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Press Release: Hyperbaric Oxygen Therapy Devices Market to Surpass US$ 3.9 Billion by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Hyperbaric Oxygen Therapy (HBOT) devices are used to deliver 100% pure oxygen to tissues in the body under high atmospheric pressure. During HBOT, the pressure is increased to three times the normal atmospheric pressure, creating high amount of partial pressure of oxygen. Under normal conditions, one atmosphere absolute is subjected to be around 14.7 pounds per square inch of pressure and the air we normally breathe is composed of 21% oxygen and 79% nitrogen. Breathing in 100% oxygen, the body is exposed to rise in atmospheric pressure, the oxygen molecules become condensed and this allows intake of a higher amount of partial pressure of oxygen, where oxygen dissolves in the plasma around 10 to 15 times greater than normal. This super-saturation of oxygen in the body’s tissues promotes an increase in capillary growth, white blood cell (WBC) activity, new tissue development, oxygen tension in hypoxic areas, reduction in the size of gas bubbles, and numerous other physiological effects.
The global hyperbaric oxygen therapy devices market was valued at US$ 2255.3 million in 2018, and is expected to exhibit a CAGR of 6.6% over the forecast period (2019-2027).
Figure 1. Global Hyperbaric Oxygen Therapy (HBOT) Devices Market Value (US$ Mn), by Region, 2018
-devices-market-fig-1.png "Hyperbaric Oxygen Therapy Devices | Coherent Market Insights")
Source: Coherent Market Insights Analysis (2020)
Rising adoption of hyperbaric oxygen therapy devices by hospitals is expected to boost growth of the hyperbaric oxygen therapy devices market
Hyperbaric oxygen therapy devices market is expected to witness significant growth owing to increasing adoption of hyperbaric systems by hospitals. For instance, in February 2019, Vereen Rehabilitation Center included hyperbaric oxygen therapy to their list of treatments provided in its wound care program. The therapy is provided in collaboration with Precision Health Care, a wound healing and hyperbaric medicine organization which develops hyperbaric and wound healing centers.
Hyperbaric oxygen therapy devices market is expected to witness significant growth, owing to increasing approval and medical certification of the products. For instance, in November 2019, AHA Hyperbarics GmbH launched AHA Flex V2 hyperbaric system at the MEDICA, exhibition held in Germany. Also in October 2019, the company received CE certificate from TÜV SÜD Product Services GmbH, the Certification Body for its hyperbaric system developed for hyperbaric oxygen therapy.
Moreover, management of chronic wounds is increasing demand for such therapies which is expected to drive the market growth. For instance, in October 2017, a new study published online in the International Society for Pharmacoeconomics and Outcomes Research’s (ISPOR) ‘Value in Health’ journal demonstrates the economic impact of chronic non-healing wounds in Medicare patients and stated that chronic wounds impact around 15% of Medicare beneficiaries (8.2 million) in the U.S. According to the same source, in 2018 conservative estimates for total Medicare annual expenditure for all wound types is ranged from US$ 28.1 billion to US$ 31.7 billion in the U.S.
Figure 2. Global Hyperbaric Oxygen Therapy Devices Market Share (%), by Product Type, 2019 and 2027
-devices-market-fig-2.png "Hyperbaric Oxygen Therapy Devices | Coherent Market Insights")
Source: Coherent Market Insights Analysis (2020)
Hyperbaric Oxygen Therapy Devices Market - Regional Analysis
North America is expected to hold a dominant position in the global hyperbaric oxygen therapy devices market in 2018, owing to number of diabetes patients prone to foot ulcers or non-healing wounds in North America. For instance, according to Centers for Disease Control & Prevention (CDC) in 2016, 23.6 million people suffered from diabetes, which is 7.8% of the total population in the U.S. One third of the diabetic population in the U.S also suffered from lower extremity wounds.
Moreover, according to statistics published by Diabetes UK, in 2015, the prevalence of diabetic foot ulcers among diabetic population was estimated to be 2.5%, which was around 86,000 people in the U.K. Also, foot complications are the most common reason for hospitalization in the U.K. These factors are expected to drive growth of the hyperbaric oxygen therapy devices market in Europe.
Furthermore, increasing prevalence of diabetes in China and India is expected to create a conducive environment for the growth of this market in the Asia Pacific region. According to World Health Organization (WHO), the number of diabetic patients in India and China are expected to reach 79.4 million and 42.3 million, respectively, by 2030.
Key Players
Major players operating in the global hyperbaric oxygen therapy devices market include Fink Engineering Pty Ltd., Gulf Coast Hyperbarics, Inc., SOS Medical Group Ltd., IHC Hytech B.V., ETC BioMedical Systems, Haux-Life-Support GmbH, Sechrist Industries, Inc., GWR Medical, Inc., Hyperbaric Modular Systems, Inc., Hearmec Co., Ltd., and Premier Hyperbarics.
Hyperbaric Oxygen Therapy (HBOT) devices help in the treatment of many diseases such as asthma, Bell's palsy, Parkinson’s disease, spinal cord injuries, hepatitis, migraines, multiple sclerosis, stroke, and sport injuries. Moreover, HBOT devices have Food and Drug Administration (FDA) approval for treating decompression sickness, thermal, necrotizing soft tissues infection and burn injury. HBOT devices are also used in off-label medical induction treatments such as brain injuries and cancer. Off-label means medication that is not specified in the FDA's approved packaging label. Increasing preference HBOT by patients as well as medical practitioners has led to growth in the HBOT devices market.
Market Dynamics
Increasing prevalence of diabetes is expected to boost the global Hyperbaric Oxygen Therapy (HBOT) devices market growth during the forecast period. For instance, according to the North West Coast Strategic Clinical Networks of National Health Services' report of 2017, an estimated 4.5 million people had diabetes in the U.K. alone. According to the same source, around 200,000 diabetes patients had diabetic foot ulcers in 2017 in U.K. Furthermore, over 64,000 people with diabetes in England and Wales are estimated to have foot ulcers at any given time.
Increasing expansion strategies by market players is expected to propel the market growth. For instance, in June 2017, AHA Hyperbarics GmbH, announced the launch of its subsidiary, AHA Hyperbarics USA, Inc., in the U.S., in order to expand its business and offerings. Similarly, in May 2019, BioBarica, announced the launch of a new service center in Junín, Latin America, which will offer Hyperbaric Oxygen Therapy.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
*Browse 38 market data tables and 26 figures on "Hyperbaric Oxygen Therapy Devices Market - Global forecast to 2027”.
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