HYPERBARIC OXYGEN THERAPY (HBOT) DEVICES MARKET ANALYSIS

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, hyperbaric oxygen therapy (HBOT) devices are used for treating decompression sickness, thermal, necrotizing soft tissues infection and burn injury. These 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 of hyperbaric oxygen therapy (HBOT) devices by patients as well as medical practitioners has led to growth in the hyperbaric oxygen therapy devices market.

Global hyperbaric oxygen therapy (HBOT) devices market is estimated to be valued at US$ 2,891.5 million in 2022 and is expected to exhibit a CAGR of 6.8% during the forecast period (2022-2030).

Figure 1. Global Hyperbaric Oxygen Therapy (HBOT) Devices Market Share (%), by Product Type, 2022

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Global Hyperbaric Oxygen Therapy (HBOT) Devices Market: Drivers

Increasing prevalence of skin wounds is expected to boost growth of global hyperbaric oxygen therapy devices market

For instance, in September 2020, according to the data published in Advances in Skin and WoundCare journal, a research study was conducted for the analysis of electronic health records of cases and controls for chronic skin wounds in the hospitals. The total prevalence of chronic wounds during the study period was increased and the occurrence of these wounds was correlated with older age, male gender, unemployment and autumn season.  The primary cause of chronic wound was diabetic ulcer and infection. Hence, increased in chronic skin wound and their risk factors resulted in an inpatient hospital setting in northern china.

Figure 2. Global Hyperbaric Oxygen Therapy (HBOT) Devices Market Share (%), by Region, 2022

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Increasing launch of awareness campaign are expected to drive the global hyperbaric oxygen therapy devices market growth during the forecast period.

Increasing launch of awareness campaigns by key players in the market is expected to drive market growth over the forecast period. For instance, in May 2022, CutisCare, a wound care management and hyperbaric therapy solutions, announced that they launched a Second Annual Hyperbaric Aware National Campaign to raise awareness in people about Hyperbaric Oxygen Therapy. Hyperbaric Oxygen Therapy is a productive healing option for several chronic conditions. As many people were not aware about the treatment indications, advantages, and the selection criteria of hyperbaric medicine. This campaign promoted the advantages of hyperbaric oxygen therapy which helped the people for long lives and reduce the cost of care while improving the worth of life.

Global Hyperbaric Oxygen Therapy (HBOT) Devices Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization had declared it a public health emergency on January 30, 2020.

COVID-19 has affected the economy in three main ways: by directly affecting production and demand of drugs and vaccines, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, U.A.E., Egypt, and others, faced problems with regard to the transportation of drugs and vaccines from one place to another.

However, the COVID-19 pandemic had a negative impact on the global hyperbaric oxygen therapy (HBOT) devices market, due to the lack of availability of global hyperbaric oxygen therapy (HBOT) devices. For instance, according to the data published by National Center of Biotechnology Information, in July 2021, Hyperbaric Oxygen Therapy (HBOT) Devices were considered as safe and effective method of oxygenation for the COVID-19 patients but lack of availability of the these devices were observed due to disruptions in supply chain across the globe.

Global Hyperbaric Oxygen Therapy (HBOT) Devices Market: Key Developments

In February 2021, BioBarica, a manufacture of hyperbaric chambers announced that they had received an approval from the U.S. Food and Drug Administration for hyperbaric oxygen therapy chambers. A hyperbaric chamber is a medical device through which patient breathes high concentration of oxygen via mask in a pressurized environment at 1.45 atmospheres absolute. It enhance the availability and concentration of oxygen in blood plasma and creates excess supply of oxygen in tissues.   

Global Hyperbaric Oxygen Therapy (HBOT) Devices Market: Restraint

The major factors that hinder growth of the global hyperbaric oxygen therapy (HBOT) devices market include high cost of treatment with hyperbaric oxygen therapy. For instance, according to the data published in article Hyperbaric Medical Solutions, it was estimated that the cost per treatment for hyperbaric oxygen therapy was US$ 250 to US$ 600. Hence, because of the high cost of treatment of hyperbaric oxygen therapy, it is difficult for underdeveloped countries such as South Africa, Cambodia to undergo the treatment process.

Key Players

Major players operating in the global hyperbaric oxygen therapy (HBOT) 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.