Hyperbaric Oxygen Therapy Devices Market: Thrust on Product Development to Drive Up Competition

HBOT is a technique of delivering pure oxygen (100%) to the tissues under higher atmospheric pressures. Due to its ability to enhance the activities of the white blood cells at the wound site and block the cytotoxic effects of cyanide and carbon monoxide, HBOT is gaining wide acceptance across the globe. It has been studied that HBOT saturates the circulatory system of a patient with oxygen, which results in augmented oxygen delivery to the tissues that produce therapeutic effect in a patient’s body. HBOT is used for various medical indications such as necrotizing soft tissue infections, thermal burn injury, decompression sickness, etc. for which they have an FDA approval, however it has been observed that apart from the approved medical conditions HBOT is also used as a viable treatment for many off-label indications such as brain injuries and cancer. Thus, due to the high preference of hyperbaric oxygen therapy among physicians and patients the market of HBOT devices is expected to grow significantly in the near future, across the regions.

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Within product segment that includes monoplace hyperbaric oxygen therapy devices, multiplace hyperbaric oxygen therapy devices and topical HBOT devices; monoplace devices emerged as the market leader in terms of revenue in 2013. The substantiating factors behind such strong growth of the monoplace chambers market are wide commercial availability, low-space requirement and easy installation procedures. Moreover, the monoplace HBOT devices market is expected to exhibit highest growth rate due to the rapid growth in demand owing to their portable design, easy operability of these chambers and low maintenance cost. The trend is expected to continue due to the increasing incidence of chronic wounds across the world.

Within the application segment, wound healing accounted for the largest market share of over 60% of the total hyperbaric oxygen therapy devices market. Moreover, due to the positive outcomes of clinical studies that were investigating the effects of HBOT in patients with diabetic foot ulcers coupled with high incidence rate of acute and chronic wounds are expected to substantiate the leading growth of wound healing segment in the overall hyperbaric oxygen therapy devices market.

North America was the largest market for hyperbaric oxygen therapy devices in terms of revenue in 2013, followed by Europe. The contributing factor behind the dominance of North America are existence of large number of hyperbaric oxygen therapy providers, high preference for portable hyperbaric chambers among physicians, coupled with growing prevalence of chronic wounds in the general population. Moreover, perpetual product innovation policies and custom-made devices procurement procedures have driven the practice of hyperbaric oxygen therapy devices in the U.S., thereby making North America the market leader for hyperbaric oxygen therapy devices. Alternatively, in terms of growth rate, Asia Pacific is expected to witness the highest growth due to the alarmingly rising incidence of diabetes and diabetes associated chronic wounds among population coupled with exponentially growing healthcare facilities in nations such as China, Malaysia, India and Singapore; that would contribute to the high growth of hyperbaric oxygen therapy devices market in the region.

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The global hyperbaric oxygen therapy devices market is highly competitive and oligopolistic at nature. Sechrist Industries, Inc., OxyHeal Health Group, ETC Biomedical System, IHC Hytech B.V. and SOS Medical Group Ltd. exhibit the widest geographical reach coupled with a wide range of hyperbaric oxygen devices and addressing to a large base of consumers across the globe. Their existence in developed and emerging nations along with vivid product offerings has made them successful providers of hyperbaric oxygen therapy devices or chambers in the global market. Other companies considered for this study are Fink Engineering Pty Ltd., Haux-Life-Support GmbH, Gulf Coast Hyperbaric, Inc., Hearmec Co., Ltd. and Hyperbaric SAC, etc.

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