Growing prevalence of chronic and infectious wounds such as crush injury, central retinal artery occlusion or decompression sickness is likely to drive the global hyperbaric oxygen therapy market over the forecast period. HBOT (Hyperbaric Oxygen Therapy) devices are used for providing pure oxygen at a higher level than atmospheric pressure. Other vital factors such as increasing geriatric population base, rising medical expenditure and introduction of effective devices for the delivery of oxygen are triggering the growth of this market. Continuous innovation in technology coupled with high investment in R&D is anticipated to provide significant growth opportunity to HBOT market over the forecast period. Additionally, factors such as increasing awareness of effective hyperbaric oxygen therapy coupled with rising disposable income are likely to further push the market. The emerging nations are expected to witness lucrative growth owing to rising medical tourism and strong government support in healthcare.
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The global HBOT market is segmented on the basis of product type and application. By product type, the market is classified into monoplace, multiplace and topical HBOT device market. In 2014, monoplace HBOT segment was the dominant market due to its cost effectiveness and high rate of adoption in hospitals & clinics. Multiplace HBOT segment is anticipated to witness lucrative growth over the forecast period owing to its high efficiency in supplying high amount of oxygen into human body. By application, the global HBOT market is divided into infection treatment, wound healing, gas embolism, decompression sickness and others. Others application includes traumatic ischemia, traumatic brain injury, anemia, carbon monoxide positioning and acute traumatic ischemia. Wound healing therapy market is anticipated to witness lucrative growth over the forecast period due to high wound healing ability after occurrence of disease.
In 2014, North America was the dominant region owing to rising prevalence of acute & chronic diseases and increasing geriatric population base. This region is anticipated to continue its lead and show steady growth over the forecast period. Asia Pacific region is expected to witness the highest CAGR by 2022 due to rapid innovation in effective oxygen delivery devices and improving healthcare infrastructure.
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Major market players of the global HBOT are OxyHeal Health Group, Sechrist Industries, SOS Medical Group, Ltd., Gulf Coast Hyperbarics Inc., Fink Engineering Pvt. Ltd., IHC Hytech B.V., ETC BioMedical System and HAUX-LIFE-SUPPORT GmbH.
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