Hyperbaric Oxygen Therapy Market: Global Industry Analysis and Forecast (2023-2029) Trends, Statistics, Dynamics, Segment Analysis

 

Hyperbaric Oxygen Therapy Market size was valued at USD 3.78 Bn. in 2022 and the total global Hyperbaric Oxygen Therapy market is expected to grow by 8% from 2023 to 2029, reaching to USD 6.4 Bn.
Hyperbaric Oxygen Therapy Market Overview:
Hyperbaric oxygen therapy (HBOT) uses pure oxygen to stimulate the body's natural healing process. HBOT is used to speed up the healing of certain infections, open wounds, and poisoning. The procedure is carried out in a pressurized chamber filled with pure oxygen. The air pressure in the chamber is increased to encourage the body to absorb more oxygen. This process aids in the fight against infections and the prevention of cell damage in injuries.

The Food and Drug Administration (FDA) has approved hyperbaric oxygen therapy for 13 medical purposes (HBOT). The regulatory approval for a number of indications such as pulmonary embolism, severe anemia decompression sickness, burns, and brain abscesses, to name a few of the thirteen approved indications, is one of the key market drivers contributing to the significant growth of the hyperbaric oxygen therapy market. In addition, the inaccessibility of Hyperbaric oxygen therapy (HBOT) devices in emerging markets is one of the key market restraints, which is analyzed in the report with its direct tangible impact on the revenue of key players.To know about the Research Methodology:- Request Free Sample Report
Hyperbaric Oxygen Therapy Market Dynamics:
Growing demand from the healthcare providers

Hyperbaric oxygen therapy is a specialized treatment that treats a variety of health issues such as carbon monoxide poisoning and diabetic foot ulcers. The Companies are collaborating with the world's most prominent and advanced subsea, offshore, and life support solution providers to launch next-generation multi-place hyperbaric oxygen treatment chambers. The official launch of the hyperbaric aware website and national campaigns have been started by leading providers of multi-place hyperbaric services for acute care hospitals and trauma centers.

Stakeholders in the hyperbaric oxygen therapy market are raising awareness about the therapy's benefits in treating a variety of chronic conditions. Furthermore, the FDA granted permission for ClearMate to be commercialized and promoted in the United States. It is a new device that will be used in the emergency room to treat patients who have carbon monoxide poisoning.

Growing Ischemic strokes to support the market

One of the most common types of strokes is an ischemic stroke, which is caused by a blood clot restricting blood flow to the brain. The demand for better mechanical ventilation devices is expected to increase as the number of ischemic strokes increases. Rising per capita income and enhanced government insurance programs are expected to drive the market in forecast period. The report has covered the impact of governments schemes by country on the revenue and its penetration.

Customers' increasing demand for non-invasive, drug-free treatment, as well as the integration of hyperbaric oxygen therapy equipment with imaging technology such as CT and MRI for researching brain ischemia and early diagnosis of acute ischemic stroke are expected to drive hyperbaric oxygen therapy market growth. Each factor that has direct impact but different outcome on direct revenue per country will help users of this report to understand the different market dynamics by different economies. New market and revenue channels are studied and recommended in the report.

Hyperbaric Oxygen Therapy Market Restraints

Side Effects and Complications of HBOT to hamper the market

During hyperbaric oxygen therapy, a patient may experience complications such as oxygen toxicity (lung, central nervous system), barotraumatic lesions (nasal sinuses, middle ear, lung, teeth, and inner ear), ocular effects (cataract growth and myopia), and confinement anxiety. This is one of the major factors that is expected to impede the growth of the hyperbaric oxygen therapy market during the forecast period. Furthermore, some patients experience discomfort or ear pain as a result of problems during hyperbaric oxygen therapy. Furthermore, hyperbaric oxygen therapy devices are a niche market that necessitates significant investment. This discourages companies from entering the market due to the uncertainty of receiving expected profits.High treatment costs is hampering the market growth

Some medical experts are suspicious of the use of hyperbaric oxygen therapy in unapproved settings, which is expected to hamper hyperbaric oxygen therapy market growth in the forecast period. Lack of awareness, rising treatment costs, and reimbursement issues may all impede demand for hyperbaric oxygen therapy devices. Complications from hyperbaric oxygen therapy will reduce product demand. Furthermore, the lack of availability of HBOT devices in developing countries is expected to limit the growth of the hyperbaric oxygen therapy market during the forecast period.

