Market Trends of Hyperbaric Oxygen Therapy (HBOT) Devices Industry
Monoplace HBOT Devices Segment is Expected to Witness Significant Growth Over the Forecast Period
Monoplace hyperbaric chambers are small chambers used for the hyperbaric oxygenation of a single patient. These are chambers in which the patient usually enters lying down. Monoplace hyperbaric oxygen therapy consists of breathing pure oxygen in a pressurized environment. Monoplace chambers are typically pressurized with medical oxygen and used in hyperbaric therapy. Hyperbaric oxygen therapy is a well-established treatment for decompression sickness. It also treats other conditions, including serious infections, air bubbles in blood vessels, and wounds that may not heal due to diabetes or radiation damage.
The increasing cases of chronic and acute wounds across the globe are one of the major factors driving the segment's growth over the forecast period. For instance, according to a study published by the National Library of Medicine in February 2021, diabetes causes severe and diffuse disease below the knee. The lifetime risk of developing a diabetic foot ulcer is between 19.0% and 34.0%. Similarly, according to the study published by Systemic Reviews in May 2021, around 60.0% of venous leg ulcers result in chronic wounds in patients. Thus, the high prevalence of acute and chronic wounds is expected to enhance the adoption of monoplace HBOT devices.
Furthermore, as per the study published by Biomedicines in November 2021, the prevalence of venous leg ulcers differs between 1.5% and 3.0% among the general population. Monoplace hyperbaric oxygen therapy (HBOT) is considered one of the most effective treatments for chronic wounds as it improves the oxygen supply to wounds and thus improves healing. Moreover, the rising prevalence of diabetes is also expected to boost the market growth, as it will increase the prevalence of diabetic foot ulcers too.
Therefore, the factors above, such as the rising prevalence of chronic and acute wounds, are collectively boosting the growth of the segment over the forecast period.
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
North America is expected to hold a significant share in the overall hyperbaric oxygen therapy (HBOT) devices market over the forecast period. The growth is due to increasing chronic wounds due to the growing number of chronic diseases and the rising geriatric population. For instance, as per the report published by the Trust for America's Health Organization in September 20222, around 22 states in the United States had adult obesity rates over 35% in the previous year. Obesity is one of the major causes of triggering chronic wounds as it leads to vascular insufficiency. Vascular insufficiency results in poor oxygenation, which leads to delays in normal wound healing and even tissue necrosis. Therefore, an increasing number of obesity cases in this region is anticipated to propel market growth over the forecast period.
Key product launches, high concentration of market players or manufacturer's presence, acquisitions and partnerships among major players, and increasing use of hyperbaric oxygen therapy devices in the United States are some of the factors driving the growth of hyperbaric oxygen therapy (HBOT) devices market in the country. For instance, in July 2021, the United States Food and Drug Administration (FDA) cleared using hyperbaric oxygen therapy (HBOT/HBO2) to treat several conditions. Therefore, such instances are anticipated to increase the demand for HBOT devices, propelling market growth in the United States.
Therefore, owing to the factors above, such as rising product approvals and the increasing prevalence of chronic wounds, the studied market is anticipated to project tremendous growth over the forecast period.
