July 14, 2024
Recreational Oxygen Equipment Market

Recreational Oxygen Equipment Market driven by Increasing demand for oxygen therapy during recreational activities

The global Recreational Oxygen Equipment Market caters to the growing demand for easy-access oxygen therapies during recreational activities. Recreational oxygen equipment provides portable options for oxygen therapy through masks, nasal cannulas and cylinders during hiking, camping or travel. This equipment enables accessibility to oxygen while being outdoors for recreational purposes, without interrupting physical activities. The equipment is lightweight and designed for ease-of-use during movement. With various medical conditions requiring supplemental oxygen and an improving lifestyle including more people taking part in recreational outdoor activities, the demand for recreational oxygen equipment has been on the rise.

The global Recreational Oxygen Equipment Market is estimated to be valued at US$ 5.14 Bn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The key trend driving the Recreational Oxygen Equipment Market is the rising prevalence of respiratory diseases and growth in medical tourism. As per estimates, around 500 million patients suffer from chronic respiratory diseases globally. With more awareness and focus on preventive healthcare, increasing numbers of people are adopting supplemental oxygen therapy during recreational activities as well. This is supporting demand for equipment designed for use during movement and exercise. Additionally, medical tourism is gaining prominence with people traveling across borders for medical treatments including oxygen therapy. This has led manufacturers to focus on developing lightweight, portable recreational oxygen equipment suited for travel. Innovation towards compact, durable and user-friendly products will be another important trend shaping the market over the forecast period.

Porter’s Analysis
Threat of new entrants: Low entry barriers like requirement of certification and regulations make threat of new entrants moderate.

Bargaining power of buyers: Buyers have moderate bargaining power as recreational oxygen equipment has applications in healthcare as well.

Bargaining power of suppliers: A few big players operate in the market giving them higher bargaining power over buyers.

Threat of new substitutes: No close substitutes exist for recreational oxygen equipment.

Competitive rivalry: Intense due to presence of global and regional players.

Key Takeaways
The Global Recreational Oxygen Equipment Market Size is expected to witness high growth. The global Recreational Oxygen Equipment Market is estimated to be valued at US$ 5.14 Bn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030.

North America region currently dominates the recreational oxygen equipment market holding around 35% of the total market share. Factors such as growing awareness regarding health and fitness, rising disposable income, and increasing number of individuals participating in adventure sports are primarily driving the North America market. The Europe market is estimated to grow at a CAGR of 15% during 2023-2030 on account of high spending on wellness and preventive healthcare.

Key players operating in the recreational oxygen equipment market are Boost Oxygen, LLC, CAIRE Inc. (AirSep), Chart Industries, DeVilbiss Healthcare LLC, Inogen, Inc., Oxygen Plus, Inc., Pure O2 Ltd, Invacare Corporation, Oxyzens, Philips Healthcare, Zadro Health Solutions, and 2ND Wind Oxygen Bars. Chart Industries and Inogen are the leading manufacturers owing to their extensive product portfolio and geographical presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it