Hyperbaric Oxygen Therapy Devices Market

Hyperbaric Oxygen Therapy Devices Market Snapshot (2023 to 2033)

The global hyperbaric oxygen therapy devices market size is expected to be valued at USD 3.47 billion in 2023. With the growing usage of hyperbaric oxygen therapy in wound healing, coupled with the increasing number of athletes resulting in demand for HBOT, the overall demand for hyperbaric oxygen therapy devices is projected to grow at a CAGR of 7.0% between 2023 and 2033, totaling around USD 6.86 billion by 2033.

Data Points	Key Statistics
Hyperbaric Oxygen Therapy Devices Market Value 2023	USD 3.47 billion
Hyperbaric Oxygen Therapy Devices Market Projected Value (2033)	USD 6.86 billion
Hyperbaric Oxygen Therapy Devices Market CAGR (2023 to 2033)	7.0%

The hyperbaric oxygen therapy device is a medical device that provides the optimum oxygen level to the human body's tissues under high atmospheric pressure. In this medical treatment, the air pressure is increased two to three times higher than the normal air pressure.

Thus, the oxygen-carrying blood helps to fight bacteria and other unwanted hosts in the body by promoting healing. This medical treatment treats wounds from radiation, air bubbles in blood vessels, and other serious infections like diabetes.

Hyperbaric Oxygen Therapy alone effectively treats disorders such as arterial gas embolism and severe carbon monoxide poisoning and, in combination with other therapies, can treat disorders according to individual requirements. The Food and Drug Administration (FDA) has approved 13 medical uses of hyperbaric oxygen therapy (HBOT).

The regulatory approval for several indications, such as pulmonary embolism, severe anemia, decompression sickness, burns, and brain abscesses, to name a few out of the thirteen approved indications, is one of the major factors that is expected to escalate the growth of the hyperbaric oxygen therapy device market over the analysis period.

In addition, the global HBOT market is expected to register significant growth due to technological advancements and the ability of the procedure to effectively treat carbon monoxide poisoning, decompression sickness, and arterial gas embolism. Another factor projected to accelerate the market's growth includes the huge price tag associated with hyperbaric oxygen therapy (HBOT) products.

Hyperbaric Oxygen Therapy Devices Demand Analysis (2018 to 2022) Vs. Market Outlook (2023 to 2033)

The global demand for hyperbaric oxygen therapy devices is projected to increase at a CAGR of 7.0% during the forecast period between 2023 and 2033, reaching a total of USD 6.86 billion in 2033, according to a report from Future Market Insights (FMI).

From 2018 to 2022, sales witnessed significant growth, registering a CAGR of 6.9%. According to Future Market Insights, a market research and competitive intelligence provider, the hyperbaric oxygen therapy devices market was valued at USD 3.21 billion in 2022.

At 1.5 to 3 times the average atmospheric pressure, hyperbaric oxygen therapy devices supply 100% pure oxygen to the bodily tissues. Excess oxygen in the circulation encourages the production of white blood cells and leucocytes, which fight bacteria, and the secretion of stem cells, which aids in speedier healing and the restoration of normal body function.

Hyperbaric oxygen therapy devices treat chronic problem wounds by delivering oxygen to all body tissues through monoplane HBOT chambers, multiple HBOT chambers, or topical HBOT chambers.

Diabetes affects roughly 422 million people worldwide, according to World Health Organization figures. According to the report, 1.6 million people die each year due to diabetes-related disorders. Diabetes can lead to various problems, including diabetic foot ulcers, ischemic strokes, and chronic infections.

The market will grow as the number of people diagnosed with diabetes and obesity rises. Additionally, the increasing adoption of hyperbaric oxygen therapy devices for lung disease treatment and prevention of reperfusion injury is one of the major factors that is expected to propel the market growth during the forecast period.

Which Drivers underpin Hyperbaric Oxygen Therapy Devices Industry Expansion?

