Hyperbaric Oxygen Therapy (HBOT) Devices Market size is expected to grow substantially from 2023 to 2032 on account of the rising number of diabetic patients worldwide. The increasing popularity of leisure and adventure activities has made way for more instances of acute and chronic wounds. Soaring technological advancements and the growing application scope in cosmetic procedures and wound healing will expand the market.
Higher retail inflation will impact consumer confidence and spending over the coming years. Growing trade tensions, supply-chain disruptions, a stricter regulatory environment, and pressure to mainstream climate change into economic decisions will adversely impact market share in the coming years.
Hyperbaric oxygen therapy, or HBOT, devices are utilized to treat chronic problem wounds with the help of chambers that deliver oxygen to all body tissues. The escalating treatment costs and challenges in reimbursement may hamper the HBOT device market progress to a certain extent. However, the increasing investments, the rising count of clinical trials, and the higher availability of hyperbaric oxygen therapy systems will positively impact the hyperbaric oxygen therapy (HBOT) devices market outlook.
Based on product, monoplace HBOT devices industry is anticipated to witness considerable expansion through 2032 owing to their growing adoption in hospitals and clinics. These devices tend to be used on one individual at a time, usually in a reclining position. They also allow only certain intravenous lines and ventilation ducts to penetrate the hull. On account of their ease of installation and handling, and low maintenance costs, monoplace systems have higher commercial availability. Increasing penetration to offer portability and user-friendly operability will contribute a positive edge to the expansion of HBOT devices.
By application, the demand for hyperbaric oxygen therapy devices in wound healing applications is poised to increase due to the growing incidences of obesity and diabetes worldwide. According to the IDF (International Diabetes Federation), the total number of people living with diabetes will rise to 783 million by 2045. The increasing burden of wound site infections and chronic and acute wounds has spurred the adoption of the devices.
In terms of region, North America is expected to emerge as a profitable ground for hyperbaric oxygen therapy (HBOT) devices market owing to the hiking consumer household incomes and the fast-growing population. The proliferating burden of chronic and acute wounds and the increasing count of adventure activities have pushed the higher obligation for effective wound healing treatment. The surging preference for advanced hyperbaric oxygen therapy has steered the rise in the number of investments by leading regional players. The presence of favorable reimbursement policies and the growing instances of R&D activities, notably in the U.S., along with rising government healthcare spending, will foster the HBOT devices market revenue.