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Rapid Industrialization to Boost Hyperbaric Oxygen Therapy Devices market Growth by 2021-2028

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Rapid Industrialization to Boost Hyperbaric Oxygen Therapy Devices market Growth by 2021-2028

As per industry analysis on hyperbaric oxygen therapy devices by Fact.MR, a market research and competitive intelligence provider, the global market is anticipated to expand at a CAGR of 8.9% over the forecast period of 2021-2028, reaching US$ 7.3 Bn by the end of the same period.

Hyperbaric oxygen therapy (HBOT) boosts leukocyte efficiency, especially at the wound site, while minimizing the detrimental effects of carbon monoxide (CO) and cyanide. Advancements in portable HBOT devices, as well as increasing number of clinical trials supported by various institutions and players, demonstrate that the market is growing.

Technological advancements in hyperbaric oxygen treatment equipment are expected to boost demand. Surge in demand for hyperbaric oxygen therapy devices is primarily due to an increase in the number of diabetic patients around the world. Moreover, as medical tourism grows, the business is likely to expand. Rising obesity and diabetes rates are increasing the number of stroke patients, which is pushing up product demand.

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One of the aspects expected to enhance demand over the coming years is the growing use of hyperbaric oxygen therapy in wound healing and aesthetic surgeries.

Key Takeaways from Market Study

·       The global hyperbaric oxygen therapy devices market is set to reach a valuation of US$ 7.3 Bn by 2028.

·       North America is the most lucrative market for hyperbaric oxygen therapy device manufacturers.

·       Demand for monoplace HBOT devices is expected to increase at a 7% CAGR over the forecast period.

Rising approval & medical certification of products, growing adoption of hyperbaric systems by hospitals, increasing awareness about the benefits of hyperbaric oxygen therapy devices, and rising support by government organizations are projected to boost market growth over the coming years,” says a Fact.MR analyst

Winning Strategy

Key players are concentrating their efforts on product expansion and the development of modern, lower-cost medical devices in order to break into new markets and secure high market share, particularly in emerging economies.

To strengthen their supply chain channels, key market players are using strategic mergers and acquisitions and building alliances with regional distributors. They're also focusing on expediting product approvals, development, and patenting.

For instance,

·       In July 2019, Unique Group launched a multiplace hyperbaric oxygen treatment (HBOT) device to provide a new hyperbaric therapy proposition to the healthcare sector for the treatment of infections and wounds.

·       In May 2021, CūtisCare, a key provider of multi-location hyperbaric services for trauma centers and acute care hospitals, launched its hyperbaric aware website and nationwide campaign. CūtisCare strives to raise knowledge of hyperbaric oxygen therapy as a viable treatment option for a variety of chronic diseases.

 

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global hyperbaric oxygen therapy devices market, presenting historical demand data (2017-2020) and forecast statistics for the period of 2021-2028.

The study divulges essential insights on the market on the basis of product (monoplace HBOT devices and multiplace HBOT devices) and application (wound healing, decompression sickness, infection treatment, and gas embolism), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).

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