Global Hyperbaric Oxygen Therapy Devices Market: Snapshot
Presence of a copious number of small vendors has made the global hyperbaric oxygen therapy devices market fragmented in nature. However, there are few dominant players too that have a stronghold over the market. In order to surge ahead of competitors, savvy players in the global hyperbaric oxygen therapy devices market are seen leveraging a multi-pronged strategy. First, they are pouring money into research and development of improved new products. Second, they are striking carefully-considered partnerships to enhance their product portfolios. Third, they are trying to expand their geographical footprints by tapping into the relatively underserved markets in the developing nations.
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A range of hyperbaric oxygen chambers of various designs and sizes combined with increasing knowledge the quicker, smoother healing process, is primarily responsible for this market’s steady growth rate. Besides, the large pool of global elderly population, rising occurrence of acute and chronic wounds, and the increase in diabetic foot ulcers and pressure cases is also stoking demand in the global market for hyperbaric oxygen therapy devices.
A report by Transparency Market Research predicts the global hyperbaric oxygen therapy devices market to register a CAGR of 7.4% from 2017 to 2025 to become worth US$284.8 mn by 2025 from US$ 150.0 mn in 2016.
Monoplace HBOT Devices See Maximum Demand Due to their Affordability
The two main types of hyperbaric oxygen therapy devices purveyed in the market are monoplace HBOT devices and multiplace HBOT device, depending upon whether it is for one person or for many. Depending upon the type of product, the monoplace HBOT devices leads the market. It 2016, its leading share came to around 60.1% of the overall market. Their affordable cost compared to multiplace chambers has served to boost their uptake so far. Further, constant improvement in their technology that speeds up the healing process even more is also bringing about sales. In Europe, however, strict rules pertaining to the use of monolpace HBOT devices for medical purpose is pushing up demand for multiplace HBOT devices.
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Hyperbaric oxygen therapy devices find application in wound healing, infection treatment, decompression sickness, gas embolism, etc. Of these, the segment of wound healing contributes the most to the market because of the widespread use of monoplace HBOT chambers in developed countries of the U.S., Canada and Japan and also in developing countries of China, Saudi Arabia, and Brazil.
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