The Growing Desire of Next-Generation Multiplace Chambers to Boost the Market Growth

Hyperbaric oxygen therapy is an expertized treatment that handles various health problems such as carbon monoxide poisoning and diabetic foot ulcers. The world's most prominent and advanced subsea, offshore, and life support solution providers are collaborating with researchers to launch next-generation multi-place hyperbaric oxygen treatment chambers.

Leading providers of multi-place hyperbaric services for acute care hospitals and trauma centers are announcing the official launch of the hyperbaric-aware website and national campaigns. Stakeholders in the hyperbaric oxygen therapy devices market are increasing awareness about the therapy's advantages to effectively deal with various chronic conditions.

Furthermore, the United States Food and Drug Administration (FDA) permitted commercializing and promoting ClearMate. It is a new device intended to be utilized in the emergency room to treat patients suffering from carbon monoxide poisoning.

Advent of Ischemic Stroke to Augment the Market Growth

An ischemic stroke is one of the most frequent types of strokes caused by a blood clot limiting blood flow to the brain. As the number of occurrences of ischemic stroke rises, so will the demand for better mechanical ventilation devices. The hyperbaric oxygen therapy devices market is driven by rising per capita income and enhanced government insurance programs.

The rising incidence of diabetes and obesity is leading to an increase in the number of ischemic strokes, augmenting the sales of hyperbaric oxygen therapy devices. Increased efficacy and multi-functionality of hyperbaric oxygen therapy devices to prevent reperfusion injury are projected to fuel the market expansion in the forthcoming years.

Customers' increasing need for non-invasive, drug-free treatment and the integration of hyperbaric oxygen therapy equipment with imaging technology such as C.T. and MRI for researching brain ischemia and early diagnosis of acute ischemic stroke will propel the market growth. Ongoing research & development into hyperbaric oxygen therapy preconditioning after an ischemic stroke will open up new growth avenues for the hyperbaric oxygen therapy devices market over the forecast period.

Which Factors Are Limiting the Growth of Hyperbaric Oxygen Therapy Devices Market?

Side Effects and Complications Associated with the HBOT to Limit the Market Growth

A patient could develop complications during the hyperbaric oxygen therapy, such as oxygen toxicity (lung, central nervous system), barotraumatic lesions (nasal sinuses, middle ear, lung, teeth, inner ear), ocular effects (cataract growth and myopia), and confinement anxiety. This is one of the major factors anticipated to impede the growth of the hyperbaric oxygen therapy market during the forecast period.

Moreover, several patients witness discomfort or ear pain as an expression of problems during hyperbaric oxygen therapy. Furthermore, hyperbaric oxygen therapy devices are a niche segment and require significant investment. This deters companies from entering the market owing to the uncertainty of receiving expected profit.

Poor Reimbursement Regulations and High Treatment Costs to Limit the Market Growth

Some medical experts are suspicious about the use of hyperbaric oxygen therapy in unapproved contexts, which is expected to hinder market growth in the near future. The demand for hyperbaric oxygen therapy devices may be hampered to some extent by a lack of awareness, rising treatment costs, and reimbursement issues.

Hyperbaric oxygen therapy complications will harm product demand. Moreover, the lack of accessibility of HBOT devices in emerging nations is anticipated to limit the growth of the hyperbaric oxygen therapy market during the forecast period.

Region-wise Insights

Will North America Continue Dominance in the Global Hyperbaric Oxygen Therapy Devices Market?

Rising Investments by Hyperbaric Oxygen Therapy Devices Suppliers in the Region

The North American hyperbaric oxygen therapy devices market is expected to accumulate the highest market share of 35.3% in 2023. On a geographic basis, North America is anticipated to be the largest market for Hyperbaric Oxygen Therapy Devices, owing to reasons such as the growing population and the increasing preference for wound healing treatments.

In addition, the rising prevalence of chronic and acute wounds and the rise in adventure activities have increased the need for better wound-healing treatments. The growing popularity of advanced hyperbaric oxygen therapy has prompted a surge in investments by HBOT device suppliers.

