Global HBOT Devices Market to Register 7.20% CAGR from 2014 to 2020 owing to Rising Incidence of Chronic Wounds26 Feb 2016
Hyperbaric oxygen therapy (HBOT) is a procedure that is used to deliver pure oxygen under high atmospheric pressures to tissues in the human body. In HBOT devices, the atmospheric pressure is raised up to three times more in comparison with the normal pressure. When a tissue of the human body gets injured, it may need some more quantity of oxygen to heal properly. HBOT devices increase the amount of oxygen dissolved in the human body and improve the oxygen delivery to minimize injury and fight with infections.
The growing prevalence of chronic and acute wounds, rising incidence of wound site infections, and growing popularity of leisure and adventure activities are some of the major factors that are driving the global HBOT devices market. However, limited HBOT reimbursement coverage and the high cost of HBOT are the factors that are expected to hamper the growth of the market in the coming years.
According to a study presented by Transparency Market Research, in 2013, the global market for hyperbaric oxygen therapy devices was worth US$1.8 bn and is projected to reach a value of US$2.9 bn by the end of 2020. This market is estimated to exhibit a healthy 7.20% CAGR between 2014 and 2020.
Based on product type: The global HBOT devices market can be divided into topical, multiplace, and monoplace HBOT devices.
In 2013, the monoplace HBOT devices segment dominated the global market and was valued at US$900 mn.
The high growth rate of this segment can be attributed to several factors such as high commercial availability, high adoption rate, and accessibility of different types of monoplace chambers.
Moreover, the monoplace oxygen devices segment is estimated to register the highest growth rate in the near future, owing to the easy device installation/set-up and procurement process, which will indirect fuel the growth of the global market.
Based on application: The global HBOT devices market can be segmented into gas embolism, wound healing, infection treatment, decompressing sickness, and others.
In 2013, the wound healing segment held the largest share in the global HBOT devices market and is expected to remain in the leading position in the next few years.
This segment is projected to exhibit a 7.90% CAGR between 2014 and 2020.
The significant growth of the wound healing segment is due to the growing prevalence of chronic and acute wounds such as diabetic pressure ulcers and foot ulcers and the availability of effective therapeutics of HBOT in severe conditions.
Based on geography: The global HBOT devices market can be classified into North America, Europe, Asia Pacific, and Rest of the World.
In 2013, the North America HBOT devices market led the overall market owing to the growing adoption of hyperbaric therapy and the presence of a large number of hyperbaric therapy centers in this region.
In addition, constant technological advancements in this field and the increasing distribution network of international players are further augmenting the growth of the global HBOT devices market.
In recent years, the Asia Pacific HBOT devices market has witnessed rapid growth due to the growing incidence of diabetes and related complications, including chronic wounds, diabetic foot ulcers, the improving healthcare infrastructure, and growing participation of international players in this market.
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The prominent players operating in the global HBOT devices market include Sechrist Industries, Inc., ETC Biomedical System, Hearmec Co., Ltd., SOS Medical Group Ltd., OxyHeal Health Group, Fink Engineering Pty Ltd., Hyperbaric SAC., Haux-Life-Support GmbH, Gulf Coast Hyperbaric, Inc., and IHC Hytech B.V.
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