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Hyperbaric Oxygen Therapy Market is expected to reach US$ 522.37 million by 2030

Hyperbaric oxygen therapy market is expected to reach USD 522.37 million by 2030 from USD 402.49 million in 2022. North America is dominating the market.

By The Insight Partners

Wound Healing Segment to Lead Global Hyperbaric Oxygen Therapy Market During 2022–2030

According to our new research study on “Hyperbaric Oxygen Therapy Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Capacity, Application, and End User,” the market is anticipated to grow from US$ 402.49 million in 2022 to US$ 522.37 million by 2030; it is estimated to register a CAGR of 3.3% during 2022–2030. Market growth is attributed to the surging burden of acute and chronic wounds and flourishing medical tourism. Technological advancements are likely to provide growth opportunities for the hyperbaric oxygen therapy market. However, the high treatment costs, poor reimbursement policies, and side effects hinder the growth of the hyperbaric oxygen therapy market.

Hyperbaric oxygen therapy (HBOT) is performed in a special tub-like chamber made of (mostly) transparent material to lower the probability of claustrophobia episodes among patients. The chambers have a controlled supply of 100% pure oxygen, which is much higher than normally inhaled is present in these chambers. As a result, inhaled oxygen is dissolved in several body fluids, such as blood and cerebrospinal fluid. Single and multiuser chambers are commercially available for these therapies; a multiuser chamber is designed to accommodate up to 6 patients at a time. Several advantages of HBOT include reduced inflammation, hyperoxygenation, and antimicrobial effects, and it also promotes the growth of several new blood vessels in the body.

Hyperbaric Oxygen Therapy Market, by Region, 2022 (%)

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPRE00038941

Source: The Insight Partners Analysis

Based on product, the hyperbaric oxygen therapy market is segmented into hyperbaric oxygen chambers, and accessories and consumables. The hyperbaric oxygen chambers segment held a larger market share in 2022 and the same segment is anticipated to register a higher CAGR of 3.5% during 2022–2030.

The hyperbaric oxygen therapy market, based on capacity, is segmented into monoplace and multiplace. The monoplace segment held a larger market share in 2022. The multiplace segment is anticipated to register a higher CAGR of 3.4% from 2022 to 2030. Monoplace hyperbaric chambers are small chambers used for hyperbaric oxygen delivery to a single patient. Patients usually enter these chambers while lying down. Multiplace systems are expensive and require trained personnel for maintenance and operation. These devices are suitable for many patients with different medical conditions, and they make it easier for medical staff to monitor the signs and symptoms of each patient. The key unique selling point (USP) of multiplace chambers is that they enable longer treatment times. Commonly used and commercially available multiplace systems include the OxyHeal 5000 rectangular multiplace hyperbaric chamber, the OxyHeal 4000 multiplace hyperbaric chamber, and the decompression hyperbaric chamber.

Based on application, the hyperbaric oxygen therapy market is segmented into decompression sickness, wound healing, infectious diseases, and others. The wound healing segment held the largest market share in 2022. It is expected to record the highest CAGR of 3.7% during 2022–2030.

In terms of end user, the hyperbaric oxygen therapy market is segmented into hospitals and specialty centers, ambulatory surgical centers, and others. The hospitals and specialty centers segment held the largest market share in 2022. The same is said to register the highest CAGR of 3.5% during 2022–2030.

Technological Advancements to Create Opportunities for Hyperbaric Oxygen Therapy Market Players in Coming Years

HBOT enhances leukocyte function (especially at wound sites) and inhibits the toxic effects of carbon monoxide (CO) and cyanide. Various universities and market players are sponsoring projects for the development of wearable HBOT systems along with clinical trials. In January 2023, ADK Hospital officially became the first medical facility in the Maldives to commission a hyperbaric treatment unit or decompression chamber. In February 2023, Western University of Health Sciences (WesternU) partnered with NexGen Hyperbaric to support research related to hyperbaric oxygen therapy to treat physical and mental illnesses. The partner companies focus on cell research and clinical trials for the use of this therapy to treat patients suffering from post-traumatic stress disorder (PTSD) and traumatic brain injuries (TBIs). Burgeoning investments by private players such as OxyHealth and SOS Group Global Ltd. for the development of technologically advanced HBOT systems are among the few factors expected to drive market growth in the coming years. Technology assessment organizations such as Alberta Heritage Foundation for Medical Research, Cochrane Collaboration, and Agency for Healthcare Research & Quality (AHRQ) are using hyperbaric oxygen therapies in various disease treatments, which indicates ongoing R&D activities in this discipline.

High Treatment Costs, Poor Reimbursement Policies, and Side Effects to Restrain Hyperbaric Oxygen Therapy Market Growth

According to Relias Media, the price of a single-seat hyperbaric chamber (mono-seat) by Sechrist Industries (a wound healing service provider in California) ranges from US$ 94,000 to US$135,000. The price of multi-place chambers is expected to reach US$ 800,000. Hyperbaric oxygen therapy instruments tend to be on the expensive end of the spectrum, which is expected to affect their sales, particularly in developing countries with tight healthcare budgets.

Oxygen toxicity, barotraumatic lesions, and ill effects on the eyes are a few of the complications faced by patients during hyperbaric oxygen therapy. Growing patient awareness of these side effects and complications is likely to hamper the demand for hyperbaric oxygen therapy devices in the long term.

Medical experts' suspicions regarding using hyperbaric oxygen therapy in non-approved contexts could also decelerate the market growth during the study period. In addition to the rising treatment costs, poor reimbursement policies present further challenges for hyperbaric oxygen therapy device providers. The lack of awareness about the benefits of hyperbaric oxygen therapy devices and the shortage of qualified professionals to operate advanced hyperbaric oxygen therapy devices also hamper the market to some extent.

Perry Baromedical; Sechrist Industries, Inc.; Tekna Hyperbaric; Pan America Hyperbarics, Inc.; HAUX-LIFE-SUPPORT GmbH; PCCI, Inc.; Hipertech Inc.; SOS Group GBR Ltd; HEARMEC; OxyHealth; Airox Technologies Limited; and Biovision Healthcare are among the leading hyperbaric oxygen therapy market players.

The hyperbaric oxygen therapy market, by product, is segmented into hyperbaric oxygen chambers, and accessories and consumables. The market, by capacity, is bifurcated into monoplace and multiplace. The hyperbaric oxygen therapy market, based on application, is divided into decompression sickness, wound healing, infectious diseases, and others. In terms of end user, the hyperbaric oxygen therapy market is categorized into hospitals and specialty centers, ambulatory surgical centers, and others. Based on geography, the hyperbaric oxygen therapy market is segmented into North America (US, Canada, and Mexico), Europe (France, Germany, UK, Spain, Italy, and Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, UAE, South Africa, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).

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