Jul 20, 2024
by Suyeon Jang
In this series, we will explore Laplace's portfolio of biotech ventures, diving into their achievements, innovations, and future vision.
This series will cover five portfolio companies, providing insights into cutting-edge technology, market trends, and the unique solutions they bring to the industry.
Stay tuned to gain a clear understanding of key biotech trends and Laplace’s strategic direction in this ever-evolving industry!
Today's Highlights
The Science, History, and Global Market Outlook of Hyperbaric Oxygen Therapy (HBOT)
IBEX: Korea’s No.1 Hyperbaric Oxygen Therapy (HBOT) Developer and Laplace’s Investment Strategy
Hyperbaric Oxygen Therapy: "A Healing Capsule That Revives Life"
Last Tuesday, we visited IBEX’s factory in Wonju, and the experience was truly eye-opening. The newly built facility was immaculately maintained, with excellent employee amenities. Before this visit, hyperbaric oxygen therapy (HBOT) was an unfamiliar concept to us, but after learning about its benefits, we were eager to experience it firsthand.
This newsletter will take a closer look at HBOT, its applications, and why IBEX is leading the market.
The History of Hyperbaric Oxygen Therapy
The concept of hyperbaric oxygen therapy dates back to the 1600s, when British physicist Nathaniel Henshaw proposed using increased atmospheric pressure to treat lung and digestive diseases.
1940s: The U.S. Navy adopted HBOT to treat divers suffering from decompression sickness.
1960s: The therapy expanded to treat carbon monoxide poisoning.
Today: HBOT is used for wound healing, tissue regeneration, neurological recovery, and even anti-aging treatments.
How HBOT Works
All tissues in our body require oxygen to function properly. The air we breathe typically contains 21% oxygen, but hyperbaric oxygen therapy delivers 100% pure oxygen in a high-pressure chamber.
Key Mechanism
Increased Oxygen Absorption: Under high pressure, oxygen dissolves more efficiently into the blood and tissues.
Boosted Immune Response: White blood cells become more effective at fighting infections.
Accelerated Healing & Cell Regeneration: Higher oxygen levels promote tissue repair and reduce inflammation.
This state, known as hyperoxia, allows oxygen to penetrate deeper into cells, aiding healing and recovery. However, excessive oxygen exposure can be harmful, so proper dosage control is crucial.
Applications of HBOT
Originally used primarily for trauma treatment, HBOT is now being applied in neurological therapy and anti-aging treatments.
HBOT is used to treat conditions such as:
✅ Decompression sickness (common in divers)
✅ Carbon monoxide poisoning
✅ Severe burns (2nd-degree or higher)
✅ Chronic wounds, including diabetic foot ulcers
✅ Radiation-induced tissue damage
✅ Post-surgical wound healing
✅ Sudden hearing or vision loss due to blood flow issues
✅ Skin graft recovery
✅ Brain injuries, stroke, and neurodegenerative conditions
✅ Sleep disorders and chronic fatigue
✅ Autism spectrum disorder
✅ Anti-aging & cellular rejuvenation

HBOT & Telomere Regeneration: Reversing the Cellular Clock

Recent studies suggest that hyperbaric oxygen therapy may extend the length of telomeres, the protective caps at the end of chromosomes.
Why is this significant?
Telomeres naturally shorten over time as cells divide. Once they become too short, cells stop replicating and age or die. Research indicates that HBOT may slow or even reverse this process, potentially extending cellular lifespan and delaying aging.
This exciting discovery is driving further research into HBOT as an anti-aging therapy.
Global Market Trends in HBOT
With advancements in miniaturized technology, personal home-use hyperbaric chambers are becoming increasingly popular. HBOT is expanding beyond hospitals and is now found in:
Rehabilitation centers
Sports facilities
Private homes
Traditionally used for wound healing and burns, HBOT is now gaining traction in neurology, autism treatment, post-surgical recovery, and sports rehabilitation. As more medical conditions gain recognition for HBOT efficacy, the demand for new treatment protocols and expanded use cases continues to grow.

