Hyperbaric Oxygen Therapy Market Growth Drivers and Forecast by 2030

[Research Report] The hyperbaric oxygen therapy market is projected to surge from US$ 402.49 million in 2022 to US$ 522.37 million by 2030; the market is estimated to grow at a CAGR of 3.3% during 2022–2030.

Analyst Perspective:

Hyperbaric oxygen therapy (HBOT) is conventionally used to treat people suffering from medical conditions associated with rapid changes in atmospheric pressure around them. Increased blood oxygen levels support vascular development, essential for healing in people with diabetes. The enhanced oxygen levels in the body can improve the healing of certain wounds and promote repair of damaged tissue. It is commonly used for conditions such as non-healing wounds, diabetic foot ulcers, decompression sickness (commonly seen in recreational divers), carbon monoxide poisoning, and certain types of infections, eventually leading to the growth of the hyperbaric oxygen therapy market

The increasing incidences of acute and chronic wounds, and the rising popularity of leisure and adventure activities are driving the hyperbaric oxygen therapy market. According to the Outdoor Participation Trends Report, in 2020, 53% of Americans of age 6 and above engaged in at least one form of outdoor recreational activity, representing the highest participation rate on record. Further, a surging number of pediatric open heart surgery cases is expected to create opportunities for the market in the future. However, the high cost associated, poor reimbursement policies, and side effects  hinders the growth of the hyperbaric oxygen therapy market.

Market Overview:

HBOT is a medical treatment involving breathing pure oxygen in a pressurized environment. The treatment is usually provided in a special room or chamber. The pressure in the chamber is increased to a level above atmospheric pressure, allowing the lungs to absorb more oxygen than would be possible by breathing in pure oxygen at normal atmospheric pressure.

A special tub-like chamber, in which HBOT is given, is made of (mostly) transparent material to prevent claustrophobia episodes among patients. A controlled supply of 100% pure oxygen, which is higher than normally inhaled levels, results in the dissolution of elevated oxygen levels in several body fluids, such as blood and cerebrospinal fluid. Single and multiuser chambers are commercially available for these therapies; a multiuser chamber is designed to accommodate up to 6 patients at a time. Several advantages of HBOT include reduced inflammation, hyperoxygenation, and antimicrobial effects. Moreover, it promotes the growth of several new blood vessels in the body.

HBOT is gaining popularity in healthcare settings owing to the increasing incidence of wound infections, gas embolism, and carbon monoxide poisoning. Furthermore, increasing government spending on the development of medical facilities, rising cases of osteomyelitis in the geriatric population, growing awareness about anemia, and healthcare spending habits among consumers are expected to provide an impetus for the growth of the hyperbaric oxygen therapy market.

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Hyperbaric Oxygen Therapy Market: Strategic Insights

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Market Driver:

Rising Burden of Acute and Chronic Wounds Drives Global Hyperbaric Oxygen Therapy Market

According to the report released by the American Burn Association in February 2021, approximately 400,000 people are treated for burns annually in the US. HBOT supports wound healing by delivering oxygen-rich plasma to oxygen-depleted tissue. The therapy reduces swelling by supplying oxygen to tissues, helping to break the cycle of swelling, oxygen deprivation, and tissue death. North Carolina military veterans who were suffering from post-traumatic stress disorder and traumatic brain injuries are also getting relief through HBOT. The therapy, performed at the Extivita Clinic in Durham, uses 100% oxygen in two General Assembly-funded hypobaric chambers.

As per a study published by the National Library of Medicine, in February 2021, diabetes causes severe and diffuse disease below the knee. The chances of developing a lifetime risk of diabetic foot ulcer range from 19.0% to 34.0%. As per the study published in May 2021 by Systemic Reviews, ~60.0% of venous leg ulcers in patients result in chronic wounds. A study published by Biomedicines in November 2021 states that the prevalence of venous leg ulcers is 1.5–3.0% in the general population. Therefore, increasing cases of acute and chronic wounds boost the demand for hyperbaric oxygen therapy devices.

Segmental Analysis:

Based on product, the hyperbaric oxygen therapy market is segmented into hyperbaric oxygen chambers, and accessories and consumables. The hyperbaric oxygen chambers segment held a larger market share in 2022 and the same segment is anticipated to register a higher CAGR of 3.5% during 2022–2030.

The hyperbaric oxygen therapy market, based on capacity, is segmented into monoplace and multiplace. The monoplace segment held a larger market share in 2022. The multiplace segment is anticipated to register a higher CAGR of 3.4% from 2022 to 2030. Monoplace hyperbaric chambers are small chambers used for hyperbaric oxygen delivery to a single patient. These are chambers that the patient usually enters while lying down. These devices are typically used on one person at a time, usually in a lying position. Additionally, they only allow certain intravenous lines and ventilation ducts to penetrate the torso. Due to their easy installation and handling and low maintenance costs, monoplace systems have higher commercial availability.

Multiplace systems are expensive and also require more people for maintenance and operation. These devices are suitable for many patients with different medical conditions and make it easier for medical staff to monitor the signs and symptoms of each patient. The key unique selling point (USP) of multiplace chambers is that they enable longer treatment times for the patient. Increasing awareness among hospital professionals about the benefits of this system is expected to boost the segment. Commonly used and commercially available multiplace systems include the OxyHeal 5000 rectangular multiplace hyperbaric chamber, the OxyHeal 4000 multiplace hyperbaric chamber, and the decompression hyperbaric chamber. Therefore, the growing need to treat patients in one cycle has increased the demand for such systems in hospitals.

