Topical Oxygen Therapy Market Summary
Growth in the incidence of chronic wounds, increase in patient pool of diabetics, and high incidence of wound site infections, along with rise in number of surgical procedures and technological advancement in advanced wound care fuel growth of the topical oxygen therapy market.
The global topical oxygen therapy market size was $19,889.74 thousand in 2021, and is projected to reach $27,721.76 thousand by 2031, growing at a CAGR of 3.4% from 2022 to 2031.
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Drivers, restraints, and opportunities-
Rise in incidence of chronic wounds, surge in patient pool of diabetics, and high prominence of wound site infections drive the growth of the global topical oxygen therapy market. On the other hand, lack of awareness in developing countries restrains the growth to some extent. However, introduction of topical oxygen therapy in emerging economies is expected to create lucrative opportunities in the industry.
Topical oxygen therapy, also known as topical wound oxygen therapy (TWO2), is defined as the administration of oxygen applied topically over injured tissue by either continuous diffusion or pressurized systems. However, there are dressings, gels, and hemoglobin sprays that can provide for oxygen release when applied to wounds. Three general types of physical delivery systems for TOT exist in the market including those providing for continuous delivery of oxygen (CDO), those providing low constant pressure in a contained chamber, and those that are cyclically pressurized and humidified in a contained chamber. The Topical Wound Oxygen (TWO2) system differs from other devices in that it applies cyclically pressurized (10–50 mb) pure oxygen within a disposable extremity chamber connected to a stationary oxygen concentrator. Additionally, it is a low-pressure therapy that delivers oxygen to the wound site directly at a pressure of about 1.03 atmospheres. In contrast to hyperbaric oxygen therapy, oxygen is delivered directly to the wound site with no extra oxygen inspiration (HBOT). Humidity can be added to the system if required.
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The chronic wounds segment to lead the trail-
By type, the chronic wounds segment contributed to more than two-thirds of the global topical oxygen therapy market share in 2021, and is expected to lead the trail by 2031. Surge in geriatric population suffering from diabetes and wound site infection propels the growth of the segment. The acute wounds segment, on the other hand, is expected to exhibit the fastest CAGR of 3.8% from 2022 to 2031. Rise in surgical wounds drives the segment growth.
The homecare segment held the major share in 2021-
By application, the homecare segment accounted for more than two-fifths of the global topical oxygen therapy market revenue in 2021, and will dominate by 2031. This is attributed to easy using features of TOT at home. At the same time, the hospitals segment would manifest the fastest CAGR of 4.2% during the forecast period. Growing adoption of these devices in hospitals propels the segment growth.
North America Topical Oxygen Therapy Market to Dominate by 2031-
By region, North America garnered the major share in 2021, holding more than two-fifths of the global topical oxygen therapy market, owing to supportive reimbursement policies in the healthcare system across the province. Simultaneously, Asia-Pacific would cite the fastest CAGR of 4.9% throughout the forecast period. This is due to growing awareness among people regarding benefits of TOT.
Key players in the industry
Inotec AMD Ltd.
RashEndZ Inc.
GWR Inc.
AOTI, Inc.
EO2 Concepts
Mölnlycke Health Care AB
OxyBand Technologies
OGENIX
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