Various strategies are leveraged by success-hungry players in the global Hyperbaric Oxygen Therapy Devices Market. One of them is the thrust on research and development to come up with new or better products. Their focus is on building cost-effective medical devices that would see greater uptake. Strategic partnerships are also being undertaken by them to diversify product portfolios and gain greater share. Further, companies are shifting their gaze to developing countries that offer lucrative opportunities.
Overall, the global hyperbaric oxygen therapy devices market is fragmented in nature on account of the presence of numerous small scale vendors. However, the global market is dominated by a handful of prominent players that have their operations worldwide.
The global hyperbaric oxygen therapy devices market will likely expand at a CAGR of 7.4% between 2017 and 2025 to become worth US$284.8 mn by 2025 from US$ 150.0 mn in 2016.
Some of the key players operating in the hyperbaric oxygen therapy devices market are Sechrist Industries, Inc., Perry Baromedical, and Environmental Tectonics Corporation (ETC), HAUX-LIFE-SUPPORT GmbH, IHC Hytech B.V., Oxyheal International and Fink Engineering.
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Depending upon the type of products, the global hyperbaric oxygen therapy devices market can be bifurcated into monoplace HBOT devices and multiplace HBOT devices. Among them, the monoplace HBOT devices accounted for about 60.1% share in the global market in 2016. Some of the factors leading to its swift uptake are technological progress that bring about smoother and quicker healing of wounds, lower price compared to multiplace chambers, helpful regulatory policies in North America, and patients’ hygiene.
Geographically, the key segments of the global hyperbaric oxygen therapy devices market are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Of them, North America currently leads the market. In 2016, its leading share came to over 32.1%. The market is primarily driven by the U.S. on account of its easy reimbursement policies.
Hyperbaric oxygen therapy is essentially a non-invasive method to increase the rate of healing of damaged tissues. It entails delivery of pure oxygen to the bloodstream under high-pressure. Availability of an array of hyperbaric oxygen chambers of various designs and sizes is primarily responsible for this market’s steady growth rate.
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Other factors majorly boosting growth in the global hyperbaric oxygen therapy devices market are the growth in elderly population worldwide, the rising instances of acute and chronic wounds, and the increase in diabetic foot ulcers and pressure cases. Further, surging popularity of leisure adventure activities which results in many accidents and their exhaustive use in aesthetics is also proving beneficial for the market.
Hyperbaric oxygen therapy devices find maximum use in wound healing these days. “Rise in public awareness about quicker, smoother wound healing process, extensive use of monoplace HBOT chambers in developed countries of the U.S., Canada, and Japan along with in developing countries such as China, Saudi Arabia, and Brazil is a major factor driving growth in the market,” explains the lead analyst of the report. Major hospitals are readily providing the hyperbaric oxygen therapy in order to speed up the wound healing process and for better recovery.