Hyperbaric Oxygen Therapy Devices Market (Product - Monoplace HBOT Devices and Multiplace HBOT Devices; Applications - Wound Healing, Decompression Sickness, Infection Treatment, and Gas Embolism) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
Albany,NY, November 22, 2017 (Newswire.com) - The global hyperbaric oxygen therapy devices market features a markedly fragmented landscape on account of the presence of a large number of small-scale vendors. The market is otherwise dominated by few players who boasts an extensive geographic presence worldwide. Top players include Perry Baromedical, Fink Engineering, IHC Hytech B.V., Oxyheal International, Environmental Tectonics Corporation (ETC), HAUX-LIFE-SUPPORT GmbH, and Sechrist Industries, Inc., finds Transparency Market Research (TMR). To thrive in the market, a majority of leading players are investing in research and development of technologically improved and advanced devices, observes TMR. In addition, they are entering into strategic collaborations and partnership deals, in a move to stay ahead of the pack in the market. Furthermore, several players are focusing on geographic expansion to consolidate their shares in the coming years.
The global hyperbaric oxygen therapy devices market is projected to rise at a CAGR of 7.4% from 2017 to 2025. The market stood at US$ 150.0 mn in 2016 and is anticipated to touch a valuation of US$284.8 mn by the end of the forecast period.
Primary types of hyperbaric oxygen therapy (HBOT) devices are monoplace and multiplace HBOT device, of which the former leads the market currently and the segment accounted for a global share of approximately 60.1% in 2016. The vastly rising demand for the segment is attributed to their applications in accelerating the healing of wounds and lower price compared to multiplace devices. In addition, favorable regulatory policies in some regions are expected to stoke its demand. Geographically, the North America leads, vis-à-vis revenue, as it accounted for the dominant share of 32.1% of the global market in 2016. The regional growth, led by the U.S., is driven by the burgeoning demand for treating head injuries and is fueled by a favorable reimbursement scenario.
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Substantial Demand for Treating Acute and Chronic Wounds to Boost Market
The growing demand for interventional therapy to accelerate the healing of damaged issues, by exposing the patients to almost pure oxygen in a pressurized chamber, is the key factor propelling the demand for hyperbaric oxygen therapy devices. The rising demand for HBOT devices in the outpatient setting for the treatment of a number of conditions that do not respond to conventional therapies is boosting the market. This is fueled by the prominently rising demand for HBOT for treating conditions such as infections, air or gas embolism, crush injury, thermal burns, and decompression sickness. The soaring popularity of HBOT devices in the treatment of hard-to-treat infections such as diabetic foot ulcers is expected to open up exciting avenues for market players. The wide popularity is attributed to the marked benefit in reducing the risk of amputation in such patients.
The growing number of patients with chronic and acute wounds world over and the rising incidence of diabetic foot ulcers are key factors accentuating the demand for HBOT devices. The intensifying demand for therapies for faster healing of chronic wounds is a notable factor catalyzing the demand.
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Rise in Leisure Activities to Increase Injuries Requiring Hyperbaric Oxygen Therapies
The lack of regulatory approval in several developed nations for the safety and efficacy of HBOT devices as proven medical treatment for a large number of conditions is a key factor likely to impede the growth of the market to some extent. Nevertheless, a rising geriatric population, coupled with advances made to ease the administration of the therapy, is a prominent trend favorably impacting the growth of the market over the forecast period. The lack of sound evidence for the safety of these therapies in patients with implantable devices is another notable factor hampering their demand to an extent. However, constant advances in improving the efficacy of these devices are likely to unlock exciting opportunities for market players.
In addition, the rise in leisure adventure activities has led to a rising prevalence of conditions and injuries, such as decompression sickness of divers, which respond favorably to hyperbaric oxygen therapies, thereby fueling the growth of the market.
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Source: Transparency Market Research