(Australia-NewsWire.Com, December 05, 2017 ) Hyperbaric oxygen therapy (HBOT) devices are used for delivering pure oxygen (100%) to tissues in the body under higher atmospheric pressure. Atmospheric pressure in hyperbaric oxygen chambers or devices is increased from one to three times higher than the normal atmospheric pressure which in turns fight bacteria and also stimulates the release of a substance called growth factors and stem cells promoting healing.
Development of the global hyperbaric oxygen therapy devices market is primarily driven by increasing prevalence of acute and chronic wounds and rising incidence of wound site infections. Moreover, raise in the demand for leisure adventure activities is anticipated to drive the growth of the global hyperbaric oxygen therapy devices market over the aforementioned forecast period.However, a high cost of hyperbaric oxygen therapy devices and reimbursement coverage are factors restraining market growth; these could also obstruct further product development and overall demand for hyperbaric oxygen therapy devices.
Asia Pacific Hyperbaric Oxygen (HBO) Therapy Devices Market size was around USD 30.2 million in 2016. It is expected to grow at a CAGR of 7.9% to reach USD 44.17 million by 2021. It captures 20% of the global market.
The Asia Pacific Hyperbaric Oxygen (HBO) Therapy Devices Market Segmentation by product and application. By-product the market is segmented into Monoplace HBOT Devices, Multiplace HBOT Devices, and Topical HBOT Devices. Monoplace HBOT devices are the market leader capturing over 76% of the total revenue in 2016. The commercial availability of Monoplace systems and increased adoption of such devices, owing to ease of handling and less requirement of hospital gas supply are few factors that are responsible for its revenue share in 2016. Furthermore, the Monoplace HBOT devices category is likely to witness the highest CAGR. The steadily rising demand for Monoplace systems in hospitals & clinics owing to its higher availability in the market is the key factor, which is likely to boost market growth. Multiplace hyperbaric chamber is growing with the highest CAGR. But still, the rising requirement of treating growing number of patients in one cycle has resulted in the raised demand for such systems in large-scale hospitals, which is expected to drive the market over the aforementioned forecast period.
Additionally, these devices can accommodate the huge number of patients with different conditions and also help in monitoring by medical staff for every patients signs and symptoms. Therefore, the overall cost of the services for patients is low in contrast to Monoplace devices, which also increases the adoption rate of such devices. The key Unique Selling Propositions (USPs) of Multiplace chambers is that they allow for the extended patient treatment time. The growing awareness among the hospital professionals about the benefits of this system is expected to boost the market. By application, the market is categorized into Wound Healing, Infection Treatment, Decompression Sickness, Gas Embolism, Others. By application, wound healing is the market leader because of the rising prevalence of chronic & acute wounds and wound site infection. The rising healthcare costs, increasing prevalence of obesity & diabetes, and growing aging population are some of the key factors that result in surging demand for treatment of chronic and acute wounds.
By geography, the market is segmented into India, China, Korea, Japan, and others. Developing countries such as Philippines, Vietnam, India, China, and Brazil are experiencing strong economic growth. Growing population and growing need for wound healing treatment have driven the demand for HBOT in these regions. Rising disposable income has shifted the consumer preference to avail technologically advanced medical treatment and therapies. However, Asia Pacific is expected to be the fastest growing region over the coming few years. This region is anticipated to deliver enormous growth due to increasing per capita income, growing medical tourism industry, and raising public awareness regarding benefits of HBOT devices. As compared to the growth rate of Japan, China is anticipated to witness faster growth in the Asia Pacific region.
Key players in the market are HAUX-LIFE-SUPPORT; HEARMEC; IHC Hytech B.V. (Royal IHC); Hyperbaric SAC; Sechrist Industries, Inc.; Gulf Coast Hyperbarics, Inc.; Fink Engineering; ETC Hyperbaric Chambers (Environmental Tectonics Corporation); OxyHeal International; and SOS Group Global Ltd.
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