Hyperbaric Oxygen Therapy Market Size, Share, Growth Analysis, By Product(Monoplace oxygen chambers, multiplace oxygen chambers, topical oxygen chambers, portable oxygen chambers), By Application(Decompression sickness, wound healing, infectious diseases, gas embolism), By End user(Hospitals, Ambulatory care centers, outpatient clinics, standalone hyperbaric treatment centers), By Region - Industry Forecast 2024-2031

Globally, North America was the leading segment and accounted for around 32% of the total revenue in 2016. The U.S. was the leading market in 2022 and is also anticipated to hold largest revenue share over the forecast period. According to the American Venous Forum, advanced venous diseases characterized by skin changes and leg ulceration affect over 2.5 million people annually in the U.S. The increasing prevalence of chronic & acute wounds and simultaneously growing treatment rate due to the presence of developed healthcare technology, growing healthcare expenditure, and huge disposable income are some of the factors that are expected to boost the market over the coming years.

Asia Pacific will witness substantial demand for hyperbaric oxygen therapy market in the future. Emerging economies such as India, China, Philippines, Vietnam, and Brazil have been experiencing strong economic growth. Increasing population and rising need for wound healing treatment have spurred the demand for HBOT in the region. Growing disposable income has triggered consumers to avail of technologically advanced medical treatment and therapies. Asia Pacific is expected to be the fastest growing region over the coming few years. This region is anticipated to deliver enormous growth due to increasing per capita income, growing medical tourism industry, and rising public awareness regarding benefits of HBOT devices. As compared to the growth rate of Japan, China is anticipated to witness faster growth in the Asia Pacific region.