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| Global Recreational Oxygen Equipment Market |
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 Overview:
The recreational oxygen equipment market consists of oxygen concentrators, bar
equipment, and respiratory masks that are used for non-medical purposes. Oxygen
concentrators are the most popular type of recreational oxygen equipment as
they filter room air to increase the concentration of oxygen. They are
portable, lightweight devices that continuously supply oxygen without the need
for heavy tank refills. Oxygen bars are establishments that provide oxygen
therapy to customers through masks attached to wall-mounted concentrators. They
are growing in popularity as a stress-relieving and health-boosting experience.
Respiratory masks connect users to portable oxygen concentrators or tanks and
come in various designs suitable for different activities like exercising,
hiking, and air travel.
Market key trends:
Rapid urbanization around the world is expected to fuel the growth of the
recreational oxygen equipment market. As more people migrate to densely
populated cities where air pollution levels are higher, there is growing
consumer demand for portable oxygen devices to supplement the toxic air. Oxygen
bars and at-home concentrators are gaining traction as a way to de-stress from
the hectic urban environment. Another key trend is the rising participation in
extreme sports and adventure activities, which often take place in high altitude
locations with low oxygen levels. This is driving sales of recreational oxygen
masks and portable concentrators for rock climbing, mountaineering, and skiing.
Manufacturers are also innovating new travel-sized concentrators to meet the
demand from travelers seeking an oxygen boost during flights or trips to high
terrain destinations.
Porter’s Analysis
Threat of new entrants: Low startup costs and technologies encourage new
players to enter the market. However, the established brands have strong brand
recognition and economies of scale which create entry barriers.
Bargaining power of buyers: Individual consumers have moderate bargaining power
given the availability of substitute products. However, large healthcare
facilities and institutions can negotiate on price and demand better services.
Bargaining power of suppliers: The availability of raw materials from numerous
domestic and international suppliers keeps their bargaining power in check.
Suppliers do not have pricing leverage.
Threat of new substitutes: Technological advancements may lead to new
innovative oxygen therapy methods and equipment which can replace the existing
recreational oxygen products.
Competitive rivalry: The market is highly competitive with major players
competing on the basis of product quality, pricing and innovation.
Key Takeaways
The Global
Recreational Oxygen Equipment Market is expected to witness high
growth, exhibiting a CAGR of 16% over the forecast period, due to increasing
consumer awareness about health benefits of using oxygen.
Regional analysis
North America dominates the global recreational oxygen equipment market, owing
to presence of major key players, rising geriatric population, higher
healthcare spending and awareness levels. Asia Pacific is expected to exhibit
fastest growth during the forecast period owing to increasing pollution levels,
growing health and fitness trends in China and India.
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.