Hyperbaric Oxygen Therapy Market Expected to Reach $457.6 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Hyperbaric Oxygen Therapy Market," The hyperbaric oxygen therapy market was valued at $275.10 million in 2021, and is estimated to reach $457.6 million by 2031, growing at a CAGR of 5.2% from 2022 to 2031.

Hyperbaric oxygen therapy is carried out in close chamber in which person breathes in pure oxygen. It is used to treat various diseases like gangrene, decompression sickness, infections, carbon monoxide poisoning, stubborn wounds, and diabetic foot ulcers. About 2.5 times more air is compressed inside a hyperbaric oxygen chamber than normal atmospheric pressure. The lungs can absorb a lot more oxygen in these circumstances than they could if one were inhaling pure oxygen at standard air pressure.

The FDA has approved the use of hyperbaric oxygen therapy (HBOT) for the treatment of non-healing lesions, such as diabetic foot ulcers. Increase in prevalence of diabetes is a major factor that drives the market growth. In addition, increase in adventurous activities is one of the upcoming hyperbaric oxygen therapy market trends. Decompression sickness is frequently reported during adventurous activities and is effectively treated with hyperbaric oxygen therapy.

The hyperbaric oxygen therapy market is experiencing growth owing to advancement in technology. New technologies are causing changes in every sector of the economy. Hyperbaric oxygen treatment can now be used to treat a variety of illnesses owing to increase in technological advancements. In contrast, rise in health care expenditure and increase in the burden of diabetes present a tremendous investment potential for key players, particularly in developing nations. In addition, the expansion of the industry is fueled by opportunities in emerging markets.

By type, the market is segmented into monoplace chambers, multiplace chambers and others. The monoplace chambers segment generated maximum revenue in 2021, and also witnessed highest CAGR during the forecast period, as monoplace chambers are more comfortable and less confining than multiplace chambers. By application, the market is divided into decompression sickness, wound healing and others. The wound healing segment dominated the market in 2021, and is expected to witness highest CAGR during the forecast period owing to increase in incidence of wounds and effective treatment for chronic wounds & diabetic foot ulcers.

By end user, the market is divided into hospitals, home care and others. The others segment dominated the hyperbaric oxygen therapy market size in 2021, owing to increase in demand for standalone hyperbaric oxygen therapy centers and increase in usage of hyperbaric oxygen chambers in clinics. The home care segment is expected to witness highest CAGR during the forecast period owing to increase in demand for personalized health care.

By region, North America accounted for a majority of the global hyperbaric oxygen therapy market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to technological advancements in hyperbaric oxygen therapy treatment techniques, integration of advanced devices and software processes in hyperbaric oxygen therapy, and presence of robust hospital infrastructure in the region. However, Asia-Pacific is anticipated to witness notable hyperbaric oxygen therapy market growth, owing rise in diabetic population, development of healthcare infrastructure and increase in investment projects in the region.
 
  Key findings of the study
•    By type, the monoplace chambers segment was the highest contributor to the HBOT market in 2021.
•    By application, the wound healing segment was the highest contributor to the hyperbaric oxygen therapy industry in 2021.
•    By end user, the others segment was highest contributor in 2021, and is expected to continue this trend during the forecast period.
•    By region, North America held the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.