Hyperbaric oxygen therapy is widely used in the treatment of decompression sickness. It is also used in the treatment of diabetes and injury caused due to exposure to radiation. Hyperbaric oxygen therapy or HBOT as it is commonly called, supplies oxygen levels to the whole body, aiding the recovery of the body. Owing to its treatment applications, HBOT devices are highly sought-after in hospitals and clinics. Leading companies in the hyperbaric oxygen therapy market are looking at surging sales, owing to rising awareness on the benefits of hyperbaric oxygen therapy. Sabyasachi Ghosh, Senior Analyst, Healthcare Dept. at Future Market Insights shares some insights on the global hyperbaric oxygen therapy market.
Q: What are the key factors driving the global hyperbaric oxygen therapy devices market?
Sabyasachi Ghosh: Hyperbaric oxygen therapy has traditionally been used for deep sea divers suffering from the “bends”. However, in the recent past, adoption of HBOT in treating autism, brain injury, and diabetic foot ulcers has increased. HBOT is being increasingly sought-after by patients suffering from chronic fatigue or those who want to look younger.
HBOT is also being adopted for treatment of multiple sclerosis and cerebral palsy. Despite FDA’s consumer alert in 2013 that HBOT has not been proven to be effective in the treatment of ailments, such as cancer, diabetes, and autism, an increasing number of people are seeking HBOT. These factors have resulted into an overwhelming demand for HBOT.
Q: What is the current market size of hyperbaric oxygen therapy devices market? What figure do you have in mind in the next, say five years?
SG: In terms of revenue, the hyperbaric oxygen therapy devices market is worth over US$ 2 billion. In the next five years, it is expected to expand at a compound annual growth rate (CAGR) of over 7% to reach nearly US$ 3 billion in years. So, in a span of five years, the market is forecasted to add US$ 1 billion in revenues.
Q: Any challenges that can stymie market growth?
SG: Well, lack of approval on part of FDA remains a key challenge for market growth in the US. As insurers don’t reimburse HBOT treatment, people have no other choice than to pay out of pocket. This creates a situation where a patient may look at other treatment options that are covered by his insurer. As a result of this, demand for many hospitals and clinics is hampered.
Outside of the US, for example in Europe, where personal coverage is much broader, these factors are less challenging for market growth.
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Q: Can you please tell us a bit about the key regions in the HBOT devices market?
SG: In spite of approval related concerns, the US remains a key region for hyperbaric oxygen therapy devices market. High awareness among users and word-of-mouth publicity has helped provide an impetus to demand. However, by 2020, Asia Pacific and Europe are expected to emerge as the most lucrative markets, and account for over 70% of global revenues. As disposable income and awareness increase in the emerging markets of Asia Pacific, spending on alternative treatment options is expected to receive a massive boost, fuelling the market in the region. While the global market is expected to expand at over 7%, Asia Pacific HBOT devices market will see 9% annual growth rates.
Q: Who are the key players in the hyperbaric oxygen therapy devices market?
SG: According to our research, some of the leading vendors are ETC BioMedical Systems, IHC Hytech B.V., OxyHeal Health Group, HAUX-LIFE-SUPPORT GmbH, Hearmec Co., Ltd., Gulf Coast Hyperbarics, Inc., Fink Engineering Pty, Ltd., Hyperbaric SAC, Sechrist Industries, Inc., and SOS Medical Group, Ltd.