Hyperbaric Oxygen Therapy Devices Market Size is expected to showcase substantial expansion from 2022 to 2028 on account of the rising number of diabetic patients worldwide. The increasing popularity of leisure and adventure activities has made way for the higher instances of acute and chronic wounds. Soaring technological advancements and the growing application scope in cosmetic procedures and wound healing will drive the hyperbaric oxygen therapy (HBOT) devices market expansion.
Hyperbaric oxygen therapy or HBOT devices are utilized to treat chronic problem wounds with the help of chambers to deliver oxygen to all tissues of the body. The escalating treatment costs and challenges in reimbursement may hamper the HBOT devices market progression 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, the monoplace HBOT devices industry will witness expansion through 2028 driven by the rising technological advancements and growing adoption in hospitals and clinics. These devices tend to one individual at a time, usually in a reclining position. They also allow only certain intravenous lines as well as ventilation ducts to penetrate through the hull. On account of their ease of installation and handling, and low maintenance costs, monoplace systems mark higher commercial availability. Increasing penetration to offer portability and user-friendly operability will additionally contribute a positive edge to the HBOT devices market expansion.
Demand for hyperbaric oxygen therapy devices in wound healing applications will 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 is anticipated to rise to 643 million through 2030 and 783 million by 2045. The increasing burden of wound site infections, as well as chronic and acute wounds, has surged the adoption of the devices. Factors, such as the rising healthcare costs, and the expanding aging population will lead to segment growth.
In terms of regional segmentation, North America is expected to emerge as a profitable ground for hyperbaric oxygen therapy devices owing to the hiking consumer household incomes and the fast-growing population. The proliferating burden of chronic and acute wounds coupled with the increasing count of adventure activities has 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 the rising government healthcare spending will foster the HBOT devices market revenue.
The hyperbaric oxygen therapy (HBOT) devices market demand in the Asia Pacific is expected to be significantly bolstered by the rapid developments in the medical tourism industry. The rising per capita income, growing product penetration in China, coupled with increasing public awareness is likely to influence the industry growth in the region.
Some of the major HBOT devices suppliers and manufacturers are Hyperbaric, OxyHeal International, SOS Medical Group Ltd., HAUX-LIFE-SUPPORT, IHC Hytech B.V. (Royal IHC), HEARMEC, Gulf Coast Hyperbarics, Inc., Sechrist Industries, and Fink Engineering.
Strategic alliances, including partnerships, acquisitions, and mergers, along with other initiatives, like new product launches, capacity expansions, and partnerships, are consistently adopted by these globally leading firms to strengthen their market position.
For instance, in November 2019, AHA Hyperbarics rolled out AHA Flex V2, its new model of innovative high pressure medical hyperbaric chambers, which is specially designed for serving the rising need for safety and effectiveness in HBOT.
In response to the COVID-19 pandemic, the utility of the devices significantly surged with the increasing emphasis on safe and effective oxygenation to treat the infected patients. There was an increased popularity of hyperbaric oxygen therapy (HBOT) as an alternative therapeutic method to address COVID-19-associated hypoxia. Rising adoption as an emergency investigational device also acted as a considerable booster for the industry progression amid the outbreak.
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