Home-Use Medical Chamber

Single-person Medical Chamber

Multi-person Medical Chamber
Hyperbaric Oxygen Therapy (HBOT) Treatment Process
Under medical supervision, the patient enters the hyperbaric oxygen therapy chamber.
Inside the chamber, the patient sits or lies down comfortably while breathing deeply.
The treatment duration varies between 45 to 300 minutes, depending on the medical purpose.
As the pressure inside the chamber increases, patients may feel a blocked sensation in their ears, similar to what happens during air travel or at high altitudes. Swallowing or chewing gum usually helps relieve this discomfort. However, if severe pain occurs, patients should immediately inform medical staff. Many patients attempt to endure the discomfort, which can lead to eardrum damage, so caution is necessary.
Generally, at least 15 treatment sessions are recommended for noticeable benefits. However, in cases of swelling or inflammation, some patients may experience improvement after just one session.
Potential Side Effects of HBOT
Hyperbaric oxygen therapy may not be suitable for everyone. Individuals who have recently had ear surgery, ear injuries, a cold, fever, or specific lung conditions should avoid this treatment.
The most common side effects include:
Ear pain, middle ear damage, or eardrum rupture due to pressure changes.
Temporary vision changes.
Pneumothorax (lung collapse).
Hypoglycemia (low blood sugar levels).
Sinus issues or discomfort.
Because of these potential risks, patients should carefully weigh the benefits and consult with a medical professional before undergoing treatment.
Global Hyperbaric Oxygen Therapy (HBOT) Market Outlook
The global HBOT market was valued at approximately KRW 4.875 trillion ($3.6 billion) in 2024 and is projected to reach KRW 7.553 trillion ($5.6 billion) by 2031, with a compound annual growth rate (CAGR) of 6.3%.
Demand is particularly rising in Asia and North America, driven by:
Increased interest in anti-aging and cell regeneration treatments.
Advancements in medical technology.
Expanding availability of home-use hyperbaric oxygen therapy devices.
As the industry continues to evolve, the accessibility of HBOT is expected to grow, making it a key player in future healthcare and wellness markets.
References
Hopkins Medicine: Hyperbaric Oxygen Therapy
FDA: Hyperbaric Oxygen Therapy
Hyperbaric Oxygen Therapy Market Size and Forecast
Frontiers in Neurology: Hyperbaric Oxygen Therapy
Frontiers in Aging: Hyperbaric Oxygen Therapy

IBEX: The Leader in Korea’s HBOT Industry
Laplace’s Investment in IBEX
IBEX dominates Korea’s university hospital market, holding a 70% market share.
Founded in 2011 by CEO Seokho Yoon, IBEX was established to localize hyperbaric oxygen therapy technology and bring cutting-edge treatment solutions to more people.
Key Products
Medical, industrial, and home-use hyperbaric oxygen chambers
Localized oxygen pressure monitoring devices (TCM400, PeriFlux 6000)
MiraDry, a non-invasive sweat reduction device
IBEX serves a broad market, including major hospitals, general healthcare facilities, and private individuals.
With an expanding presence in Thailand, Taiwan, Indonesia, the Middle East, Portugal, Brazil, and Ukraine, IBEX is also exploring opportunities in the beauty and wellness industry.
Business Model
Medical HBOT Chambers – Custom-designed for hospitals and clinics (priced from $230K to $1.3M).
Mild HBOT – Direct sales & franchise operations.
Homecare Rental Market – Premium home-use oxygen therapy devices for personal use.
Product Line
Single-person Medical Chamber
Multi-person Medical Chamber
14-Person Medical Chamber
Seated Home-Use Chamber
What Sets IBEX Apart?
One of the biggest risks of HBOT is ear pain, middle ear damage, and eardrum rupture due to pressure changes.
To address this, IBEX developed the world’s first fully automated HBOT chamber with A.B.T. RIDE® technology, which:
✅ Automatically adjusts pressure to prevent ear barotrauma.
✅ Minimizes reliance on medical staff for pressure adjustments.
✅ Enhances overall treatment safety.
IBEX also holds 34+ intellectual property patents, ensuring optimal safety and performance in high-pressure environments.
Certifications & Future Plans
IBEX has received:
CE certification (Europe)
Korean MFDS & HIRA certification
ASME-PVHO-1, NFPA compliance
ISO 13485 Quality System Certification
Future goals include:
Miniaturizing HBOT devices for home use
Advancing oxygen collection technology
Expanding into global markets with fully automated A.B.T. RIDE® technology
IPO via technology-special listing
Laplace’s Investment Perspective
Laplace Partners invested in IBEX due to:
Proven revenue growthExpanding global HBOT market potential
Increasing adoption of HBOT in healthcare & wellness sectors
Experience IBEX’s HBOT Technology Firsthand

HITS’ O2Zone facility in Apgujeong offers free HBOT trial sessions for up to 10 visits. Sessions last 90 minutes in a 2-ATM IBEX Light chamber. If you’re curious about the benefits, this is your chance to experience HBOT firsthand!
Witnessing the Power of Life and Healing Every time I see a wound heal and new skin regenerate, I am reminded of the incredible resilience of life. While researching hyperbaric oxygen therapy, I was once again amazed by oxygen’s profound impact on longevity, anti-aging, and wound healing. IBEX is revolutionizing this natural healing process, accelerating recovery and breathing new vitality into our lives. While aging is inevitable, the desire to slow it down and maintain good health has become a growing priority for modern individuals. This demand has led to the emergence of various healthcare innovations, including HBOT. In our next issue, we will take a closer look at Arbormed, another Laplace portfolio company, and its pioneering work in rare disease treatments and complex generics. Wishing you a refreshing week—just like oxygen! ☁️😊
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