Hyperbaric Oxygen Therapy Devices Market Outlook 2028
- The global hyperbaric oxygen therapy devices market was valued at US$ 3.1 Bn in 2020
- It is estimated to expand at a CAGR of 8.9% from 2021 to 2028
- The global hyperbaric oxygen therapy devices market is expected to reach the value of US$ 7.3 Bn by the end of 2028
Analysts’ Viewpoint
Telehealth and eHealth mobile apps hold potentials to increase awareness about the benefits of hyperbaric oxygen therapy devices post the COVID-19 outbreak. However, these devices are linked with disadvantages such as complications with regard to oxygen toxicity, discomfort during therapy, and high investment cost for innovating in technology. Hence, companies in the hyperbaric oxygen therapy devices market should seek funding from healthcare organizations and recommend doctor’s consultation before opting for the treatment. Surge in prevalence of diabetes, increase in research funding, technological advancements, and rise in government support are key drivers that are projected to steer growth of the global market during the forecast period.
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Carbon Monoxide Poisoning Fueling Demand for Hyperbaric Oxygen Therapy Devices
The hyperbaric oxygen therapy (HBOT) is known to treat various health problems such as carbon monoxide poisoning and diabetic foot ulcers. World’s most prominent and advanced subsea, offshore, and life support solution providers are collaborating with researchers to launch next-generation multiplace hyperbaric oxygen treatment chambers.
Leading providers of multiplace hyperbaric services for acute care hospitals and trauma centers are announcing the official launch of 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. Moreover, the U.S. Food and Drug Administration (FDA) granted permission for commercializing and promoting ClearMate. It is a new device intended to be utilized in the emergency room in order to treat patients suffering from carbon monoxide poisoning.
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Government Stimulus Packages Help Healthcare Providers to Stay Resilient amid COVID-19
Due to a decline in clinical and hospital visits amid the ongoing COVID-19 outbreak, financial situations have been strained for stakeholders in the hyperbaric oxygen therapy devices market. Nevertheless, reopening of healthcare facilities and increase in medical care services in hospitals & clinics due to subside in the pandemic cases are helping market stakeholders to stay resilient.
Participants in the hyperbaric oxygen therapy devices market are taking help of government stimulus packages to stay financially afloat. They are focusing on key medical services for wound healing, infection treatment, and decompression sickness to generate cash flows and revive the global healthcare ecosystem.
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Complications with HBOT Deters Companies from Entering Market
There is a possibility that patients could face difficulties with the HBO therapy such as confinement anxiety, oxygen toxicity in lungs & central nervous system, barotraumatic lesions, and ocular effects including cataract growth and myopia. It has been found that a number of patients experience ear pain or discomfort as an expression of problems during the hyperbaric oxygen therapy.
Moreover, hyperbaric oxygen therapy is a niche segment and requires significant investment for drawing new innovations. This deters companies to enter the hyperbaric oxygen therapy devices market, owing to uncertainty of receiving expected profit. Nevertheless, the market is projected for a robust CAGR throughout the assessment period, which is evident due to high incidence and prevalence of carbon monoxide poisoning, diabetic foot ulcers, Alzheimer’s, and wound healing requirements.
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Skin Rejuvenation and Aesthetic Benefits of HBOT Gain Prominence
Recent studies suggest that oxygen has been found to be a crucial element for improvements in skin complexion and skin rejuvenations. The adoption of HBOT for this purpose is consistently increasing. Medical aesthetics clinics are using the oxygen therapy under high pressure applied directly to skin in order to decrease visible wrinkles. This therapy plays an instrumental role to provide rejuvenated & aesthetic benefits to the individual whilst removing toxins from skin.
Healthcare providers in the hyperbaric oxygen therapy devices market are investing in setting-up dedicated hyperbaric oxygen facilities with regenerative medicine. Such facilities are focused on improving clinical numbers for age-related diseases and infections.
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