Hyperbaric Oxygen Therapy Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Hyperbaric Oxygen Therapy Market is segmented By Product Type (Hyperbaric Oxygen Chambers, Photo Chamber Accessories, Consumables, Others), By Application (Diabetic Foot Ulcers, Wound Healing, Decompression Sickness, Infection Treatment, Gas Embolism, Others), By End-User (Hospitals, Ambulatory Care Centers, Outpatient Clinics, Standalone Hyperbaric Treatment Centers, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Size, Share Outlook, and Opportunity Analysis, 2024-2031

Hyperbaric Oxygen Therapy Market Size

The Global Hyperbaric Oxygen Therapy Market size reached USD 3.2 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 6.7 billion by 2031. The global hyperbaric oxygen therapy market is expected to exhibit a CAGR of 9.9% during the forecast period (2024-2031). 

The hyperbaric oxygen therapy market trends show rising product launches for wound healing owing to the rising technologies and increasing research and development. With the use of hyperbaric oxygen therapy, several medical conditions are addressed. And medical facilities use it in a variety of ways. Hyperbaric oxygen therapy (HBOT) is a sort of treatment used to hasten the recovery of infections where tissues are oxygen-starved, gangrene, wounds that won't heal, and carbon monoxide poisoning.

Furthermore, rising consumer demand for therapy due to the rising availability of products and technologies, an increase in the number of approved products in the market, and an increase in research are driving up the hyperbaric oxygen therapy market size. The market is experiencing a growing demand for products from North American areas as a result of the rising advancements in this field. With significant competitors like Environmental Tectonics Corporation, Tekna Hyperbaric, Sosgroup, and others actively operating in the market.

Hyperbaric Oxygen Therapy Market Scope

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Hyperbaric Oxygen Therapy Market Dynamics

Rising Technological Advancements and Regulatory Approvals Drive the Growth of the Hyperbaric Oxygen Therapy Market

Due to its capacity to address oxygen shortages, encourage healing and angiogenesis, reduce inflammation, and combat infection, hyperbaric oxygen therapy is a scientific field with numerous therapeutic applications. Given the vast spectrum of disorders that it has been investigated to treat, HBOT has been referred to as a "therapy in search of diseases" since it is open to advancement and development. 

Strong evidence supports its use in carbon monoxide poisoning, decompression illness, and chronic wounds; however, additional study is required to support its use in COVID-19, Alzheimer's disease, and GI illnesses. HBOT has hazards, but when carried out correctly, it is considered to be a safe technique. In terms of modern medical standards, hyperbaric oxygen therapy is a relatively recent form of treatment.  

With the advancement in medical technology, it is appropriate to understand the prospective applications of HBOT. To make HBOT a widely used treatment, backed research, cutting-edge technology, and financing are required. As a result of the aforementioned assertions, the market is anticipated to lead throughout the forecast period.

Increasing Prevalence of Acute and Chronic Wounds creates lucrative Opportunities  for Manufacturers

According to Mary Ann Liebert, Inc., nearly 2.5% of the US population suffers from chronic wounds that reduce their quality of life (QoL), and managing wounds has a substantial financial impact on healthcare. Chronic wounds are anticipated to continue to be a significant social, clinical, and economic challenge due to the aging population, the ongoing global threat of diabetes and obesity, and the ongoing issue of infection.

For wound patients, stomas, stomies, acute and chronic wounds, as well as urine and fecal incontinence, can present extremely difficult physical obstacles. These result in emotional and social problems that allied medical professionals with the necessary training and education can handle. Consistent evidence-based wound care across the nation may be hindered by limitations in well-structured practitioner education in wound care.

Complications Associated with Hyperbaric Oxygen Therapy will hamper the growth of the market. 

Global demand for hyperbaric oxygen therapy is being restrained by issues like the high cost of oxygen therapy, strict regulatory requirements, complications related to oxygen therapy and lengthy approval processes for new launches. The most typical HBOT consequence is middle ear injury. 

Eye injury, low blood sugar, lung collapse, and sinus issues are further potential concerns. One can experience oxygen toxicity in extremely uncommon situations. Seizures, pulmonary fluid buildup, lung failure, and other issues may result from this. The choice to undergo hyperbaric oxygen therapy needs to be carefully considered, taking into account both the potential hazards and advantages.   

