The hyperbaric oxygen therapy (HBOT) has numerous benefits when it comes to dispensing pure oxygen to the body tissues under elevated atmospheric pressures. More than 300 years since its inception, global hyperbaric oxygen therapy devices market
are not only used in the medical field and among RTs, but also in media, commercial sectors, and other applications as well.
HBOT Devices Market is here to Stay
In the recent years, the value of hyperbaric oxygen therapy has been upped by increasing recognition and device effectiveness in different application areas. Hyperbaric oxygen therapy devices were not in regular use until the 1940s. Since then, many research and development activities have delivered significant medical values in this market. Today, the market witnesses increasing popularity and rapid growth due to improved technologies and acceptance of HBOT devices for various medical and other purposes. Whether it is to produce therapeutic effect in a patient’s body or combat various medical conditions, the hyperbaric oxygen therapy (HBOT) devices market is gaining wide acceptance with its staying power.
According to Transparency Market Research’s latest study on the hyperbaric oxygen therapy (HBOT) devices market, in 2013 the market was valued at US$1,851.6 million. However, for the coming future, the market revenues will effectively reach US$2,985.5 million by the end of 2020. The study reports that the market is growing at a 7.2% CAGR during the forecast period 2014-2020.
HBOT Devices Role in the Field of Medicine
HBOT devices help in the treatment of many ailments such as asthma, Bell’s palsy, AIDS/HIV, Alzheimer’s disease, depression, heart disease, cerebral palsy, sports injuries, Parkinson’s disease, spinal cord injuries, hepatitis, migraines, multiple sclerosis, and stroke.
In addition, HBOT devices have an FDA approval to treat decompression sickness, thermal burn injury, and necrotizing soft tissue infections too. HBOT devices are also used for viable treatments in off-label medical indications such as cancer and brain injuries. Such high preference from physicians and patients for hyperbaric oxygen therapy in the medical field has fueled growth in the HBOT devices market. The market is expected to grow rapidly in the near future, especially across the major regions like North America, Asia Pacific, and Europe.
HBOT Devices Market Poised for Rapid Growth across North America and Asia Pacific
Rising incidences of chronic wounds and acute medical conditions such as pressure ulcers and diabetic foot ulcers across the globe highlights the need for HBOT devices. Severe cases of chronic wounds have proven positive therapeutic outcomes on the use of HBOT devices.
The rate of adoption of hyperbaric oxygen therapy among the population in North America, especially the U.S., is high. The population suffering from a numerous types of wounds and infections, coupled with growing prevalence of chronic wounds is soaring in North America. Hence, North America has remained as the largest market for hyperbaric oxygen therapy devices in the world. Moreover, constant custom-made devices and new product policies describing the standard procedures of HBOT devices have driven the practice of hyperbaric oxygen therapy devices in the U.S., thereby pushing North America as the leading market region for hyperbaric oxygen therapy devices.
In a similar vein, growth rate is increasing in Asia Pacific as well. Owing to the alarmingly growing incidences of diabetes and chronic wounds associated with diabetes among population, this region is expected to witness the highest growth by the end of 2020. Countries such as Malaysia, India, Singapore, and China are substantially and exponentially venturing into new healthcare facilities in the effort to contribute to the growth of hyperbaric oxygen therapy devices market.