Albany, NY, April 22, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Hyperbaric Oxygen Therapy (HBOT) Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020", the global hyperbaric oxygen therapy (HBOT) devices market was valued at USD 1,851.6 million in 2013 and is expected to grow at a CAGR of 7.2% during the forecast period from 2014 to 2020 to reach USD 2,985.5 million in 2020.
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HBOT is a technique of delivering pure oxygen (100%) to the tissues under higher atmospheric pressures. In hyperbaric oxygen chambers or devices, the atmospheric pressure is increased from one to three times higher than normal atmospheric pressure. It has been studied that HBOT saturates the circulatory system of a patient with oxygen, which results in augmented oxygen delivery to the tissues that produce therapeutic effect in a patient's body.
Monoplace hyperbaric oxygen therapy devices, multiplace hyperbaric oxygen therapy devices and topical HBOT devices collectively form the hyperbaric oxygen therapy devices market; among which monoplace devices appeared as the leader in terms of revenue (generating over USD 900 million) in 2013. This has been attributed to the high adoption rate, high commercial availability, and accessibility of various types of monoplace chambers. Additionally, monoplace oxygen devices are expected to exhibit the highest growth rate during the forecast period 2014 to 2020 due to easy procurement and device set-up/installation that would exponentially accelerate the growth of this segment during the forecast period.
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Furthermore, within the application segment, wound healing accounted for the largest market share of the total hyperbaric oxygen therapy devices market in 2013. Wound healing segment is expected to dominate the market during the forecast period from 2014 to 2020, at the highest compound growth rate of 7.9%. High incidence of acute and chronic wounds such as diabetic foot ulcers and pressure ulcers across the world and proven therapeutic outcomes of HBOT in severe cases of chronic wounds are some of the major driving factors of this application in the hyperbaric oxygen therapy devices market. Moreover, the recent Cochrane Collaboration studies reveal that application of HBOT in patients suffering from diabetic foot ulcers can significantly reduce the risk of major amputation due to which the segment is growing further.
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In terms of regional analysis, North America dominated the global hyperbaric oxygen therapy devices market in 2013. High adoption rate of hyperbaric therapy among population suffering from various types of wounds and others infections coupled with presence of large number of hyperbaric therapy centers across the region are some of the major factors that are facilitating the commendable growth of this market in North America. Moreover, perpetual technological innovations with respect to this market coupled with presence of international players and their established distribution networks are fuelling the growth of HBOT devices market in the region. Asia Pacific, on the other hand, witnessed the highest growth rate in the hyperbaric oxygen therapy devices market. Various governing factors such as high prevalence of diabetes and associated complications such as diabetic foot ulcers and chronic wounds, developing healthcare infrastructure and entry of international players are the major factors expected to propel the growth of the HBOT devices market in Asia Pacific during the forecast period.
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The hyperbaric oxygen therapy devices market is highly oligopolistic and competitive in nature due to the large presence of several small-scale equipment manufacturers and suppliers that commonly range from regional to global enterprises. Major market players considered for this study are Sechrist Industries, Inc., OxyHeal Health Group, ETC Biomedical System, IHC Hytech B.V. and SOS Medical Group Ltd., Fink Engineering Pty Ltd., Gulf Coast Hyperbaric, Inc., Haux-Life-Support GmbH, Hearmec Co., Ltd., Hyperbaric SAC.
Other Reports By Transparency Market Research:
- Capnography Equipment Market: http://www.transparencymarketresearch.com/capnography-market.html
- Oxygen Therapy Devices Market: http://www.transparencymarketresearch.com/oxygen-therapy-market.html
The global hyperbaric oxygen therapy devices market is segmented as follows:
Global Hyperbaric Oxygen Therapy Devices Market, by Type of Products
- Monoplace HBOT Devices
- Multiplace HBOT Devices
- Topical HBOT Devices
Global Hyperbaric Oxygen Therapy Devices Market, by Application
- Wound Healing
- Decompression Sickness
- Infection Treatment
- Gas Embolism
- Others
Global Hyperbaric Oxygen Therapy Devices Market, by Geography
North America
- Monoplace HBOT Devices
- Multiplace HBOT Devices
- Topical HBOT Devices
Europe
- Monoplace HBOT Devices
- Multiplace HBOT Devices
- Topical HBOT Devices
Asia Pacific
- Monoplace HBOT Devices
- Multiplace HBOT Devices
- Topical HBOT Devices
Rest of the World (RoW)
- Monoplace HBOT Devices
- Multiplace HBOT Devices
- Topical HBOT Devices
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