Hyperbaric Oxygen Therapy Market Segment Analysis

The global hyperbaric oxygen therapy market is segmented based on product type, application, end user and region.

Owing to High Demand, the Monoplace Oxygen Chambers Product Type Segment Accounted for Approximately 59.6% of the Hyperbaric Oxygen Therapy Market Share

In 2022, the monoplace oxygen chambers sector held the biggest market share. The market is anticipated to grow throughout the projection due to the sector known as hyperbaric oxygen chambers. There are two primary types of chambers used in hyperbaric oxygen therapy: Single-place chamber: This compartment can fit just one person. It's a lengthy plastic tube with an MRI machine-like appearance. The patient enters the chamber covertly. It is gradually under 100% oxygen pressure.

This room or chamber can accommodate two or more individuals at once. Most of the treatment is the same. People now breathe pure oxygen using masks or hoods, which is the difference. While receiving the therapy, a technician could also be present within the chamber. According to the aforementioned assertions, the market sector held the biggest market share during the forecast period.

Source: DataM Intelligence Analysis (2023)

Global Hyperbaric Oxygen Therapy Market Geographical Share

North America Accounted for Approximately 39.5% of the Market Share in 2022, Owing to the Strong Presence of Major Players and Increasing Healthcare Infrastructure Investment

Due to the rising need for hyperbaric oxygen therapy for various research purposes in healthcare, manufacturers in North America have chances of increasing their operations. There are many producers and suppliers in North America and owing to the quick economic growth of the region, industrial production has expanded, driving the demand for hyperbaric oxygen therapy. 

Increasing expenditure on healthcare and rising awareness among people, advancement of technologies for wound healing, and increase in biopharmaceutical establishment across the region are also contributing to the growth of hyperbaric oxygen therapy market share of this region. 

The primary healthcare organizations and businesses' joint research endeavors as well as new product development that continuously aims to enhance the process of wound healing and other conditions are also expected to contribute to the rising demand. Individuals are becoming more aware of various advanced products that are being utilized for providing better treatment, leading to the expansion of the market in this region. The above-mentioned factors further prove the dominance of North America on a global scale.

Source: DataM Intelligence Analysis (2023)

Hyperbaric Oxygen Therapy Companies

The major global players in the hyperbaric oxygen therapy market include Environmental Tectonics Corporation, HEARMEC, Sosgroup, Gulf Coast Hyperbarics Inc., Perry Baromedical, Tekna Hyperbaric, Hpotech Hyperbaric Solutions, Sechrist Industries, Inc, Haux Life Support and Royal IHC among others. 

Russia Ukraine Conflict Analysis

The Russia-Ukraine conflict is estimated to have a low impact on the global hyperbaric oxygen therapy market, owing to the low prevalence and absence of key market players in this region. However, the impact of the import and export of raw materials is expected to have little influence over the global hyperbaric oxygen therapy market growth over the forecast period.

Key Developments

• On February 6, 2023, a $85 million agreement for the delivery of an aeromedical center, including the building and all related facilities, as well as a portable hyperbaric chamber, a water survival chamber, and a 12-person altitude chamber, was awarded to Environmental Tectonics Corporation's Aircrew Training Systems business unit ("ATS").
• On April 27, 2021, according to news.ro, the Order for the Acceptance of the Post-Covid Physical Therapy and Rehabilitation Protocol released into the Official Gazette includes the use of hyperbaric chambers in the recovery of individuals with pulmonary sequelae complying with the infection with Covid 19.  
• On September 9, 2020, the entire line of hyperbaric chambers from Tekna gained the CE Certification MDD (under the Medical Device Directive), enabling them to be sold lawfully as class IIb medical equipment in the European Union. The certification, which took an entire two years to get, is evidence of Tekna's commitment to high-quality manufacturing and providing the best and most dependable products available.

Why Purchase the Report?

• To visualize the global hyperbaric oxygen therapy market segmentation based on product type, application, end user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of hyperbaric oxygen therapy market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global hyperbaric oxygen therapy market report would provide approximately 53 tables, 54 figures and 195 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies