Wilmington, Delaware, United States, April 20, 2023 (GLOBE NEWSWIRE) -- According to a recent report published by Transparency Market Research, the global market for hyperbaric oxygen therapy is predicted to grow by 8.9% between 2021 and 2028. According to the forecast, the market is expected to reach an estimated valuation of USD 7.3 billion by the end of 2028.
The systematic review and meta-analysis found that hyperbaric oxygen therapy (HBOT) is effective for healing bowel fistulas in advanced Crohn's disease. The use of HBOT for all fistula subtypes resulted in 87% clinical response, with 50% experiencing clinical remission. Amr Dokmak, MD, of Catholic Medical Center in Manchester, New Hampshire, reports that this is the result of a closed fistula and complete cessation of drainage.
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The FDA has approved thirteen indications for hyperbaric oxygen therapy, among which are pulmonary embolisms, decompression sickness, severe anemia, burns, and brain abscesses. Regulatory approvals for a number of these indications are expected to fuel the growth of the market.
According to the FDA, hyperbaric chambers can be used to treat the following disorders as of July 2021: Air and gas bubbles in blood vessels, Anemia, Burns, Carbon monoxide poisoning, Crush injury, Decompression sickness, Gas gangrene, Hearing loss, Infection of the skin and bone, Radiation injury, Skin graft flap at risk of tissue death, Vision loss, and Wounds.
Key Takeaways from the Market Study
- Hyperbaric oxygen therapy devices post to the COVID-19 outbreak can be further promoted via telehealth and eHealth mobile apps.
- Monoplace HBOT devices are low-cost to operate and have the potential to grow in popularity among clinicians.
- The wound healing market is expected to grow in demand for hyperbaric oxygen therapy devices.
- Investments in hyperbaric oxygen facilities will increase as demand for regenerative medicines grows.
- The demand for hyperbaric oxygen therapy devices is driven by carbon monoxide poisoning.
Global Hyperbaric Oxygen Therapy Device Market: Key Drivers
- The high incidence of acute and chronic wounds is driving the global hyperbaric oxygen therapy market. Australia suffers from a large number of chronic wounds. Australian healthcare expenditures resulting from chronic wounds amount to more than AUD $3.5 billion, approximately 2% of total national healthcare expenditures according to data published in the National Center for Biotechnology Information (NCBI).
- A collaboration between the most prominent providers of offshore, subsea, and life support solutions and researchers plans to launch next-generation multi-chamber hyperbaric oxygen therapy systems. A national hyperbaric awareness campaign and a website for multi-place hyperbaric services are being launched by hyperbaric service providers.
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Hyperbaric Oxygen Therapy Device Market: Regional Landscape
- In 2022, the United States led the market and will continue to dominate over the forecast period. According to the American Venous Forum, over 2.5 million Americans suffer from advanced venous diseases, including skin changes and leg ulcers.
- Due to the development of healthcare technology, growing healthcare expenditures by the government, and a high level of disposable income, chronic and acute wounds are on the rise and the treatment rate is also on the rise. Over the next few years, these factors are expected to have a positive impact on the market.
- Increasing research and development efforts and favorable reimbursement regulations have boded well for the market in Europe. Europe's hyperbaric oxygen therapy devices market revenue is expected to rise due to an increase in government investments in healthcare.
- With the high financial burdens faced by the European healthcare system, France, Germany, and the United Kingdom medical centers are providing financial incentives to hospitals in order to improve and reduce wound care costs.
Hyperbaric Oxygen Therapy Device Market: Prominent Market Players
Global markets are home to a variety of companies, from small businesses to large corporations. Hyperbaric oxygen therapy devices have become an important component of future technologies, which have allowed numerous companies to expand their operations. Research on the hyperbaric oxygen therapy device market examines major strategies used by key players:
- Environmental Tectonics Corporation
- Perry Boramedical
- Sechrist Industries, Inc.
- Fink Engineering Pty Ltd
- Gulf Coast Hyperbarics, Inc.
- HAUX-LIFE-SUPPORT
- Hearmec Co., Ltd.
- Hyperbaric SAC
- Royal IHC
- OxyHeal International, Inc.
- SOS Group Global Ltd.
- Medical Equipment and Consumer Goods Plant (KhSC)
- Submarine Manufacturing and Products Limited (SMP Ltd.)
Key Developments
- Iredell Health Foundation announced the Grateful Patients & Families Fund to three patient care projects on April 18th, 2023. The goal of the fund is to support patients during their time of greatest need and enrich the patient and family experience at Iredell Health System. The projects supported are Care Transition Patient Advocate Projects, Radiation Therapy Blanket Warmer, and Iredell Wound Care & Hyperbaric Center Blanket Warmer.
- In February 2023, Maui Health inaugurated a new outpatient center where hyperbaric oxygen therapy will be offered to patients who cannot heal wounds. Furthermore, Hawaii Medical Service Association leaders were honored and thanked for donating $1 million to support the clinic at the reception.
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Hyperbaric Oxygen Therapy Device Market: Key Segments
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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