Hyperbaric Oxygen Therapy Devices Market Value to Reach US$ 7.3 Billion by 2028, as per a TMR Study

Posted on 2024-03-19 by Transparency Market Research in Healthcare // 0 Comments

Wilmington, Delaware, United States, 2024-Mar-19 — /EPR Network/ — Transparency Market Research Inc. –

The global hyperbaric oxygen therapy devices market was valued at US$ 3.1 billion in 2020 and is projected to reach US$ 7.3 billion by 2028, with a CAGR of 8.9% from 2021 to 2028. Telehealth and eHealth mobile apps have the potential to raise awareness about the benefits of hyperbaric oxygen therapy devices post the COVID-19 outbreak.

However, challenges such as oxygen toxicity, therapy discomfort, and high investment costs for technology innovation persist. To address these challenges, companies in the market should secure funding from healthcare organizations and encourage doctor consultations before opting for treatment.

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The hyperbaric oxygen therapy (HBOT) is known to treat various health problems such as carbon monoxide poisoning and diabetic foot ulcers. World’s most prominent and advanced subsea, offshore, and life support solution providers are collaborating with researchers to launch next-generation multiplace hyperbaric oxygen treatment chambers.

Skin Rejuvenation and Aesthetic Benefits of HBOT Gain Prominence

Recent research indicates that oxygen plays a pivotal role in enhancing skin complexion and rejuvenation. The utilization of Hyperbaric Oxygen Therapy (HBOT) for this purpose is steadily gaining momentum. Medical aesthetics clinics are increasingly incorporating oxygen therapy, delivered under high pressure directly to the skin, to reduce visible wrinkles. This therapeutic approach is instrumental in bestowing rejuvenating and aesthetic advantages while purging toxins from the skin.

In the hyperbaric oxygen therapy devices sector, healthcare providers are directing investments towards establishing specialized facilities dedicated to hyperbaric oxygen treatment combined with regenerative medicine. These facilities aim to bolster clinical outcomes for age-related ailments and infections, underscoring a strategic shift towards holistic approaches in healthcare provision.

Competition Landscape:

Perry Baromedical,Environmental Tectonics Corporation,Fink Engineering Pty Ltd.,Sechrist Industries Inc.,HAUX-LIFE-SUPPORT,Gulf Coast Hyperbarics Inc.,Hyperbaric SAC,Royal IHC,Hearmec Co. Ltd.,SOS Group Global Ltd.,OxyHeal International Inc.,Submarine Manufacturing and Products Limited (SMP Ltd.),Medical Equipment and Consumer Goods Plant (KhSC),Sands Hyperbarics,Pan-America Hyperbarics Inc.,OxyHealth,Baroks Hyperbaric A.S,Tekna Manufacturing LLC,and PCCI Inc.

Market Segmentation:

Product
- Monoplace HBOT Devices
- Multiplace HBOT Devices

Application
- Wound Healing
- Decompression Sickness
- Infection Treatment
- Gas Embolism

Increase in Incidence of Obesity and Diabetes: Key Driver

Hyperbaric oxygen therapy devices (HBOT) are vital in treating osteomyelitis, actinomycosis, and diabetic wounds by delivering oxygen-rich plasma to oxygen-deprived tissues.
The demand for HBOT devices in wound healing applications is set to rise significantly due to the escalating prevalence of diabetes and obesity worldwide.
Research by the International Diabetes Federation predicts a substantial increase in diabetic patients, reaching 643 million by 2030 and 783 million by 2045.
According to the World Health Organization, diabetes was the ninth leading cause of death, resulting in approximately 1.5 million deaths in 2019.
The increasing burden of acute and chronic wounds, along with wound site infections, propels the adoption of HBOT devices.
Additionally, the growth of the global market is driven by the expanding geriatric population and escalating healthcare expenditures.

Key Developments:

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 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 March 2019, the U.S. Food and Drug Administration granted permission for promoting and commercializing a ‘ClearMate’. It is a new device intended to be utilized in the emergency room in order to treat patients suffering from carbon monoxide poisoning.

Regions Covered:

North America(USA, Canada and Mexico)
Europe(UK, Germany, France and the Rest of Europe)
Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)
South America(Brazil, Argentina and the Rest of South America)
Middle East and Africa(GCC and Rest of the Middle East and Africa)

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Market Drivers and Challenges:

Drivers:
- Growing prevalence of chronic wounds and diabetic foot ulcers.
- Technological advancements in hyperbaric oxygen therapy devices.
- Rising geriatric population and increasing healthcare expenditure.
Challenges:
- High initial investment costs associated with hyperbaric chambers.
- Limited reimbursement coverage in certain regions.
- Lack of awareness about the benefits of HBOT in some healthcare settings.

Market Trends:

Adoption of portable hyperbaric chambers for homecare settings.
Integration of telemedicine and remote monitoring capabilities in hyperbaric oxygen therapy devices.
Collaborations and partnerships between healthcare providers and manufacturers to expand market reach.

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