Global Hyperbaric Oxygen Therapy (HBOT) Devices Market, by Product Type (Monoplace HBOT Devices, Multiplace HBOT Devices, & Topical HBOT Devices), by Application (Wound Healing, Decompression Sickness, Infection, Infection and Others (Diabetes or Radiation Injury, etc.)), by End User (Hospitals, Ambulatory Surgery Centers, and Specialty Clinics), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
The rise in government initiatives such as product launch is expected to drive the market growth over the forecast period. For instance, in August 2022, HBOT India, an initiative supported by Guru Harikrishn Foundation, announced that they had launched the first medical-grade hyperbaric oxygen therapy in Gurugram. In one hour of hyperbaric oxygen therapy the body intakes near about 2.4 pounds of oxygen to the tissues that increases the wound healing rate by 9-10 times and also the supply of oxygen to the tissues.
Global Hyperbaric Oxygen Therapy (HBOT) Devices Market – Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
However, the COVID-19 pandemic had a positive impact on the Global Hyperbaric Oxygen Therapy (HBOT) Devices Market, owing to the increasing research by Universities in the market. For instance, in July 2022, Tel Aviv University (TAU), a research and teaching institute announced that they had developed a treatment for long term COVID-19 symptoms based on hyperbaric oxygen therapy (HBOT). This study was the first randomized controlled trial to exhibit a real solution for long term COVID in which the treatment showed impactful improvement in the patients. This study was highly encouraging for the patients treated with hyperbaric oxygen therapy, the patients showed great improvements and all the clinical findings were correlated to the participant’s brain images that showed the significant change in the brain’s function which had been damaged by the COVID-19 virus.
Global Hyperbaric Oxygen Therapy (HBOT) Devices Market: Key Developments
For instance, in April 2019, TherOx, a part of ZOLL Medical Corporation announced that they had received an approval from the U.S. Food and Drug Administration for SuperSaturated Oxygen (SSO2) Therapy. SuperSaturated Oxygen (SSO2) Therapy is used to treat damaged heart tissue and supply hyperbaric levels of oxygen to the ischemic heart muscle after the opening of coronary artery.
Browse 40 Market Data Tables and 34 Figures spread through 180 Pages and in-depth TOC on “Global Hyperbaric Oxygen Therapy (HBOT) Devices Market”- Forecast to 2030, Global Hyperbaric Oxygen Therapy (HBOT) Devices Market, by Product Type (Monoplace HBOT Devices, Multiplace HBOT Devices & Topical HBOT Devices), by Application (Wound Healing, Decompression Sickness, Infection, and Others (Diabetes or Radiation Injury, etc.)), by End User (Hospitals, Ambulatory Surgery Centers, and Specialty Clinics), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/hyperbaric-oxygen-therapy-devices-market-553
Key Takeaways of the Global Hyperbaric Oxygen Therapy (HBOT) Devices Market
- The global hyperbaric oxygen therapy (HBOT) devices market is expected to exhibit a CAGR of 6.8% during the forecast period due to the increasing adoption of strategies such as product launch by the key players. For instance, in July 2019, Unique Group, an independently owned global company, announced that they had launched next generation multiplace hyperbaric oxygen treatment (HBOT) chamber. These chambers are used to treat the decompression sickness, serious infections and wound healing caused by diabetes and radiation industry
- Among End User, Hospitals segment is estimated to hold a dominant position in the global hyperbaric oxygen therapy (HBOT) devices market over the forecast period, owing to the increasing adoption of hyperbaric oxygen therapy by the hospitals. For instance, in February 2019, Vereen Rehabilitation Center, the ultimate rehabilitation services, 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
- Among regions, North America is estimated to account for the largest market share in the global hyperbaric oxygen therapy (HBOT) devices market the forecast period, owing to increasing hospital based medical services in that area. For instance, in December 2021, Essentia Health-Fargo became the first hospital offering hyperbaric oxygen therapy by revealing two new hyperbaric chambers. They will treat 14 conditions by hyperbaric oxygen therapy devices approved by the U.S. Food and Drug Administration
- 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.
