The Recreational Oxygen Equipment Market is estimated to be valued at US$ 5.14 Bn in 2022 and is expected to exhibit a CAGR of 16.7% 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 & masks, and bar equipment that provide oxygen therapy during sports, mountaineering, travel to high altitude, and other recreational activities. Portable oxygen concentrators are gaining significant popularity due to their compact size and easy availability of oxygen anywhere. They help athletes and hikers breathe easily during high intensity workouts or at high altitudes. Market Dynamics: The recreational oxygen equipment market is witnessing high growth owing to rising popularity of outdoor activities such as hiking, cycling, mountaineering etc. and focus on health and wellness. According to studies, about 6 million Americans participate in outdoor rock climbing each year, thus driving demand for portable oxygen supplies. Growing health conscious population and expanding middle class households in emerging economies are also contributing to market growth. Additionally, technological advancements in portable oxygen concentrators to make them compact, durable and easy to use are attracting more users. However, high costs associated with recreational oxygen equipment compared to medical-grade products may limit Recreational Oxygen Equipment Market expansion to some extent over the forecast period. SWOT Analysis Strengths: - Increasing awareness regarding the benefits of recreational oxygen equipment is driving its adoption. - Technological advancements are leading to the development of more portable and lightweight recreational oxygen equipment. Weaknesses: - High costs associated with recreational oxygen equipment limits its adoption. - Lack of awareness in rural areas. Opportunities: - Growing elderly population suffering from respiratory diseases presents an opportunity. - Telemedicine for delivery and servicing of equipment can further drive the market. Threats: - Stringent regulations delay new product approvals. - Product recalls due to quality issues can impact brand image. Key Takeaways The global recreational oxygen equipment market is expected to witness high growth, exhibiting CAGR of 16.7% over the forecast period, due to increasing aging population suffering from respiratory diseases. The number of people aged 65 years or above is projected to reach 1.5 billion by 2050 according to the United Nations. This is expected to fuel the demand for recreational oxygen equipment for home use. Regional analysis North America dominated the recreational oxygen equipment market in 2021 and is expected to continue its dominance over the forecast period. This is attributable to the increasing prevalence of chronic obstructive pulmonary disease (COPD) and other respiratory disorders in the region. According to the Centers for Disease Control and Prevention, over 16 million Americans above 18 years of age have been diagnosed with COPD. 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. Key players are focusing on new product launches and strategic partnerships for business expansion.
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