A report by Transparency Market Research predicts the global hyperbaric oxygen therapy devices market to register a CAGR of 7.4% from 2017 to 2025 to become worth US$284.8 mn by 2025 from US$ 150.0 mn in 2016. Based on products, the global hyperbaric oxygen therapy devices market is divided into monoplace and multiplace hyperbaric oxygen therapy devices. Among these, monoplace hyperbaric oxygen therapy devices emerged as the leading the product and accounted larger market shares. There is a rise in adoption and commercial availability of monoplace systems devices. Owing to less requirement of hospital gas supply and ease of handling the device are a few of the prime aspects driving the global hyperbaric oxygen therapy devices market.
North America is leading the global hyperbaric oxygen therapy (HBOT) devices market. Developing countries such as Brazil, Philippines, India, Vietnam, and China have been experiencing robust economic growth. Growing need for wound healing therapy and increasing population is boosting the global hyperbaric oxygen therapy devices market in the area. Increasing disposable income has increased consumers to avail cutting-edge medical therapies and treatment.
Portable HBOT Devices System Propels the Growth of the Global Market
Leaning towards the healthcare professionals for oxygen therapy even though the result is unknown, is one of the prime aspects expected to boost the market in the upcoming years. The adoption rate of hyperbaric oxygen therapy (HBOT) devices is increasing quickly. A high availability of the devices for commercial purposes is essential aspects that are projected to boost the market in the forthcoming years. The technological advancements occurring in this field such as portable hyperbaric oxygen therapy (HBOT) devices systems are driving the global hyperbaric oxygen therapy devices market.
Stated by a few publications, surging clinical incidences and replicating of hospital setting in home the hyperbaric oxygen therapy devices systems is used. There is a considerable growth in demand and popularity for hyperbaric oxygen therapy devices in home settings due to its easy usage. Increasing public and private investment to grow R&D activities and increase geographical presence are also a few of the aspects that are projected to drive the demand global hyperbaric oxygen therapy devices market.
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High Costs Might Hamper the Market’s Growth
However, high cost of hyperbaric oxygen therapy devices and reimbursement coverage are aspects hampering hyperbaric oxygen therapy devices market growth.
Nevertheless, rise in the demand for leisure adventure activities is projected to boost the global hyperbaric oxygen therapy devices market in the forthcoming years.
The global hyperbaric oxygen therapy (HBOT) devices market is highly competitive and fragmented, notes Transparency Market Research based on a recently published report. The market is competitive due to the influence of a few leading players. Key players such as Environmental Tectonics Corporation (ETC), HAUX-LIFE-SUPPORT GmbH, IHC Hytech B.V., Oxyheal International, and Fink Engineering, are prime players gaining a strong hold in the market. To stand out in the competition, the various types of businesses such as large and small market players are applying efforts to introduce new innovative and beneficial products. These entrants are putting efforts to bring forward developments in the products to put up with the cutthroat market competition. Also, new entrants are also concentrating on offering low-priced advanced products.