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

Global Hyperbaric Oxygen Therapy Market size was valued at USD 32.41 billion in 2019 and is poised to grow from USD 34.5 billion in 2023 to USD 54.1 billion by 2031, growing at a CAGR of 6.51% in the forecast period (2024-2031).

The hyperbaric oxygen therapy device plays an important role in various medical issues as it is a medical device that is used to provide an optimum level of oxygen to the tissues in the human body under high atmospheric pressure.

The air pressure, in this medical treatment, is increased two to three times higher than the normal air pressure. Thus, the oxygen-carrying blood helps to fight bacteria and other unwanted hosts in the body by promoting healing.

This medical treatment is used to treat wounds as a result of radiation, air bubbles in blood vessels, and many other serious infections like diabetes.

The Food and Drug Administration (FDA) has approved 13 medical uses of hyperbaric oxygen therapy (HBOT) to date. The regulatory has approved a number of indications such as pulmonary embolism, severe anaemia, decompression sickness, burns and brain abscesses to name a few out of the thirteen approved indications.

Another factor that is projected to accelerate the growth of the market include the huge price tag associated with hyperbaric oxygen therapy (HBOT) products.

US Hyperbaric Oxygen Therapy Market is poised to grow at a sustainable CAGR for the next forecast year.