How much will the Hyperbaric Oxygen Therapy Devices industry be worth in the Future????



The global hyperbaric oxygen therapy equipment  market size is expected to reach USD 3.91 billion by 2025, according to a new report by Grand View Research, Inc. Growing inclination of healthcare professionals toward oxygen therapy, despite a lack of conclusive evidence is one of the key factors expected to drive the market over the coming few years.
With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.
Although the off-label usage of hyperbaric oxygen therapy equipment in various applications such as cancer and brain injury is controversial, the adoption rate of this technology is surging at a rapid pace. The high commercial availability of HBOT systems is one of the crucial factors that is anticipated to drive the market over the forecast period. However, few medical professionals are still skeptical about the usage of HBOT devices in unapproved applications, which is expected to impede growth. The technological advancements in this field such as portable HBOT system and growing awareness among healthcare professionals regarding the benefits of integrating ICU systems in multiplace HBOT equipment are some of the key contributors that are accountable for robust growth rate.
According to few publications, nearly 30,000 HBOT treatments are done on a daily basis globally. Other than the surging clinical prevalence and rising adoption of hospital setting HBOT systems, there is a considerable growth in popularity and demand for HBOT systems in home settings owing to its easy usage. Increasing private & public investment to expand geographical presence and surging R&D activities are also some of the factors that are anticipated to boost the demand.
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Further Key Findings From the Report Suggest:
·         The global hyperbaric oxygen therapy (HBOT) equipment market size was estimated at USD 2,210.5 million in 2016 and is expected to grow at a CAGR of 6.5% from 2017 to 2025
·         Monoplace HBOT Devices segment emerged as the largest product segment in 2016 and is estimated to generate revenue over USD 3,008.8 million by 2025
·         Other applications such as acute carbon monoxide poisoning, chemotherapy-induced hemorrhagic cystitis, and cyanide poisoning generated revenue of USD 229.1 million in 2016 and is anticipated to witness fastest growth over the next 8 years
·         The Asia Pacific region is anticipated to witness lucrative growth over the next decade owing to various developments in healthcare infrastructure and technological advancements in the medical device industry across major emerging economies. It is expected to grow at a CAGR of 7.1% over the forecast period.
·         Some of the key players including Fink Engineering; HAUX-LIFE-SUPPORT; ETC Hyperbaric Chambers (Environmental Tectonics Corporation); Gulf Coast Hyperbarics, Inc.; IHC Hytech B.V. (Royal IHC); HEARMEC; Hyperbaric; Sechrist Industries, Inc.; OxyHeal International; and SOS Group Global Ltd. dominated the global hyperbaric oxygen therapy devices market.
The global hyperbaric oxygen therapy devices market size was estimated at USD 2.21 billion in 2016. The introduction of hyperbaric oxygen therapy (HBOT) technique enhances the effectiveness of leukocytes, especially in the wound site and hinders the toxic effect of carbon monoxide (CO) and cyanide. Growing acceptance of this technology globally is one of the key factors expected to boost the market during the forecast period.
The growing investment by private players such as OxyHealth and SOS Group Global Ltd. to develop technologically advanced HBOT systems is also among few factors anticipated to propel growth. The development of portable HBOT systems and growing number of clinical trials that are sponsored by various universities & players indicate ongoing advancement and are contributing to growth of the market. The presence of technology assessment organizations, such as Cochrane Collaboration, Alberta Heritage Foundation for Medical Research, and Agency for Healthcare Research & Quality (AHRQ), that review evidence backing use of hyperbaric oxygen for various conditions is also one of the factors indicating the ongoing R&D activities in this field. Technological advancement in the field of hyperbaric oxygen therapy devices is anticipated to drive the demand over the coming few years.
The growing usage of hyperbaric oxygen therapy in wound healing and cosmetic procedures is one of the factors anticipated to boost the demand over the coming few years. Increasing number of athletes resulting in surge in demand for this technology. However, the rift between FDA-approved uses and off-level uses is one of the factors that is impacting the growth negatively. Currently, the FDA has approved use of these devices for thirteen conditions, such as, gas embolism, carbon monoxide poisoning, diabetic foot ulcers, decompression sickness, necrotizing infections, and wound healing.
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Grand View Research has segmented the global hyperbaric oxygen therapy equipment market on the basis of product, application:
HBOT equipment Product Outlook (Revenue, USD Million, 2014 - 2025)
·         Monoplace HBOT Devices
·         Multiplace HBOT Devices
·         Topical HBOT Devices
HBOT equipment Application Outlook (Revenue, USD Million, 2014 - 2025)
·         Wound Healing
·         Decompression Sickness
·         Infection Treatment
·         Gas Embolism
·         Others
Monoplace HBOT devices emerged as the leading product category and accounted for over 76% of the total revenue in 2016. The commercial availability of monoplace systems and high adoption of such devices, due to ease of handling and less requirement of hospital gas supply are some of the key factors that can be accounted for its revenue share in 2016. The market is majorly dominated by few products such as BARA-MEDXD, BARA-MED, BARA-MED Select by ETC Hyperbaric Chambers (Environmental Tectonics Corporation); PAH-S1 Hyperbaric Chamber & PAH-S1-3800 Hyperbaric Chamber by Pan-America Hyperbarics, Inc.
Moreover, the monoplace HBOT devices segment is anticipated to exhibit the highest growth rate. The growing demand for monoplace systems in hospitals & clinics due to its higher availability in the market and ease in installation is also one of the pivotal factors, which is expected to further drive the market. The technological advancement related to monoplace systems such as portability and some other features such as user-friendly operability and low maintenance cost are few of the factors that are expected to propel the HBOT Equipment market growth over the coming few years.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.



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