The market of hyperbaric oxygen therapy (HBOT) devices is anticipated to grow at a brisk CAGR of 7.2% between 2015 and 2020, according to a news report. It adds further that the details, which also feature the production-demand data, have been commissioned under the title “Hyperbaric Oxygen Therapy Devices Market: Global Industry Analysis and Opportunity Assessment, 2015 – 2020”.
The market of HBOT devices primarily comprises of three segments – product, application, and region; each influences the market in one way or the other.
Under the product segment, the devices are classified into two categories – monoplace and multiplace. While a monoplace device is designed to accommodate only a single user per session, a multiplace device can accommodate two or more persons in a session.
In terms of application, the segmentation is based upon the conditions for which the treatment is approved by the FDA. These include decompression sickness, gas embolism, infections etc., among others.
With regard to region, HBOT devices are segmented for North America, Asia Pacific, Europe, and rest of the world (RoW).
Amid the growing popularity of HBOT in patients, which is expected to grow further, there has been a boom in the sales of its devices. Many experts believe this can be attributed to the increased number of users, including sportsmen and athletes, who view it as a favorable treatment.
Interestingly, there is some confusion among people on the cost-effectiveness of the therapeutic treatment. In spite of this, the reason why it gets featured as one of the most preferred treatments is because it is simple, pain free, and does not require any surgery. Furthermore, it does not have any major side effect.
Between the monoplace and multiplace versions of HBOT devices, the former is expected to remain as the largest segment. If the prediction of the forecast is anything to go by, then it would attain a growth rate of 7.6% CAGR during the period. In addition, increasing probability of chronic wounds can be a key factor that can contribute to the growth of wound healing by a CAGR of 7.9%.
In conclusion, the report also emphasizes that if certain key aspects such as high cost, limited reimbursement coverage, and the length of time for HBOT sessions are not regulated, it may also constrain the projected rate of growth of the market. Therefore, the onus is on the reputed manufacturers of hyperbaric chmabers in the United States like OxyHealth to adhere to the recommendations to achieve the estimated rate of growth.