Based on application, the hyperbaric oxygen therapy market is segmented into decompression sickness, wound healing, infectious diseases, and others. The wound healing segment held the largest market share in 2022. The market for the same segment is anticipated to grow at the fastest CAGR of 3.7% during 2022–2030.

NCBI estimates that approximately 1–2% of the population from developed countries experience a chronic wound during their lifetime. The proportion is likely to be higher in emerging markets. In addition, the increasing popularity of adventure activities and recreational sports among a large part of the world's population is also responsible for the increasing wound cases.

Wound healing usually involves healing the skin. It begins immediately after an injury to the epidermal layer and can last for years. This dynamic process involves highly organized cellular, humoral, and molecular mechanisms. It consists of three overlapping phases: inflammation, proliferation, and remodeling. Commercially accessible products such as BARA-MEDXD, BARA-MED, BARA-PRESS Software Control System, BARA-MED Select, and PAH-S1 hyperbaric chambers are mainly used for treating wounds and decompression sickness. Such a large product portfolio for wound treatment is also one of the few factors responsible for the segment's growth.

Based on the end user, the hyperbaric oxygen therapy market is segmented into hospitals and specialty centers, ambulatory surgical centers, and others. The hospitals and specialty centers segment held the largest market share in 2022. It is anticipated to register the highest CAGR of 3.5% during 2022–2030.

Regional Analysis:

North America dominates the hyperbaric oxygen therapy market. The North America hyperbaric oxygen therapy market was valued at US$ 197.66 million in 2022 and is projected to reach US$ 251.39 million by 2030; it is expected to register a CAGR of 3.1% during 2022–2030. The North America hyperbaric oxygen therapy market is segmented into the US, Canada, and Mexico. Market growth in this region is due to the increase in chronic wound cases due to the growing incidence of chronic diseases and the growing geriatric population. According to the report released in September 2022 by the Trust for America's Health Organization, ~22 states in the US had adult obesity rates above 35% in 2021. Obesity is a major cause of chronic wound development as it leads to vascular insufficiency. Vascular insufficiency leads to poor oxygen supply, leading to delays in normal wound healing and even tissue necrosis. Major product launches, high concentration of market players or manufacturers, acquisitions, and partnerships between key players, and increasing use of hyperbaric oxygen therapy devices in the US are a few key factors boosting the growth of the market in North America. In July 2021, the US Food and Drug Administration (FDA) approved the use of hyperbaric oxygen therapy (HBOT/HBO2) to treat various medical conditions, such as carbon monoxide poisoning, radiation injury, burns, anemia, and others. Therefore, such cases are expected to increase the demand for HBOT devices and drive market growth in the US. These factors are responsible for expanding and strengthening the hyperbaric oxygen therapy market in the region.

Asia Pacific is anticipated to be the fastest-growing region in the hyperbaric oxygen therapy market during the forecast period. Emerging countries such as India, China, the Philippines, Vietnam, and Brazil record strong economic growth. The growing population and increasing need for wound healing treatments fuel the demand for HBOT in this region. Growing disposable income has led to consumers seeking technologically advanced medical treatments and therapies. APAC is expected to achieve tremendous growth in the market owing to the proliferating medical tourism industry, increasing per capita income, and rising public awareness of the benefits of HBOT in the coming years.

Key Player Analysis:

Perry Baromedical; Sechrist Industries, Inc.; Tekna Hyperbaric; Pan America Hyperbarics, Inc.; HAUX-LIFE-SUPPORT GmbH; PCCI, Inc.; Hipertech Inc.; SOS Group GBR Ltd; HEARMEC; OxyHealth; Airox Technologies Limited; and Biovision Healthcare are among the key players analyzed during the hyperbaric oxygen therapy market study.

Hyperbaric Oxygen Therapy Market Regional Insights

The regional trends and factors influencing the Hyperbaric Oxygen Therapy Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Hyperbaric Oxygen Therapy Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Hyperbaric Oxygen Therapy Market Report Scope

Hyperbaric Oxygen Therapy Market Players Density: Understanding Its Impact on Business Dynamics

The Hyperbaric Oxygen Therapy Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Hyperbaric Oxygen Therapy Market are:

1. Perry Baromedical
2. Sechrist Industries, Inc.
3. Tekna Hyperbaric
4. Pan America Hyperbarics, Inc.
5. HAUX-LIFE-SUPPORT GmbH

Disclaimer: The companies listed above are not ranked in any particular order.

Recent Developments:

Companies operating in the hyperbaric oxygen therapy market adopt such as mergers and acquisitions. A few of the recent market developments are listed below:

• In May 2021, CūtisCare, a leading multi-site provider of hyperbaric services to trauma centers and acute care hospitals, broadcasted the official launch of the hyperbaric website and nationwide campaign. The company aims to raise awareness about hyperbaric oxygen therapy to treat various chronic diseases effectively.
• In January 2022, Narayana Health City announced the opening of a dedicated hyperbaric oxygen plant with regenerative medicine. The facility will provide HBOT to treat infections and age-related medical conditions.
• In January 2023, Kamalaya Koh Samui, Thailand, introduced new integrative treatments at its Longevity House. A range of new treatments was introduced to support integrative healing, including intravenous vitamin infusions, hyperbaric oxygen therapy, ozone therapy, and high-sensitivity cancer screenings.
• In February 2023, Maui Health opened a new outpatient facility in Hawaii that adopts a comprehensive approach to treat patients suffering from non-healing wounds, which includes hyperbaric oxygen therapy.