According to the latest report published by Credence Research, Inc. “Hyperbaric Oxygen Therapy (HBOT) Devices Market – Growth, Future Prospects and Competitive Analysis, 2016-2024,” the global hyperbaric oxygen therapy devices market was valued at USD 2,007.5 Mn in 2015, and is expected to reach USD 3,634.5 Mn by 2022, expanding at a CAGR of 6.8% from 2016 to 2024.
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Hyperbaric oxygen therapy implicates breathing oxygen in pressurized chambers where the atmospheric pressure is thrice higher than normal, thus allowing the lungs to absorb three times more oxygen than in normal air pressure. Hyperbaric oxygen therapy augments the quantity of oxygen, which may improve vital tissue function in recovery from injuries and fight infection.
High awareness, significant prevalence of chronic wounds, and intensive claims of the treatment being effective a range of diseases have led to growth of this market in the past. However, risk of injuries, constrained reimbursement to the treatment may hold back the growth of this market during the forecast period. The demand for hyperbaric oxygen treatment is anticipated to further increase in emerging economies of Asia-Pacific, Latin America, and Middle East and Africa on the grounds of development of healthcare infrastructure in the regions.
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Monoplace HBOT devices capture the largest share of the overall HBOT devices market. Competitive prices of monoplace HBOT devices has supported the growth in demand for these devices across all geographies. Additionally, the demand for multiplace devices is anticipated to be higher in critical care units due to technical evolution of these devices along with the benefit of integrating ICU devices in multiplace systems.
Wound healing is the largest application area for hyperbaric oxygen chambers at present and will retain its lead through the forecast period. High prevalence of chronic wounds and growing willingness of both patients and medical professionals in adopting novel treatment options facilitate the dominance of this segment. Diabetic wound patients form the largest patient base for HBOT devices.
Technical evolution is a key feature of this market. The key players operating in the hyperbaric oxygen therapy devices market are majorly involved in intensive research and development initiatives and adoption of advanced technologies. Expansion of geographical reach is among the key strategies adopted by the market players along with introducing cost-effective products in the developing markets. Some of the key players identified in the global hyperbaric oxygen therapy devices market are TC BioMedical Systems, Hyperbaric SAC, Fink Engineering Pty, Ltd., Haux-Life-Support GmbH, Gulf Coast Hyperbarics, Inc., IHC Hytech B.V., Sechrist Industries, Inc., SOS Medical Group, Ltd. and OxyHeal Health Group.
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