NEW YORK, Oct. 17, 2019 /PRNewswire/ -- According to the recent analysis of Reports and Data, the global hyperbaric oxygen therapy devices market is expected to reach USD 480.2 million by the year 2026, in terms of value at a CAGR of 13.6%. Rising incidence of infections and serious injury are driving the hyperbaric oxygen therapy (HBOT) devices/equipment market.
Hyperbaric oxygen therapy has various applications such as crush injuries, thermal burn injuries, intracranial abscess, severe anemia and others. The adoption rate of this technology is rapidly increasing due to the amount of high income populations around the globe. The high commercial availability of hyperbaric oxygen therapy systems is one of the main factors that is driving the market over the forecast period. However, few medical professionals are still not convinced about the usage of hyperbaric oxygen therapy devices which is expected to impede growth of the hyperbaric oxygen therapy market. The technological advancements in portable HBOT system and growing awareness among healthcare professionals with the benefits of the multiplace HBOT equipment are some of the key factors driving the growth of the hyperbaric oxygen therapy market.
Various new products and acquisitions among companies are seen over the past few years. It has been observed that increasing number of treatments for the hyperbaric oxygen therapy are performed globally as compared to the previous decade. Other than the prevalence of the therapy clinically and rising adoption of standalone HBOT systems, there is a substantial growth in the demand for HBOT systems in standalone systems owing to its ease in usage. Increasing private & public investment for the R&D activities and new products are also some of the factors that are expected to boost the demand for the hyperbaric oxygen therapy market. There have been rise in investments in the hyperbaric oxygen therapy devices market by various companies such as OxyHealth and SOS Group Global Ltd. to have launch technologically advanced products
Considering the region, the North America market is projected to be the maximum revenue generating market during the forecast period. The hyperbaric oxygen therapy market is anticipated to grow at the highest CAGR of 14.2% during the forecast years in the Asia-Pacific region. Increasing chronic infections and diseases due to the increase in accidents and changing lifestyles in the region is a key factor influencing the growth of the hyperbaric oxygen therapy market. However, the high cost of treatment yet remains one of the major restraints to the global hyperbaric oxygen therapy (HBOT) devices equipment market during 2019-2026. Conversely, surge in availability of HBOT devices in established and emerging markets during the forecast period is anticipated to foster the growth of the market.
Further key findings from the report suggest
The hyperbaric oxygen therapy (HBOT) market size was estimated at USD 170 million in 2018 and is expected to grow at a CAGR of 13.6% from 2019 to 2026
Hyperbaric oxygen chambers were the most extensive product segment with a significant market share in 2018.
By application, Carbon monoxide poisoning segment is expected to witness substantial growth during the forecast period.
The Asia Pacific region is anticipated to have a huge rise in the growth over the next decade owing to various developments in healthcare infrastructure and also have huge technological advancements in the medical device industry across major emerging economies. It is expected to grow at a CAGR of 14.2% over the forecast period.
Some of the key players including ETC Biomedical Systems, Sechrist Industries, Inc., OxyHeal International, Inc., Perry Baromedical Corporation, Hyperbaric SAC, Fink Engineering Pty. Ltd., HAUX-LIFE-SUPPORT GmbH, Hearmec Co., Ltd., IHC Hytech B.V. and Gulf Coast Hyperbarics, Inc.
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