Albany, NY -- (SBWIRE) -- 01/13/2017 -- According to this report, the global hyperbaric oxygen therapy (HBOT) devices market will expand at a marked 7.20% CAGR during the forecasting horizon from 2014 to 2020. In 2013, the global hyperbaric oxygen therapy devices market was worth US$1.8 bn and by 2020, the market is expected to be worth US$2.9 bn.
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HBOT provides pure oxygen to affected tissues under a high atmospheric pressure. According to studies, HBOT saturates the circulatory system of a patient with oxygen, resulting in augmented oxygen delivery to the affected tissues. This creates a therapeutic effect in a patient's body. The global hyperbaric oxygen therapy (HBOT) devices market is driven by the rising prevalence of acute and chronic wounds. Furthermore, the growing incidence of wound site infections will also drive the global hyperbaric oxygen therapy (HBOT) devices market. The growing popularity of leisure adventure activities will also fuel the global hyperbaric oxygen therapy (HBOT) devices market
By product type, the global hyperbaric oxygen therapy (HBOT) devices market is divided into topical HBOT devices, monoplace HBOT devices, and multiplace HBOT devices. In 2013, the monoplace devices segment led the market, generating a revenue over US$900 mn. This segment benefits from the high commercial availability, high adoption rate, and elevated accessibility of various types of monoplace chambers.
On the basis of application, the global hyperbaric oxygen therapy (HBOT) devices market is divided into gas embolism, infection treatment, decompression sickness, wound healing, and others. In 2013, the wound healing segment dominated the global hyperbaric oxygen therapy (HBOT) devices market and is projected to continue its dominance during the forecast period. The wound healing segment will expand at the highest CAGR of 7.90% during the forecast period.
Geography-wise, the global hyperbaric oxygen therapy (HBOT) devices market is classified into Europe, North America, Asia Pacific, and Rest of the World (RoW). North America held the largest share in the global hyperbaric oxygen therapy (HBOT) devices market in 2013. Factors such as the high adoption rate of HBOT and elevated number of people suffering from various types of wounds and other infections are driving this regional market. In the U.S. alone, chronic wounds affect over 6.5 mn patients, according to the U.S. National Library of Medicine.
Although the global hyperbaric oxygen therapy (HBOT) devices market will witness good growth in the foreseeable future, it will be challenged by some issues. The two key restraints on the global hyperbaric oxygen therapy (HBOT) devices market are the high cost associated with this therapy and limited HBOT reimbursement coverage.
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Nevertheless, players in the global hyperbaric oxygen therapy (HBOT) devices market will benefit from the rapidly expanding patient pool in emerging economies. Some of the key players operating in the global hyperbaric oxygen therapy (HBOT) devices market are SOS Medical Group, Sechrist Industries, OxyHeal Health, IHC Hytech, HearMEC, and Fink Engineering.
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