are rising. According to the World Health Organization (WHO), almost 422 million people are suffering from diabetes globally and diabetes can cause numerous ailments. The rising cases of chronic ailments will continue fuelling demand in the market.
Hyperbaric oxygen therapy devices can be helpful for treating COVID-19 patients with effective oxygenation during pandemic. This is one of the key factors driving sales amid pandemic outbreak.
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Key Takeaways from FMI’s Hyperbaric Oxygen Therapy Devices Market Study
- Wound healing and gas embolism applications will account for maximum hyperbaric oxygen therapy devices sales as rapid healing requires surplus of oxygen.
- Demand for monoplace hyperbaric oxygen therapy devices is expected to stay high owing to its easy availability and installation.
- Hyperbaric oxygen therapy devices market will flourish in the U.S. as the device work to treat necrotizing soft tissue infection. According to Centers for Disease Control and Prevention (CDC), mortality rate in the U.S. due to necrotizing soft tissue infections vary from 24% to 34%, hence bolstering the demand in this region.
- Russia will exhibit surge in demand due to rapid advancement in healthcare system advancement.
“Rising government expenditure in healthcare and medical facility across the globe is encouraging demand for hyperbaric oxygen therapy devices market,” says a FMI analyst.
Who is Winning?
Some of the key players operating in the global hyperbaric oxygen therapy devices market are ETC BioMedical Systems, Fink Engineering Pty, Ltd., Gulf Coast Hyperbarics, Inc., HAUX-LIFE-SUPPORT GmbH, Hearmec Co., Ltd., Hyperbaric SAC, IHC Hytech B.V., OxyHeal Health Group, Sechrist Industries, Inc., and SOS Medical Group, Ltd.
Leading hyperbaric oxygen device manufacturers are investing in launching cheaper and modern medical devices to cater to a larger consumer base. Players are also focusing on mergers and acquisition to form an alliance with regional manufacturers and strengthen supply chain.
In 2020, Perry Baromedical Corporation acquired Environmental Tectonics Corporation (ETC) Biomedical system’s hyperbaric division. This acquisition aided Perry Biomedical Corporation in enhancing the U.S. base and penetrating Asian Pacific Markets.
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More Insights on the Global Hyperbaric Oxygen Therapy Devices Market
In the latest study, Future Market Insights gives a detailed insight on the global hyperbaric oxygen therapy devices market, providing historical data for the period from 2016 to 2020 and forecast statistics for the period of 2021-2031. To understand the global market potential, its growth, and scope, the market is segmented on the basis of:
- Mono-place HBOT devices
- Multi-place HBOT devices
- Topical HBOT devices
- Wound healing
- Decompression sickness
- Gas embolism
- North America
- Asia Pacific
- Rest of the World (ROW)
Key Questions Covered in the Report
- The report presents insights into hyperbaric oxygen therapy devices demand outlook for 2021-2031
- Factors enabling hyperbaric oxygen therapy devices sales across India between 2021 and 2031 are carefully analyzed
- Hyperbaric oxygen therapy devices market survey also identifies key factors impacting growth trajectory during the assessment period
- The report offers evaluation of hyperbaric oxygen therapy devices market size and forecast and technological advancements within the industry
- Hyperbaric oxygen therapy devices market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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