The 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 Overview:
Recreational oxygen equipment includes portable oxygen concentrators, cylinders and gas mixtures such as oxygen bars that are used for recreational purposes. This equipment helps in reducing effects of high altitude sickness and improves athletic performance. The equipment is gaining popularity among hikers, mountain climbers, skiers and athletes. With rising urbanization, more people are taking part in outdoor recreational activities and sports, increasing the demand for recreational oxygen equipment.
Market Dynamics:
Rising participation in outdoor recreational activities is driving the growth of recreational oxygen equipment market. According to Outdoor Industry Association, around 143.5 million Americans participated in at least one outdoor recreation activity in 2019. Mountaineering, hiking, skiing and scuba diving witnessed rising participation rates that increased the demand for recreational oxygen equipment. Further, growing athleticism and awareness about benefits of supplemental oxygen in improving athletic performance is also supporting market growth. However, risk of oxygen toxicity while using high concentrations of oxygen recreationally acts as a market restraint.
SWOT Analysis
Strength: Global Recreational Oxygen Equipment Market helps enhance athletic performance and endurance. It can help increase oxygen intake which allows athletes to train harder and longer. Easy to use oxygen tanks and masks make oxygen readily available.
Weakness: Use of oxygen tanks for non-medical purposes is still being debated on safety and ethical grounds. Side effects of excess oxygen intake are not well researched. High costs of equipment limits widespread adoption.
Opportunity: Increasing participation in adventure sports and elderly wellness activities presents an opportunity. Growing health and fitness trend among young population promotes market growth. Technological innovations are making equipment compact and easier to use.
Threats: Stringent regulations around non-medical use of oxygen may hamper market growth. Alternative wellness therapies gaining popularity pose competitive threat. Economic downturns can decrease discretionary spending on such equipment.
Key Takeaways
The global recreational oxygen equipment market is expected to witness high growth, exhibiting CAGR of 16% over the forecast period, due to increasing participation in adventure sports and fitness activities.
Regional analysis: North America dominates the recreational oxygen equipment market currently. Higher consumer spending on wellness and growing health awareness drives the market in the region. Asia Pacific exhibits the fastest growth fueled by rising youth interest in extreme sports in countries like India and China.
Key players: 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. These companies offer a wide range of portable oxygen concentrators and tanks for recreational use during activities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
