In 2022, the global hyperbaric oxygen therapy devices market is expected to be worth US$ 3.21 billion. The overall demand for Hyperbaric Oxygen Therapy Devices is expected to grow at a CAGR of 7.1% between 2022 and 2032, totalling around US$ 6.37 Billion by 2032, due to the growing use of hyperbaric oxygen therapy in wound healing and the increasing number of athletes resulting in demand for HBOT.
The use of hyperbaric oxygen therapy (HBOT) improves the effectiveness of leukocytes, particularly at the wound site, and reduces the toxic effects of carbon monoxide (CO) and cyanide. Growing global acceptance of this technology is expected to drive the market during the forecast period.
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The rising number of diabetic patients worldwide is the primary reason for the increased demand for hyperbaric oxygen therapy devices. As a result, the market is expected to rise in the coming years. Furthermore, the market is expected to grow as medical tourism grows. The government’s support and investment in developing reasons in the healthcare sector cannot be overlooked as reasons for the increase in demand. Furthermore, patients with brain injuries and cancer are now being treated with this technology.
One of the major factors expected to drive the growth of the hyperbaric oxygen therapy device market over the analysis period is regulatory approval for a number of indications such as pulmonary embolism, severe anaemia, decompression sickness, burns, and brain abscesses, to name a few of the thirteen approved indications. Furthermore, one of the major factors expected to propel market growth during the forecast period is the increasing adoption of hyperbaric oxygen therapy devices for lung disease treatment and prevention of reperfusion injury.
The market for hyperbaric oxygen therapy devices in North America is expected to reach 34.0% by 2022. Because of factors such as growing population and increased preference for wound healing treatments, North America is expected to be the largest market for Hyperbaric Oxygen Therapy Devices.
Key Takeaways from the Market Study
- Global Hyperbaric Oxygen Therapy Devices Market was valued at US$ 3.21 Billion by 2022 to end
- From 2017 to 2021, Hyperbaric Oxygen Therapy Devices demand expanded at a CAGR of 4.2%
- By product, monoplace hyperbaric oxygen therapy devices to acquire a revenue share of 54%.
- By Application, the Wound Healing segment dominates the Hyperbaric Oxygen Therapy Devices Market with a CAGR of 31%.
“The ability of the hyperbaric oxygen therapy procedure to effectively treat carbon monoxide poisoning, is one of the major factors that is anticipated to accelerate the growth of the hyperbaric oxygen therapy devices market in the near future,” remarks an FMI analyst.
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Competitive Landscape
Players in the global Hyperbaric Oxygen Therapy Devices Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In May 2021, CūtisCare, a leading provider of multi-place hyperbaric services for trauma centers and acute care hospitals, announced the official launch of hyperbaric aware website and national campaign. CūtisCare aims to increase awareness about hyperbaric oxygen therapy to effectively deal with various chronic conditions.
- In November 2019, AHA Hyperbarics introduced the AHA Flex V2, a new model of innovative high-pressure medical hyperbaric chambers that are specifically built to meet the growing need for HBOT safety and efficacy.
- In July 2019, Unique Group, the world’s prominent advanced subsea, offshore, and life support solution providers, launched its next generation multiplace hyperbaric oxygen treatment chamber, ‘Uni-Heal 2200 hyperbaric oxygen treatment facility’.
- In February 2019, new medical research conducted at the LSU Health New Orleans School of Medicine indicates that the procedure can be beneficial for the patients of Alzheimer’s, when conducted with other therapies or by itself.
Key companies profiled: Cardinal Health, Mölnlycke Health Care, Acelity L.P. Inc. (3M), Lohmann & Rauscher GmbH & Co. KG, Smith & Nephew, ConvaTec Inc., DeRoyal Industries, Inc., HARTMANN, Medela LLC, Haromed Bvba (Belgium), Carilex Medical GmbH. Genadyne Biotechnologies, Inc., Cork Medical, LLC, Alleva Medical Ltd. (Devon Medical Products, and Argentum Medical, LLC
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Key Segments Covered in the Hyperbaric Oxygen Therapy Devices Industry Analysis
Hyperbaric Oxygen Therapy Devices Market by Type of Products:
- Mono-place HBOT Devices
- Multi-place HBOT Devices
- Topical HBOT Devices
Hyperbaric Oxygen Therapy Devices Market by Application:
- Wound Healing
- Decompression Sickness
- Infections
- Gas Embolism
- Others
Other Healthcare Reports:
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