The market is anticipated to grow from US$ 402.49 million in 2022 to US$ 522.37 million by 2030; it is estimated to register a CAGR of 3.3% during 2022-2030.

Market growth is attributed to the surging burden of acute and chronic wounds and flourishing medical tourism. Technological advancements will likely provide growth opportunities for the hyperbaric oxygen therapy market. However, the high treatment costs, poor reimbursement policies, and side effects hinder the growth of the hyperbaric oxygen therapy market.

Hyperbaric oxygen therapy (HBOT) is performed in a special tub-like chamber made of (mostly) transparent material to lower the probability of claustrophobia episodes among patients. The chambers have a controlled supply of 100% pure oxygen, which is much higher than normally inhaled is present in these chambers. As a result, inhaled oxygen is dissolved in several body fluids, such as blood and cerebrospinal fluid. Single and multiuser chambers are commercially available for these therapies; a multiuser chamber is designed to accommodate up to 6 patients at a time. Several advantages of HBOT include reduced inflammation, hyperoxygenation, and antimicrobial effects, and it also promotes the growth of several new blood vessels in the body.

North America accounted for a major share of the global hyperbaric oxygen therapy market in 2022. The North America hyperbaric oxygen therapy market is segmented into the US, Canada, and Mexico. According to the report released by the Trust for America's Health Organization in September 2022, ~22 states in the US had adult obesity rates above 35% in 2021. Obesity is a major cause of chronic wound development as it leads to vascular insufficiency. Vascular insufficiency leads to poor oxygen supply, leading to delays in normal wound healing and even tissue necrosis. Major product launches, high concentration of market players or manufacturers, acquisitions, partnerships between key players, and increasing use of hyperbaric oxygen therapy devices in the US are a few key factors boosting the market growth in North America.

Technological Advancements Fuel the Hyperbaric Oxygen Therapy Market Growth

HBOT enhances leukocyte function (especially at wound sites) and inhibits the toxic effects of carbon monoxide (CO) and cyanide. Various universities and market players are sponsoring projects to develop wearable HBOT systems along with clinical trials. In January 2023, ADK Hospital officially became the first medical facility in the Maldives to commission a hyperbaric treatment unit or decompression chamber. In February 2023, Western University of Health Sciences (WesternU) partnered with NexGen Hyperbaric to support research related to hyperbaric oxygen therapy to treat physical and mental illnesses. The partner companies focus on cell research and clinical trials for the use of this therapy to treat patients who have post-traumatic stress disorder (PTSD) and traumatic brain injuries (TBIs). Among the few factors expected to drive market growth in the coming years are burgeoning investments by private players such as OxyHealth and SOS Group Global Ltd. to develop technologically advanced HBOT systems. Technology assessment organizations such as the Alberta Heritage Foundation for Medical Research, Cochrane Collaboration, and Agency for Healthcare Research & Quality (AHRQ) use hyperbaric oxygen therapies in various disease treatments, indicating ongoing R&D activities in this discipline.

Product Type -Based Insights

Based on product, the hyperbaric oxygen therapy market is divided into hyperbaric oxygen chambers, accessories and consumables. The hyperbaric oxygen chambers segment held a larger market share in 2022, which is anticipated to register a higher CAGR of 3.5% during 2022-2030.

Capacity -Based Insights

Based on capacity, the hyperbaric oxygen therapy market is segmented into monoplace and multiplace. The monoplace segment held a larger market share in 2022. The multiplace segment is anticipated to register a higher CAGR of 3.4% from 2022 to 2030.

Monoplace hyperbaric chambers are small chambers used for hyperbaric oxygen delivery to a single patient. Patients usually enter these chambers while lying down. Multiplace systems are expensive and require trained personnel for maintenance and operation. These devices are suitable for many patients with different medical conditions, and they make it easier for medical staff to monitor the signs and symptoms of each patient. The key unique selling point (USP) of multiplace chambers is that they enable longer treatment times. Commonly used and commercially available multiplace systems include the OxyHeal 5000 rectangular multiplace hyperbaric chamber, the OxyHeal 4000 multiplace hyperbaric chamber, and the decompression hyperbaric chamber.

Application -Based Insights

Based on application, the hyperbaric oxygen therapy market is segmented into decompression sickness, wound healing, infectious diseases, and others. The wound healing segment held the largest market share in 2022. The market for the same segment is anticipated to grow at the fastest CAGR of 3.7% from 2022 to 2030.

NCBI estimates that approximately 1-2% of the population from developed countries experience a chronic wound during their lifetime. The proportion is likely to be higher in emerging markets. In addition, the increasing popularity of adventure activities and recreational sports among a large part of the world's population is also responsible for the increasing wound cases. Wound healing usually involves healing the skin. It begins immediately after an injury to the epidermal layer and can last for years. This dynamic process involves highly organized cellular, humoral, and molecular mechanisms. It consists of three overlapping phases: inflammation, proliferation, and remodeling. Commercially accessible products such as BARA-MEDXD, BARA-MED, BARA-PRESS Software Control System, BARA-MED Select, and PAH-S1 hyperbaric chambers are mainly used for treating wounds and decompression sickness. Such a large product portfolio for wound treatment is also one of the few factors responsible for the segment's growth.

End User-Based Insights

Based on the end user, the hyperbaric oxygen therapy market is segmented into hospitals and specialty centers, ambulatory surgical centers, and others. The hospitals and specialty centers segment held the largest market share in 2022. It is anticipated to register the highest CAGR of 3.5% during 2022-2030.

Leading players are implementing strategies such as expansion, partnership, launch of new products, and acquiring a new customer base to tap prevailing business opportunities.

- In January 2023, Kamalaya Koh Samui, Thailand, introduced new integrative treatments at its Longevity House. Various new treatments were introduced to support integrative healing, including intravenous vitamin infusions, hyperbaric oxygen therapy, ozone therapy, and high-sensitivity cancer screenings.

- In February 2023, Western University of Health Sciences (WesternU) partnered with NexGen Hyperbaric to support research related to hyperbaric oxygen therapy to treat physical and mental illnesses. The partner companies focus on cell research and clinical trials for the use of this therapy to treat patients who have post-traumatic stress disorder (PTSD) and traumatic brain injuries (TBIs).

- In May 2023, Hyperbaric Awareness USA introduced the third annual national Hyperbaric Aware campaign. This campaign was launched as a part of a CutisCare initiative to raise awareness of hyperbaric oxygen therapy.

- In August 2022, HBOT-India launched one of the first medical-grade hyperbaric oxygen therapies in Gurugram, Delhi NCR. Adding hyperbaric oxygen therapy to standard treatment reduces the risk of major amputation by approximately 20-30% and increases the wound healing rate by 9-10 times.

- In February 2020, Perry Baromedical Corporation acquired the hyperbaric division of Environmental Tectonics Corporation Biomedical Systems. The acquisition helped Perry Baromedical Corporation penetrate and expand into various markets in Asia Pacific. The acquisition also helped expand its installed base in the US and abroad.

The US Food and Drug Administration, Centers for Disease Control and Prevention (CDC), and Global Burden of Disease Study are among the primary and secondary sources referred to while preparing the hyperbaric oxygen therapy market report.