Hyperbaric Oxygen Therapy (HBOT) Devices Market Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027

 

Hyperbaric Oxygen Therapy (HBOT) Devices Market

Patients enter and breathe high concentrations of oxygen in a pressurised environment using hyperbaric oxygen therapy devices (HBOT). By pressurising the patient to more than one atmosphere, these devices use chambers to provide oxygen to all tissues. Hyperbaric oxygen therapy devices are commonly used in wound healing and infection treatment. The rise in demand for multiplace HBOT devices for decompression sickness, growing adoption of monoplace HBOT devices for wound healing, an increase in the incidences of gas embolism and carbon monoxide poisoning, and increased investment by key players to develop advanced hyperbaric oxygen therapy devices are the factors expected to drive the growth of the Hyperbaric Oxygen Therapy Devices Market from 2021 to 2026.

The growing prevalence of obesity and diabetes worldwide will drive up demand for hyperbaric oxygen therapy devices in wound healing applications. According to the International Diabetes Federation, the total number of diabetics is expected to rise to 643 million by 2030 and 783 million by 2045. The growing burden of wound site infections, as well as chronic and acute wounds, has accelerated device adoption. Factors such as rising healthcare costs and an ageing population will drive segment growth.

Due to rising consumer household incomes and a rapidly growing population, North America is expected to emerge as a profitable market for hyperbaric oxygen therapy devices. The growing burden of chronic and acute wounds, combined with an increase in the number of adventure activities, has increased the need for effective wound healing treatment. The growing preference for advanced hyperbaric oxygen therapy has fueled an increase in investment by major regional players. The presence of favourable reimbursement policies and an increase in R&D activities, particularly in the United States, as well as rising government healthcare spending, will drive the Hyperbaric Oxygen Therapy Devices market revenue.

The rapid development of the medical tourism industry is expected to significantly boost the demand for hyperbaric oxygen therapy devices in Asia Pacific. Rising per capita income, increased product penetration in China, and increased public awareness are likely to influence regional industry growth.