Hyperbaric Oxygen Therapy Market Opportunity

Increasing expenditure in the healthcare industry

Private players such as OxyHealth and SOS Group Global Ltd. are increasing their investment in developing technologically advanced HBOT systems, which is one of the few factors expected to propel growth. The development of portable HBOT systems, as well as the increasing number of clinical trials sponsored by various universities and players, indicate ongoing progress and contribute to the hyperbaric oxygen therapy market growth.

The presence of technology assessment organizations, such as the Cochrane Collaboration, the Alberta Heritage Foundation for Medical Research, and the Agency for Healthcare Research & Quality (AHRQ), that review evidence supporting the use of hyperbaric oxygen for various conditions, is another indicator of ongoing R&D activities in this field. Technological progress in the field of hyperbaric oxygen therapy devices is expected to drive demand in the forecast years.

One of the factors expected to drive demand in the forecast years is the growing use of hyperbaric oxygen therapy in wound healing and cosmetic procedures. A growing number of athletes is driving up demand for this technology. Currently, the FDA has approved the use of these devices for thirteen conditions, including gas embolism, carbon monoxide poisoning, diabetic foot ulcers, decompression sickness, necrotizing infections, and wound healing.

The FDA has not approved this device for use in stroke, Parkinson's disease, multiple sclerosis, depression, Alzheimer's disease, AIDS/HIV, or any other condition. Both approved and unapproved uses are extensive, covering a wide range of physiological and neurological conditions. Despite the aforementioned constraints, HBOT is seeing an increase in its adoption rate in hospitals and clinics. Due to its noninvasive nature, nearly 92% (1,800 out of 2,000) hospitals and 71% (500 out of 700) clinics now offer hyperbaric oxygen therapies, according to a research paper. This is expected to accelerate the growth of the hyperbaric oxygen therapy market in the forecast years.
Hyperbaric Oxygen Therapy Market Segment Analysis:
Based on Product, In 2022, the monoplane was the leading product category, accounting for more than 78.5% of total revenue. The commercial availability of monoplane systems, as well as the high adoption of such devices due to their ease of handling and lower requirement for hospital gas supply, are some of the key factors that can account for its revenue share in 2022. Few products dominate the market, including ETC Hyperbaric Chambers' BARA-MEDXD, BARA-MED, and BARA-MED Select; Pan-America Hyperbarics' PAH-S1 Hyperbaric Chamber and PAH-S1-3800 Hyperbaric Chamber. Furthermore, the monoplane HBOT devices segment is expected to grow the fastest.

One of the key factors expected to drive the hyperbaric oxygen therapy market is the growing demand for monoplane systems in hospitals and clinics due to their greater availability in the market and ease of installation. The technological advancements related to monoplane systems such as portability and some other features such as user-friendly operability and low maintenance costs are a few of the factors that are expected to drive the hyperbaric oxygen therapy market growth in the forecast years.

OxyHeal 5000 rectangular multi-place hyperbaric chambers, OxyHeal 4000 multiplace hyperbaric chambers, and decompression hyperbaric chambers are some of the commonly used and commercially available multiple systems. The multiplace hyperbaric chamber remained the second fastest-growing segment. Multi-location systems are more expensive and necessitate a larger workforce to maintain and operate.

However, the growing demand for such systems in large-scale hospitals has resulted in increased demand for such systems, which is expected to drive the hyperbaric oxygen therapy market during the forecast period. Moreover, these devices can accommodate a large number of patients with various conditions while also allowing medical personnel to monitor each patient's signs and symptoms.

As a result, the overall cost of services for patients is lower when compared to monoplane devices, which increases the adoption rate of such devices. One of the key Unique Selling Propositions (USPs) of multiplace chambers is that they allow for extended patient treatment time. The HBOT Equipment market is expected to grow as hospital professionals become more aware of the system's benefits.Based on the Application, Wound healing was the most popular application segment in 2022, owing to the increasing global prevalence of chronic and acute wounds, as well as wound site infection. Chronic wounds affect approximately 6.8 million patients in the United States, and they spend more than USD 26.00 billion on chronic wound treatment each year. Rising healthcare costs, rising obesity, and diabetes rates, and an aging population are just a few of the factors driving up demand for chronic and acute wound care. These factors can account for the majority of the revenue share held by the wound healing segment.

According to NCBI estimates, 1 to 3% of the total population of developed countries will experience a chronic wound in their lifetime. The share is expected to be higher in emerging economies. Additionally, the rising threat of chronic wounds as a result of the rising prevalence of diabetes and obesity is one of the contributing factors.

