Wednesday, 1 March 2017

Global Hyperbaric Oxygen Therapy Devices Market was worth US$1.8 bn and by 2020

A host of vendors operate in the market for hyperbaric oxygen therapy (HBOT) devices, making it highly fragmented in nature. Competition is stiff on account of the players persistently trying to strengthen their positions by expanding their businesses across geographies and widening their distribution networks. Larger players have been constantly attempting to enhance their product portfolio and increase product penetration by collaborating with both small and large companies through strategic tie-ups. This highly competitive environment is slated to continue in the next few years as well.

Robust competition in the domain has translated into better bargaining power of buyers, which include hospitals, emergency treatment centers, and other healthcare facilities that buy hyperbaric oxygen chambers either directly from equipment manufacturers or through distributors. The chambers are usually large-sized and expensive. Hence, smaller hospitals and new treatment facilities mostly opt for the relatively cheaper monoplace or portable chambers. The switching cost is also considerably low for buyers due to several new and established hyperbaric oxygen chamber manufacturers with major geographical reach across the world. This also presents buyers with more options, thereby increasing their bargaining power. 

Some of the top-notch players are OxyHeal Health Group, ETC Biomedical Systems, SOS Medical Group Ltd., and Sechrist Industries. The global HBOT devices market is expected to reach US$2.985 bn by 2020.


Monoplace Hyperbaric Oxygen Chamber Emerges Highest Grosser Due to Advantages over Multiplace Variants

Among the different types of hyperbaric oxygen therapy devices, monoplace hyperbaric oxygen chambers have maximum number of takers, due to their advantages over multiplace and topical HBOT chambers. It has held a dominant share in the market and is expected to retain its position as a leading player in the coming years. Its market was worth US$1.6 bn in 2015. The market for multiplace hyperbaric chambers, preferred by large-scale hospitals and diver training organizations due to their high capacity, will also see steady growth, albeit at a much slower pace. Currently, it follows monoplace hyperbaric oxygen chambers in terms of market share.

Application-wise, the global HBOT devices market can be segmented into five – wound healing, decompression sickness, infection treatment, air or gas embolism, and others. The wound healing segment has been commanding maximum revenue and is predicted to continue doing so in the coming years because of a large number of people afflicted by severe injuries resulting from burns, diabetic ulcers, and accidental wounds.

By geography, North America has accounted for a leading position with almost half of the market, due to many hospitals and diving schools. Its value stood at US$0.99 bn in 2015. Asia Pacific, however, is expected to demonstrate much faster growth due to the rising development of healthcare infrastructure, increasing geriatric population, and high incidence of chronic diseases.

Expensive Nature of Hyperbaric Oxygen Therapy Significantly Hampering Growth

A primary driver of market growth is the high prevalence of acute and chronic wounds worldwide. “Skin ulcers, which include decubitus, arterial, and venous ulcers, are often accompanied by sloughing of the bed tissues, causing exudation and pus formation. This requires advanced wound care solutions such as hyperbaric oxygen therapy,” explains the author of the TMR report.

The increasing incidence of wound site infections, necessitating timely intervention, has also upped the demand for hyperbaric oxygen therapy devices, which is considered an advanced wound management technologies.

The growth of the hyperbaric oxygen therapy devices market, however, is being countered majorly by the fact that it is expensive. This has reduced takers, especially economically weaker ones, despite its efficacy. “Moreover, the economically weak/backward geographies have major inhibitions about investing in innovative therapies such as hyperbaric oxygen therapy, as high prices might negatively influence the growth of the HBOT devices market in the near future,” informs the analyst. Limited reimbursement coverage of HBOT can prove to be another likely constraint to market growth.

Browse Full Research Report on Hyperbaric Oxygen Therapy Devices Market:
http://www.transparencymarketresearch.com/hbo-therapy-devices.html

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