Hyperbaric Oxygen Therapy Devices Market to Grow at a CAGR of 7.2% during 2015-2020
The market is segmented on the basis of product type, application type and region. On the basis of products, the overall market has been segmented into monoplace HBOT devices, multiplace HBOT devices and topical HBOT device On the basis of application type, the market has been segmented into wound healing, decompression sickness, infections, gas embolism and others. Monoplace HBOT devices is expected to remain the largest segment, registering highest CAGR of 7.6% over the forecast period. Wound healing is expected to register a CAGR of 7.9% over the forecast period. Increasing incidence rate of acute and chronic wounds is expected to drive demand for wound healing application over the forecast period. On the basis of region, the market has been segmented into North America, Europe, Asia Pacific and Rest of the World (RoW).
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Growing prevalence of acute and chronic wounds is a major factor driving growth of the global hyperbaric oxygen therapy devices market. Other trends driving growth include strategic alliances among key players in the market, manufacturers focusing on enhancing market shareand expansion of the healthcare sector in developing countries due to growing investments by major players. In addition, increasing incidence of wound sites infections and increasing popularity of leisure adventure activities is projected to result in increased usage and demand of hyperbaric oxygen therapy devices. This in turn is expected to bolster hyperbaric oxygen therapy devices market growth during the forecast period (2015–2020).
High cost of hyperbaric oxygen therapy devices and reimbursements coverage are key factors hampering growth of this market. Currently, hyperbaric oxygen therapy devices are expensive. In U.S., a single session of HBOT costs between US$ 80 and US$ 300 in private clinics and over US$ 1,000 in hospitals. Moreover, the course of a conventional HBOT treatment is time-consuming (an average of 60 hours totally in the hyperbaric oxygen chamber). Also, limited reimbursement coverage of HBOT is likely to hamper growth of the hyperbaric oxygen therapy devices and could restrict development and growth of the overall hyperbaric oxygen therapy devices market.
This report assesses trends driving each segment and offers analysis and insights about the potential of hyperbaric oxygen therapy devices market in specific regions. North America is estimated to dominate the hyperbaric oxygen therapy devices market with maximum market share by end of 2015. By 2020, Europe and Asia Pacific is expected to collectively contribute over 71.1% in terms of market share to the total global hyperbaric oxygen therapy devices market revenue. Asia Pacific is estimated to be the fastest growing market, registering a CAGR of 9.2% in terms of value over the forecast period. The monoplace HBOT devices segment was valued at US$ 1,503.3 million and is expected to exhibit a CAGR of 7.6% in terms of value during the forecast period.
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Some key companies covered in this report include ETC BioMedical Systems, Fink Engineering Pty, Ltd., Gulf Coast Hyperbarics, Inc., HAUX-LIFE-SUPPORT GmbH, Hearmec Co., Ltd., Hyperbaric SAC, IHC Hytech B.V., OxyHeal Health Group, Sechrist Industries, Inc., and SOS Medical Group, Ltd. These companies are primarily focused on enhancing their product portfolio through research and development, introduction of innovative and cost-effective medical devices in order to gain market share and strengthen their respective position in the global market.
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