Hyperbaric Oxygen Therapy (HBOT) Devices Market – Analysis And Forecast (2017-2025): Market Shares And Strategies Of Key Players
Key players in the market:
Fink Engineering, HAUX-LIFE-SUPPORT, Gulf Coast Hyperbarics, Inc., IHC Hytech B.V. (Royal IHC), HEARMEC; Hyperbaric, Sechrist Industries, Inc., OxyHeal International, Haux-Life-Support GmbH, HYPERBARIC S.A.C., Hyperbaric Technology (HyTech) B.V., Sands Hyperbaric Corporation, SOS Medical Group Ltd., Hearmec Co., Ltd. and Fink Engineering Pty. Ltd.
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Hyperbaric oxygen therapy (HBOT) devices are used to deliver 100% pure oxygen to tissues in the body under high atmospheric pressure. During HBOT, the pressure is increased to three times the normal atmospheric pressure, creating high amount of partial pressure of oxygen. Under normal conditions, one atmosphere absolute are subjected to be around 14.7 pounds per square inch of pressure and the air we normally breathe is composed of 21% oxygen and 79% nitrogen. Breathing in 100% oxygen, the body is exposed to rise in atmospheric pressure, the oxygen molecules become condensed and this allows to breathe a higher amount of partial pressure of oxygen, where in turn oxygen dissolves in the plasma around 10 to 15 times greater than normal. This super-saturation of oxygen in the body’s tissues promotes the increase in capillary growth, increase in white blood cell (WBC) activity, new tissues development, increase oxygen tension in hypoxic areas, reduction in the size of gas bubbles and numerous other physiological effects.
HBOT devices play a vital role in the field of medicine, these devices help in the treatment of many diseases such as asthma, HIV/AIDS, bell’s palsy, Parkinson’s disease, spinal cord injuries, hepatitis, migraines, multiple sclerosis, stroke and sport injuries. Moreover, HBOT devices have Food and Drug Administration (FDA) approval for treating decompression sickness, thermal, necrotizing soft tissues infection and burn injury. HBOT devices are also used in the off-label (means the medication is not specified in the FDA’s approved packaging label) medical induction treatment such as brain injuries and cancer. Such high preference from the patients and physicians for HBOT in medical field has powered growth in the HBOT devices market. The market is expected to rise in the forecast period, especially across the North America, Europe and Asia-Pacific region.
Increase in number of wound healing treatment and cosmetic procedures is expected to support the growth of hyperbaric oxygen devices market
The growth in usage of hyperbaric oxygen therapy in healing of wound and cosmetic procedure is one of the factor to rise in demand in forecast period and also the rise in healthcare costs, increase in prevalence of diseases such as asthma, diabetes, and growth rate in aging population are some of the factors that can be accounted for the largest market share. Asia Pacific market is expected to grow in the forecast period due to the increase in income, growth in medical tourism industry, and rise in public awareness benefits HBOT devices.
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People who are suffering from diabetes are at increased risk for a wound development. According to the Center for Disease Control and Prevention (CDC) in the U.S., it was diagnosed that around 21.0 million people suffered from diabetes in 2014. The U.S. is expected to be the growth engine of the global HBOT market through the forecast period. This is mainly attributed to increase in incidence rate of diabetes, and rising chronic disease and acute wounds and simultaneously growth in treatment rate due to the developed healthcare technology, healthcare expenditure by the government and high disposable income are some of the factors that are expected to support the market in future near.
As per The American Society of Plastic Surgeons (ASPS) around 15.9 million minimally invasive cosmetic procedures were performed in 2014-2015 in the U.S. Moreover, increasing number of metrosexual men is in turn expected to create a highly conducive environment for growth of the HBOT market.
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