Global Recreational Oxygen Equipment Market, By Product Type (Oxygen Concentrator, Oxygen Bars, Others), By Application (Medical, Athletes/Sport Others) and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 5.14 billion in 2023 and is expected to exhibit a CAGR of 16.7% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The key market players in the market are focusing on the adoption of organic growth strategies, such as product launches to expand their product portfolio, which is expected to drive market growth over the forecast period. For instance, 06 January 2023, Arya Biomed, established itself as a key player in the portable oxygen concentrator market, offering the lightest device in its class.
Global Recreational Oxygen Equipment Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of drugs from one place to another.
COVID-19 had a positive impact on the global recreational oxygen equipment market. Due to increase in demand for portable oxygen, For instance, in November 2021, a news was published by an Indian news paper The Hindu, according to that, demand for portable oxygen cans on the rise in country.
Global Recreational Oxygen Equipment Market: Key Developments
Increase in inorganic strategies such as acquisitions by the key market players is expected to drive the global recreational oxygen market over the forecast period. For instance, in May 2021, OxyGo LLC, a lightweight portable oxygen concentrators manufactures, acquired LIFE Corporation, a manufacturer of medical devices and specializes in portable Emergency Oxygen and CPR administration equipment.
Browse 26 Market Data Tables and 25 Figures spread through 137 Pages and in-depth TOC on “Global Recreational Oxygen Equipment Market”- Forecast to 2030, Global Recreational Oxygen Equipment Market, by Product Type (Oxygen Concentrator, Oxygen Bars, Others), by Application (Medical, Athletes/Sport Others) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Key Takeaways of the Global Recreational Oxygen Equipment Market:
- The global recreational oxygen equipment market is expected to exhibit a CAGR of 7% during the forecast period. For instance, in April 2019, Air Source Industries offered premium medical grade oxygen to the greater Los Angeles and Orange County areas. Its madecal oxygen used by clinics, dental offices, veterinarians, laboratories, sports programs and athletes.
- Among product type, oxygen concentrator segment is estimated to hold a dominant position in the global recreational oxygen equipment market over the forecast period.
- Among region, North America is expected to be the dominant region in the global recreational oxygen equipment market, owing to increasing technological advancement by key market players, to expand the product portfolio and strengthen their market presence, which is expected to drive the segment growth over the forecast period.
- Major players operating in the global recreational oxygen equipment market include 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