The growing popularity of adventure and leisure sports among the majority of the world's population is also driving the demand for HBOT systems in wound healing applications. Furthermore, commercially available products such as BARA-MEDXD, BARA-MED, BARA-MED Select, BARA-PRESS Software Control System, and PAH-S1 Hyperbaric Chamber are primarily used to treat wounds and decompression sicknesses. The availability of such a large product portfolio for the treatment of chronic wounds is also one of the few factors that can account for the largest market share.

However, the other segment grew at the fastest rate, with an 8.2% CAGR from 2017 to 2025. One of the key determinants indicating the lucrative growth of the other segment is the increasing number of clinical trials with hyperbaric oxygen therapy equipment for conditions such as periodontitis, diabetes mellitus, aging, hypoxic-ischemic encephalopathy, and diabetic foot ulcer outcome. Loma Linda University and Nanfang Hospital of Southern Medical University are among the sponsors of these clinical trials.
Hyperbaric Oxygen Therapy Market Regional Insights:
North America was the leading segment, accounting for approximately 35% of total revenue in 2022. Emerging economies like India, China, the Philippines, Vietnam, and Brazil have seen rapid economic growth. The region's growing population and increased need for wound healing treatment have increased the demand for HBOT. Consumers' increasing disposable income has prompted them to seek out technologically advanced medical treatments and therapies.

The United States was the leading market in 2022 and is expected to hold the largest revenue share during the forecast period. According to the American Venous Forum, advanced venous diseases that cause skin changes and leg ulceration affect over 2.6 million people in the United States each year. The increasing prevalence of chronic and acute wounds, as well as the concurrent increase in treatment rate due to the presence of developed healthcare technology, growing government healthcare expenditure, and high disposable income is some of the factors expected to drive the hyperbaric oxygen therapy market in the forecast years.

Asia Pacific, on the other hand, is expected to be the fastest-growing region in the forecast years. This region is expected to experience tremendous growth as per capita income rises, the medical tourism industry grows, and public awareness of the benefits of HBOT devices grows. When compared to Japan's growth rate, China is expected to grow faster in the Asia Pacific region.
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Hyperbaric Oxygen Therapy Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 3.78 Bn.


Forecast Period 2023 to 2029 CAGR:
8%
Market Size in 2029:
US $ 6.4 Bn.


 Segments Covered:
by Product
1. Monoplace
2. Multiplace
3. Topical


by Application
1. Wound Healing
2. Decompression Sickness
3. Infection Treatment
4. Gas Embolism
5. Others


by End User
1. Hospitals
2. Home Care
3. Others



Hyperbaric Oxygen Therapy Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Hyperbaric Oxygen Therapy Market, Key Players are
1. Airox Technologies Limited
2. Environmental Tectonics Corporation (ETO)
3. Fink Engineering Pty Ltd
4. Gulf Coast Hyperbarics Inc
5. Haux-Life-Support GmbH
6. HearMec Co
7. Hipertech Electronics Inc.
8. Hyperbaric Modular Systems, Inc
9. Hyperbaric SAC
10. PanAmerica Hyperbarics tnc
11. Perry Baromedical Corporation
12. Richmond Hyperbaric Health Centre Inc
13. Royal IHC
14. Sechrist Industries, Inc.
15. SOS Group
16. Tekna Hyperbaric Chambers
17. Unique Group FZC

Frequently Asked Questions:

1] What is the success rate of hyperbaric oxygen therapy?
Ans. The rate of healing in patients who complete the treatment recommended by their doctors ranges from 85 to 95 percent. Patients frequently seek relief for non-healing diabetic foot injuries, non-healing or complex surgical wounds such as skin grafts, and late-radiation therapy injuries.

2] How many hyperbaric chambers are in the US?
Ans. Nearly 1,300 U.S. hospitals have installed hyperbaric facilities, enticed by healthy Medicare payments — about $450 for a two-hour session — and for-profit management companies that do much of the work.

3] Is hyperbaric oxygen therapy used in the UK?
Ans. Most MS Therapy Centres in the UK offer hyperbaric oxygen therapy. A typical course of treatment consists of approximately 20 one-hour sessions spread out over one month. Following that, treatment is required at less frequent intervals.

4] Are hyperbaric chambers FDA-approved?
Ans. The FDA has cleared hyperbaric chambers for the following disorders as of July 2021: Blood vessels contain air and gas bubbles. Anemia (severe anemia when blood transfusions cannot be used) (severe anemia when blood transfusions cannot be used) Burns (severe and large burns treated in a burn center).

5] How much does a hyperbaric machine cost??
Ans. Purchasing a new one A brand new chamber typically costs more than $100,000, while a used chamber costs roughly half that amount.