by 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, bar-stock oxygen generators, liquid oxygen equipment, and oxygen cylinders. These equipment help provide supplemental oxygen for recreational purposes like hiking, trekking, and camping to reduce physical strain at high altitudes. They offer benefits such as increased longevity and endurance, improved cognitive performance, healthier aging, relief from shortness of breath, among others.
Market key trends:
The recreational oxygen equipment market is witnessing high growth owing to rising health consciousness among consumers. Growing participation in outdoor recreational activities has increased the demand for recreational oxygen equipment to enhance performance. Furthermore, rising disposable income and awareness about the benefits of supplemental oxygen is driving the adoption of recreational oxygen equipment, especially among hikers and trekkers. Manufacturers are also developing innovative portable oxygen concentrators with features like lightweight, long battery life and Bluetooth connectivity for remote monitoring, which is attracting consumers. Advancements in oxygen generation technology is further expected to bring novel and more effective equipment in the market.
Porter’s Analysis
Threat of new entrants: New entrants face high initial costs to enter the market and establish branding. This poses significant barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power in the recreational oxygen equipment market due to availability of substitutes. However, brand loyalty and specialized needs increase switching costs.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute raw materials and components. Established buyers can impact profit margins of suppliers.
Threat of new substitutes: Threat of substitutes is low as recreational oxygen offers unique value in enhancing well-being and endurance during exercise.
Competitive rivalry: Intense due to presence of numerous global and regional players competing on basis of product innovation, quality and pricing.
SWOT Analysis
Strength: Wide product portfolio and technological innovations in oxygen delivery systems. Growing health and wellness trend driving demand.
Weakness: High R&D costs and susceptibility to price fluctuations of raw materials. Requirement of specialized skills for equipment use and maintenance.
Opportunity: Expanding e-commerce channels and untapped growth potential in emerging markets. Adoption for non-medical recreational uses such as hiking and travel.
Threats: Stringent regulatory framework. Rising popularity of alternative wellness therapies and 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. North America currently dominates the market, owing to rising health consciousness and large number of fitness centers in countries like the US.
By product, oxygen concentrators are anticipated to be the fastest growing segment during the forecast period due to their lightweight, portable nature and ability to deliver oxygen continuously without refills. 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, and Philips Healthcare.
Regionally, Asia Pacific is likely to offer lucrative opportunities for recreational oxygen equipment manufacturers over the coming years. This can be attributed to growing health and wellness trends, rising middle class population with higher disposable income, and increasing investments by global players in countries like China, India and Japan.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
