The global hyperbaric oxygen therapy market is estimated to grow at an impressive CAGR during the forecast period 2016-2022.
There are various factors like the growing incidences of acute and chronic wounds and increase in the prevalence of wound site infections which is driving the global hyperbaric oxygen therapy market. The increasing patient pool worldwide is also injecting huge growth opportunities in the global market. Increase in the demand for low cost treatment is increasing medical tourism in the emerging countries which has increased the patient’s pool in the emerging countries. Also, the growing technological advancements are also accelerating the growth in the global hyperbaric oxygen therapy market.
The global hyperbaric oxygen therapy market is segmented into product type, application and geography. The product type segment is segmented into topical HBOT devices, monoplace HBOT devices, and multiplace HBOT devices. The monoplace HBOT devices acquire the largest market shares in the product type segment, and are expected to grow with a high CAGR during the forecast period of 2016-2022. The application segment is categorized into decompression sickness, air or gas embolism, wound healing, infection treatment, and others. Infection treatment holds the largest share in the application segment and the wound healing application segment is expected to grow at an eye popping CAGR during the forecast period. High cost associated with the hyperbaric oxygen therapy and inadequate HBOT recompense coverage are the two factors hampering growth of the global hyperbaric oxygen therapy market.
Geographically, the market is divided into North America, Europe, APAC and ROW. Largest market share in the global hyperbaric oxygen therapy market is acquired by North American region followed by Europe. In 2014, North America held around 32% market share of the global hyperbaric oxygen therapy market. The dominance of this region is majorly due to the growing prevalence of acute and chronic wound and presence of some big key players which are investing huge amount for the development of advance therapy for enhancing the effectiveness of the therapy in the region. Europe holds the second largest market share in the global market. The market share in the European region is boosted by the growing demand for hyperbaric oxygen therapy in the regional market due to rising leisure adventure activities. Asia Pacific market is expected to grow at an impressive CAGR during the forecast period 2016-2022. The growth in the Asia Pacific region is majorly driven by the rising prevalence of acute and chronic wound in the region. Also, the rising prevalence of wound site infection in the Asia Pacific region is anticipated to accelerate growth in the hyperbaric oxygen therapy market. ROW region is expected to grow at a sluggish rate in the forecast period.
The global hyperbaric oxygen therapy market has presence of various big market players, some of which are, Fink Engineering Pty. Ltd., Richmond Hyperbaric Health Center, ETC BioMedical Systems, Hearmec Co., Ltd., IHC Hytech B.V., Life healthcare, Hyperbaric SAC, Advanced Hyperbaric Recovery, Sechrist Industries, Inc. and SOS Medical Group Ltd. (SOS Hyperlite Ltd). Various strategies are being adopted by the market players to sustain in the market some of which are mergers, product development, joint ventures and expansions.