Hyperbaric Oxygen Therapy (HBOT) Devices Market Size

Hyperbaric Oxygen Therapy (HBOT) Devices Market Analysis

The hyperbaric oxygen therapy (HBOT) devices market is expected to register a CAGR of 8.1% over the forecast period.

The outbreak of the COVID-19 pandemic pushed the healthcare industry into action, with a race to develop both therapeutic and preventive devices. The disruption in the supply chain during COVID-19 and the delay in the delivery of essential products required for manufacturing hyperbaric oxygen therapy (HBOT) devices have adversely affected the hyperbaric oxygen therapy (HBOT) devices market. The increased use of HBOT devices for treating COVID-19 patients propelled the market's growth in its latter phase. For instance, as per the study published by the National Library of Medicine in August 2021, around 15.0% to 20.0% of hospitalized coronavirus patients with hypoxemic respiratory failure were accompanied by a need for supplemental oxygen. In such cases, hyperbaric oxygen therapy (HBOT) was proposed as an alternative therapeutic approach to address hypoxia related to COVID-19. Thus, the COVID-19 outbreak affected the market's growth significantly; however, as the pandemic has currently subsided, the market is expected to experience pre-pandemic growth levels during the study's forecast period.

The rising burden of acute and chronic wounds, the widening application of HBOT devices in cosmetic procedures and wound healing, and technological advancements are the major driving factors for the market.

The increasing number of acute wound cases is a key driver for the hyperbaric oxygen therapy (HBOT) market. For instance, according to the report published by the American Burn Association in February 2021, around 400,000 people are treated for burns yearly in the United States. HBOT aids wound healing by delivering oxygen-rich plasma to oxygen-starved tissue. Hyperbaric oxygen therapy reduces swelling by providing oxygen to the tissues and helps to break the cycle of swelling, oxygen deprivation, and tissue death. Therefore, increasing cases of acute wounds are anticipated to propel the demand for hyperbaric oxygen therapy devices, thereby surging the market growth over the forecast period.

Moreover, the rising awareness about HBOT devices is also expected to enhance the market growth. For instance, in May 2021, CūtisCare, a leader in wound care and hyperbaric therapy, launched the Hyperbaric Aware website and a national campaign to raise awareness of hyperbaric oxygen therapy for treating chronic conditions.

Thus, the aforementioned factors, such as the rising prevalence of chronic wounds and the increasing awareness about HBOT devices, are expected to enhance the market growth. However, the high cost of hyperbaric oxygen therapy and a widening gap between off-label and FDA-approved uses will likely restrain the market's growth over the forecast period.