A system and method for generating an oxygen enriched aqueous solution for therapeutic application includes a diffuser comprising a first diffusing member having a surface incorporating surface disturbances, and a second diffusing member positioned relative to the first diffusing member to form a channel through which an aqueous solution and oxygen gas may flow. A reservoir containing the aqueous solution is connected to a pump that draws the aqueous solution from the reservoir and inputs the aqueous solution into the diffuser. The aqueous solution is moved through the channel relative to the surface disturbances to create cavitation in the aqueous solution to diffuse the oxygen gas into the aqueous solution to produce an oxygen enriched aqueous solution.