Topical Oxygen Therapy Market Expected to Reach $27,721.76 Thousand by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Topical Oxygen Therapy Market," The topical oxygen therapy market size was $19,889.74 thousand in 2021, and is estimated to reach $27,721.76 thousand by 2031, growing at a CAGR of 3.4% from 2022 to 2031.

Topical oxygen therapy, also known as topical wound oxygen therapy (TWO2), is defined as the administration of oxygen applied topically over injured tissue by either continuous diffusion or pressurized systems. However, there are dressings, gels, and hemoglobin sprays that can provide for oxygen release when applied to wounds. Three general types of physical delivery systems for TOT exist in the market including those providing for continuous delivery of oxygen (CDO), those providing low constant pressure in a contained chamber, and those that are cyclically pressurized and humidified in a contained chamber. The Topical Wound Oxygen (TWO2) system differs from other devices in that it applies cyclically pressurized (10–50 mb) pure oxygen within a disposable extremity chamber connected to a stationary oxygen concentrator. Additionally, it is a low-pressure therapy that delivers oxygen to the wound site directly at a pressure of about 1.03 atmospheres. In contrast to hyperbaric oxygen therapy, oxygen is delivered directly to the wound site with no extra oxygen inspiration (HBOT).  Humidity can be added to the system if required.

The benefit of this approach is that the higher-pressure gradient (pO2) results in oxygen molecules diffusing deeper into the hypoxic wound tissue to enhance multiple molecular and enzymatic functions. A critical component of wound care is assessment for associated arterial insufficiency. Arterial insufficiency can be the etiology of wound formation or be a limiting factor for the healing. Assessment for arterial insufficiency includes a complete history and physical exam. A screening ankle-brachial index is recommended for chronic lower extremity wounds. If arterial insufficiency is present, the patient should be referred for further workup by a vascular surgeon or specialist. Wounds with associated arterial insufficiency should be considered for revascularization before committing to treatment with hyperbaric or topical oxygen therapy. Following revascularization, topical oxygen therapy may still be indicated if the wound fails to respond to basic wound care.

The key factors that drive the growth of the topical oxygen therapy market size is growth in the incidence of chronic wounds, increase in patient pool of diabetics, and high incidence of wound site infections. In addition, rise in number of surgical procedures and technological advancement in advanced wound care are further topical oxygen therapy market trends. However, lack of awareness in developing countries is likely to hamper the growth of the topical oxygen therapy industry during the forecast period. Conversely, evolution of wound management products and growth of emerging economies are expected to provide numerous opportunities for topical oxygen therapy market forecast.

By application, the chronic wound segment dominated the market in 2021 and is expected to remain dominant during the topical oxygen therapy market analysis period, owing to growing prevalence of chronic wound specifically in geriatric population suffering from diabetics and wound site infection.

Depending on end user, the homecare segment dominated topical oxygen therapy market share in 2021 and is expected to remain dominant during the forecast period, owing to increased costs of medicines & devices, rise in capital costs, and an increase in the numbers of people with chronic conditions require primary and secondary healthcare support.

Region wise, North America dominated the topical oxygen therapy industry in 2021, and is estimated to register a CAGR of 2.7% during the forecast period. Owing to the increasing prevalence of chronic & acute wounds and simultaneously growing treatment rate due to the presence of developed healthcare technology, growing healthcare expenditure by the government, and huge disposable income. Asia pacific is projected to register the highest CAGR of 4.9% during the forecast period. The presence of a large population base, increasing per capita income, growing medical tourism industry, and rising public awareness regarding benefits of topical oxygen therapy devices are the key driving factors that boost the growth of the market in the region.

KEY FINDINGS OF STUDY

•  On the basis of application, the chronic wound segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
• On the basis of end user, the homecare segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
• Region-wise, North America garnered the largest revenue share in 2021. However, Asia-Pacific is anticipated to grow at the highest CAGR 4.9% during the forecast period.