The global hyperbaric oxygen therapy devices market is anticipated to witness significant growth during the forecast period 2021-2027. The report provides in-depth analysis of the impact of COVID-19 on the market, along with revised market numbers due to the effects of the coronavirus.
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Hyperbaric oxygen treatment (HBOT) devices supply 100 percent pure oxygen to cells in the body at an increased air pressure. In hyperbaric oxygen devices/chambers, atmospheric pressure is one to three times higher than normal air pressure. This aids in the battle against bacteria and promotes the release of growth factors, which aid in the healing process. The use of hyperbaric oxygen treatment (HBOT) equipment enhances leukocyte effectiveness, particularly at the site of damage, and reduces carbon monoxide (CO) and cyanide toxicity. According to industry data, shifting market trends are driving increased demand for hyperbaric oxygen therapy equipment in various applications, which is likely to boost industry and market development throughout the foreseeable period.
One of the key elements expected to fuel growth is the increasing investment by private firms such as OxyHealth and SOS Group Global Ltd. in developing technologically superior HBOT equipment. The development of portable HBOT devices, as well as the increasing number of clinical trials conducted by different universities and players, suggest that the market is progressing and contributing to industry growth. One of the indicators of ongoing R&D in this field is the prevalence of technology assessment organizations like Alberta Heritage Foundation for Medical Research, the Cochrane Collaboration, and Agency for Healthcare Research & Quality (AHRQ), which review evidence supporting the use of hyperbaric oxygen for varying conditions. Over the next few years, technological advancements in the field of hyperbaric oxygen therapy devices are expected to boost demand. One of the variables expected to push growth over the coming years is the growing use of hyperbaric oxygen therapy in healing process and aesthetic surgeries. As the number of athletes are increasing day by day, so does the demand for this technology. The difference between FDA-approved and off-level applications, on the other hand, is one of the factors stifling growth.
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The hyperbaric oxygen therapy market is fragmented based on product type which is further divided into multiplace HBOT device, monoplace HBOT device, and topical HBOT device. Based on application, the hyperbaric oxygen therapy market can be classified into decompression sickness, wound healing, gas embolism, infection treatment, and others. In terms of end-users, the market is segregated into ambulatory surgery centres, hospitals and clinics, and others.
The market for hyperbaric oxygen therapy (HBOT) is dominated by North America. The existence of technologically advanced competitors is the primary cause for North America’s continued market share increase in this field. Furthermore, Asia-Pacific appears to be the most promising region for the projected period of 2021-2028, and so would have the greatest CAGR. This is due to an increase in the percentage of patients with chronic illnesses, as well as other health issues such as asthma and diabetes.
Major Key players working in hyperbaric oxygen therapy devices market are ETC Hyperbaric Chambers (Environmental Tectonics Corporation) (U.S.), Fink Engineering (U.S.), Gulf Coast Hyperbarics, Inc. (U.S.), HAUX-LIFE-SUPPORT HEARMEC (Germany), Hyperbaric SAC (Peru).
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