According to Coherent Market Insights, the global hyperbaric oxygen therapy devices market was valued at US$ 2,255.3 million in 2018 and is expected to exhibit a CAGR of 6.6% over the forecast period (2019-2027).
Key Trends and Analysis of the Hyperbaric Oxygen Therapy Devices Market:
Key trends in the market are rising prevalence of severe anemia, arterial gas embolism, diabetes, asthma and burns, increasing usage of hyperbaric oxygen therapy in healing wounds, cosmetic procedures, and increasing adoption of growth strategies such as acquisitions, collaborations, and product launch by market players.
An increasing number of diabetic patients prone to wound healing problems or non-healing diabetic foot ulcers is expected to drive growth of hyperbaric oxygen therapy devices market during the forecast period. For instance, according to an article published in the National Center for Biotechnology Information, March 2017, stated that diabetic foot ulcers are the most common complication in diabetic patients with an annual incidence rate of 6.3% globally. Moreover, the life time risk of foot ulcers in diabetic patients is around 19% to 34%.
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Adoption of hyperbaric oxygen therapy devices by hospitals to offer advanced and fast treatments in wound healing is expected to drive the market growth. For instance, in April 2018, Amandeep Hospital in India, announced the adoption of hyperbaric oxygen therapy for improving the wound healing in the diabetic foot, and non-healing wounds.
Furthermore, increasing acquisitions and partnership agreements by players are expected to propel the market growth over the forecast period. For instance, in October 2019, Hyperbaric Medical Solutions announced the acquisition of Sun Hyperbarics, a Florida-based hyperbaric oxygen therapy (HBOT) clinic, which expanded Hyperbaric’s offering to the consumer base in Florida.
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Key Market Takeaways:
- The hyperbaric oxygen therapy devices market is expected to exhibit a CAGR of 6.6% during the forecast period (2019 -2027) due to increasing prevalence of severe anemia, arterial gas embolism, diabetes, asthma and burns, increasing usage of hyperbaric oxygen therapy in healing of wound and cosmetic procedure and increasing adoption of growth strategies such as acquisitions, collaborations, product launch by market players. According to the World Health Organization’s (WHO) 2018 data, an estimated 1,000,000 people in India suffer from moderate or severe burns every year.
- Key players are focused on adopting growth strategies such as facility expansion, and collaborations and acquisitions to enhance their presence in potential markets, which, in turn, is expected to propel the market growth over the forecast period. For instance, in 2018, Unique Group announced the launch of a next-generation hyperbaric oxygen treatment (HBOT) chamber named Uni-Heal 2200 Hyperbaric Oxygen Treatment Facility.
- Key players operating in the global hyperbaric oxygen therapy devices market include Fink Engineering Pty Ltd., Gulf Coast Hyperbarics, Inc., SOS Medical Group Ltd., IHC Hytech B.V., ETC BioMedical Systems, Haux-Life-Support GmbH, Sechrist Industries, Inc., GWR Medical, Inc., Hyperbaric Modular Systems, Inc., Hearmec Co., Ltd., and Premier Hyperbarics.
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