Hyperbaric Oxygen Therapy Devices Market: Introduction
According to the report, the global hyperbaric oxygen therapy devices market was valued at US$ 3.0 Bn in 2021 and is projected to expand at a CAGR of 8.9% from 2021 to 2031. Hyperbaric oxygen therapy (HBOT) is a treatment used to speed up healing of stubborn infections, wounds, and gangrene, in which human tissues are starved for oxygen. The hyperbaric oxygen therapy can give stroke patients back their lives by enhancing endurance, strength, coordination, balance, and memory recall.
HBOT is well-known for the treatment of deep-sea and scuba divers affected by the quick change in pressure around them. Moreover, this therapy is used to treat various other health problems, such as diabetic foot ulcers and carbon monoxide poisoning.
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Growing Emphasis on Hyperbaric Oxygen Therapy to Treat Alzheimer's Disease to Drive Market
HBOT enhances blood flow in the brain and improves overall cognitive abilities in older people with memory loss. HBOT plays a vital role in reducing the volume of amyloid plaques, which are prominent hallmarks found in the brain of patients with Alzheimer’s disease. A study conducted by researchers at Tel Aviv University, an Israel-based public research university, in November 2021, revealed that hyperbaric oxygen therapy could help prevent age-related cognitive decline. Researchers have invented a unique medical program, which comprises HBOT protocol to improve brain and body performance of aging adults. These factors are expected to create significant opportunities in the global hyperbaric oxygen therapy devices market.
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Monoplace HBOT Devices to be Highly Lucrative Segment
Monoplace HBOT devices is likely to be a highly lucrative segment of the global hyperbaric oxygen therapy devices market during the forecast period owing to cost-effectiveness and technological advancements. Moreover, adoption of monoplace HBOT devices in hospitals and clinics has increased primarily because patients can expect quicker treatments and more privacy & comfort.
Low maintenance and ease of installation & handling of monoplace HBOT devices are projected to boost the growth of the segment during the forecast period. Moreover, rise in penetration of these devices to provide user-friendly operability and portability is anticipated to propel the segment over the next few years.
North America to Dominate Global Market
In terms of region, the global hyperbaric oxygen therapy devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to be the largest market for hyperbaric oxygen therapy devices during the forecast period. The presence of key manufacturers including Perry Baromedical, Sechrist Industries, and OxyHealth is a major factor driving the market in the region.
Rise in burden of acute & chronic wounds and increase in adventure activities drive demand for effective wound healing therapies. Moreover, implementation of favorable reimbursement policies and surge in R&D activities, particularly in the U.S. and Canada, are expected to drive the hyperbaric oxygen therapy devices market in North America during the forecast period.
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Competition Landscape
The global hyperbaric oxygen therapy devices market is fragmented in terms of number of players. Key players in the global market include Perry Baromedical, Environmental Tectonics Corporation, Fink Engineering Pty Ltd., Sechrist Industries, Inc., HAUX-LIFE-SUPPORT, Gulf Coast Hyperbarics, Inc., Hyperbaric SAC, Royal IHC, Hearmec Co., Ltd., SOS Group Global Ltd., OxyHeal International, Inc., Submarine Manufacturing and Products Limited (SMP Ltd.), Medical Equipment and Consumer Goods Plant (KhSC), Sands Hyperbarics, Pan-America Hyperbarics, Inc., OxyHealth, Baroks Hyperbaric A.S, Tekna Manufacturing, LLC, and PCCI, Inc.