Furthermore, a high number of diabetic individuals suffering from foot ulcers or non-healing wounds is another factor expected to fuel the growth of the region's hyperbaric oxygen therapy devices market.

How Will the Growth of the European Hyperbaric Oxygen Therapy Devices Market unfold?

Rise in Number of Research and Development Initiatives for HBOT Devices in the Region

The European hyperbaric oxygen therapy devices market is expected to accumulate a market share value of 20.2% in 2023. Favorable reimbursement regulations, an increase in Research and Development efforts, and a rise in government healthcare spending are some major factors expected to augment the growth of the hyperbaric oxygen therapy devices market revenue in Europe.

The financial strain on the European healthcare system is so high that the medical services and centers for medical care in Germany, France, and the U.K. have amended the payment policy for wound care, providing financial incentives to hospitals to improve and reduce expenses. The rising prevalence of necrotizing soft tissue infections, diabetes, and cancer, as well as the involvement of key players, are driving the market growth in the region.

Where does the growth of the Asia-Pacific Hyperbaric Oxygen Therapy Devices Market stand?

Rise in the Number of Medical Tourists in the Region

The hyperbaric oxygen therapy devices market in Asia-Pacific is expected to accumulate a market share of 22.5% in 2023. The rapid growth of the medical tourism business in the Asia-Pacific, particularly in China, is likely to propel the growth of the hyperbaric oxygen therapy devices market significantly. Industrial growth is projected to be influenced by increasing per capita income, higher product penetration, and increased public awareness in China.

Furthermore, the rising incidence of gas embolism and carbon monoxide poisoning, as well as increasing investment by key companies in developing new hyperbaric oxygen therapy devices, are fueling the market expansion in the Asia-Pacific.

In India, rapid development and modernization of healthcare facilities will open up new business prospects. The adoption of more favorable reimbursement regulations in the country is expected to boost the growth of the hyperbaric oxygen therapy devices market.

Category-wise Insights

By Product, which Hyperbaric Oxygen Therapy Devices Category will remain prominent?

Monoplace Hyperbaric Oxygen Therapy Devices to beat Competition in Untiring Markets

By product, the monoplace segment of the hyperbaric oxygen therapy devices is expected to rise at a revenue share of 56.9% over the forecast period. The market is developing due to recent innovations and increasing utilization of monoplace HBOT devices in hospitals and clinics.

Growing adoption of wound healing, widespread availability of monoplace systems, rising demand for the convenience of handling, and reduced hospital gas supply requirements are the factors that are anticipated to accelerate the sales of monoplace HBOT devices. Additionally, monoplace HBOT devices can handle many patients with various diseases and assist medical personnel in monitoring the patient's indications and symptoms.

Increased penetration to provide portability and user-friendly operability will also help to propel the HBOT devices market forward.

By Application, which Hyperbaric Oxygen Therapy Devices Category to dominate?

Availability of Advanced Solutions in Wound Healing to Drive the Hyperbaric Oxygen Therapy Devices Market

Hyperbaric oxygen therapy devices are becoming more common in the healthcare system as the prevalence of wound site infection rises. Rapid healing necessitates an abundance of oxygen. Hyperbaric oxygen therapy involves exposing the body to 100% oxygen in the injured area to speed up healing.

Because of the rising occurrences of obesity and diabetes worldwide, the demand for hyperbaric oxygen therapy systems in wound healing applications will rise. Factors such as rising healthcare expenses and an aging population are expected to boost segment growth. One of the few aspects that can be attributed to the greatest market share is the availability of improved solutions for treating chronic wounds.

Who are the Leading Players in the Hyperbaric Oxygen Therapy Devices Market?

