United States, Rockville MD, April 27, 2022 (GLOBE NEWSWIRE) -- According to a recently published Fact.MR report, the global Hyperbaric Oxygen Therapy Devices market is projected to grow at a compound annual rate (CAGR) of 8.9% between 2022 and 2032. The market is expected to reach US$ 7.3 Bn by the end of 2032. The demand for Hyperbaric Oxygen Therapy Devices is expected to rise over the forecast period and the market was valued US$ 3.1Bn in 2020.
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Hyperbaric oxygen therapy (HBOT) boosts leukocyte efficiency, especially at the wound site, while minimizing the detrimental effects of carbon monoxide (CO) and cyanide. Advancements in portable HBOT devices, as well as increasing number of clinical trials supported by various institutions and players, demonstrate that the market is growing.
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Technological advancements in hyperbaric oxygen treatment equipment are expected to boost demand. Surge in demand for hyperbaric oxygen therapy devices is primarily due to an increase in the number of diabetic patients around the world. Moreover, as medical tourism grows, the business is likely to expand. Rising obesity and diabetes rates are increasing the number of stroke patients, which is pushing up product demand.
One of the aspects expected to enhance demand over the coming years is the growing use of hyperbaric oxygen therapy in wound healing and aesthetic surgeries.
Why is North America Expected to Lead the Global Hyperbaric Oxygen Therapy Devices Market?
“Rising Investments by HBOT Device Suppliers Driving Market Growth in North America”
North America is expected to account for the highest share of the global hyperbaric oxygen therapy devices market, owing to reasons such as the growing population and the increasing preference for wound healing treatments.
Rising prevalence of chronic and acute wounds, combined with the rise in adventure activities, has increased the need for better wound healing treatments. The growing popularity of advanced hyperbaric oxygen therapy has prompted a surge in investments by HBOT device suppliers.
High number of diabetic individuals who suffer from foot ulcers or non-healing wounds is driving market growth in the region.
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Key Segments Covered in the Hyperbaric Oxygen Therapy Industry Survey
- Hyperbaric Oxygen Therapy Devices Market by Product:
- Monoplace HBOT Devices
- Multiplace HBOT Devices
- Hyperbaric Oxygen Therapy Devices Market by Application:
- Wound Healing
- Decompression Sickness
- Infection Treatment
- Gas Embolism
- Hyperbaric Oxygen Therapy Devices Market by Region:
- North America Hyperbaric Oxygen Therapy Devices Market
- Europe Hyperbaric Oxygen Therapy Devices Market
- Asia Pacific Hyperbaric Oxygen Therapy Devices Market
- Latin America Hyperbaric Oxygen Therapy Devices Market
- Middle East & Africa Hyperbaric Oxygen Therapy Devices Market
Competitive Landscape
Rising investments by key players in R&D and the development of hyperbaric oxygen therapy products will be vital to preserving a competitive edge, with regular alliances being formed in an attempt to diversify product portfolios and increase market share.
For instance,
- In November 2019, AHA Hyperbarics introduced the AHA Flex V2, a new model of innovative high-pressure medical hyperbaric chambers that are specifically built to meet the growing need for HBOT safety and efficacy.
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Key players in the Multiplace Hyperbaric Oxygen Therapy Devices Market
- Perry Baromedical
- HAUX-LIFE-SUPPORT
- Royal IHC
- SOS Group Global Ltd.
- OxyHealth
- PCCI, Inc.
- Gulf Coast Hyperbarics, Inc.
- IHC Hytech B.V.
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Key Takeaways from Multiplace Hyperbaric Oxygen Therapy Devices Market Study
- The global hyperbaric oxygen therapy devices market is set to reach a valuation of US$ 7.3 Bn by 2028.
- North America is the most lucrative market for hyperbaric oxygen therapy device manufacturers.
- Demand for monoplace HBOT devices is expected to increase at a 7% CAGR over the forecast period.
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