Prominent players in the hyperbaric oxygen therapy devices market are Perry Baromedical, Sechrist Industries, Inc., Tekna Hyperbaric, Pan America Hyperbarics, Inc., HAUX-LIFE-SUPPORT, PCCI, INC., Fink Engineering "Designing square pegs for square holes," Hipertech Electronics Inc., Sosgroup., HEARMEC, OxyHealth., Environmental Tectonics Corporation., IHC Merwede Holding B.V., Advanced Biomedical Engineering., Airox Technologies Private Limited., Biovision Healthcare Pvt Ltd., Richmond Hyperbaric Health Center, Universe Surgical Equipment Co., Unique Medical Appliances., Sanket Gas Equipments., and Biostag Technologies, among others.

Recent Developments

• In November 2019, AHA Hyperbarics introduced the AHA Flex V2, a new model of innovative high-pressure medical hyperbaric chambers that are specifically built to meet the growing need for HBOT safety and efficacy.
• In July 2019, Unique Group, the world's prominent advanced subsea, offshore, and life support solution providers, launched its next-generation multi-place hyperbaric oxygen treatment chamber, 'The uni-Heal 2200 hyperbaric oxygen treatment facility'.
• In February 2019, new medical research conducted at the LSU Health New Orleans School of Medicine indicated that the procedure could be beneficial for patients of Alzheimer's when conducted with other therapies or by itself.
• In March 2019, the United States Food and Drug Administration granted permission to promote and commercialize a 'ClearMate.' It is a new device intended to be utilized in the emergency room to treat patients suffering from carbon monoxide poisoning.
• In July 2018, Perry Baromedical and Kent Imaging Inc. entered a strategic partnership in the field of hyperbaric, where Perry Baromedical will distribute Kent's product offering of KD203, a near-infrared imaging device. Perry Baromedical recently launched its product offering of Sigma 40-II, a hyperbaric oxygen therapy (HBOT) designed for two individuals and has the largest two persons chamber.

Report Scope

Report Attribute	Details
Growth Rate	CAGR of 7.0% from 2023 to 2033
Market Value in 2023	USD 3.47 billion
Market Value in 2033	USD 6.86 billion
Base Year for Estimation	2021
Historical Data	2018 to 2022
Forecast Period	2023 to 2033
Quantitative Units	Revenue in USD billion and CAGR from 2023 to 2033
Report Coverage	Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis
Segments Covered	Type of Products, Application, Region
Regions Covered	North America; Latin America; Europe; Asia Pacific; Middle East & Africa (MEA)
Key Countries Profiled	The United States, Canada, Brazil, Mexico, Argentina, EU-5, BENELUX, Nordics, Poland, Russia,, Japan, China, India,, Association of Southeast Asian Nations, Australia & New Zealand, GCC, South Africa, Israel, Turkey, Iran
Key Companies Profiled	ETC BioMedical Systems; Fink Engineering Pvt. Ltd.; Gulf Coast Hyperbarics Inc.; HAUX-LIFE-SUPPORT GmbH; Hearmec Co. Ltd.; Hyperbaric SAC; IHC Hytech B.V.; OxyHeal Health Group; Sechrist Industries; Inc.; SOS Medical Group; Ltd.

Key Segments Covered in the Hyperbaric Oxygen Therapy Devices Industry Analysis

By Type of Products:

• Mono-place HBOT Devices
• Multi-place HBOT Devices
• Topical HBOT Devices

By Application:

• Wound Healing
• Decompression Sickness
• Infections
• Gas Embolism
• Others

By Region:

• North America
• Europe
• Asia Pacific

Frequently Asked Questions

What is the Market Size in 2023?

The market size is expected to be valued at USD 3.47 billion in 2023.

Who are the Leading Competitors in the Market?

Hearmec Co. Ltd., Hyperbaric SAC and IHC Hytech B.V. are the leading competitors in the market.

Which Application Type Dominates the Market?

The availability of advanced solutions in wound healing drives the market.

Which Product Type will Remain Prominent?

Monoplace hyperbaric oxygen therapy devices to beat the competition in an untiring market.

How Big will be the Market by 2033?

The market is estimated to reach USD 6.86 billion by 2033.