According to Coherent Market Insights, the global recreational oxygen equipment market is estimated to be valued at US$ 2,832.3 million in 2019 and is expected to exhibit a CAGR of 16.7% during the forecast period (2019-2027).
Key Trends and Analysis of the Global Recreational Oxygen Equipment Market:
Increasing number of approvals and launches for recreational oxygen equipment for medical applications are expected to drive growth of global recreational oxygen equipment market. For instance, in September 2017, Oxygen Plus (O+), a private company engaged in development and manufacturing of recreational oxygen, launched its novel innovation in recreational oxygen, The O+ Biggi. The equipment, with its mega-size canister and unique delivery method, is engineered and design to deliver the pure oxygen to boost the natural immunity. The O+ Biggi contains more than 180 breaths (7 liters) of pure recreational oxygen for natural energy.
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Furthermore, the Federal Aviation Administration (FAA) approved large number of portable oxygen concentrators such as Airsep Oxygen Concentrators, Devilbiss Oxygen Concentrators, Inogen Oxygen Concentrators, Inova Labs Oxygen Concentrators, Invacare Oxygen Concentrators, Sequal Oxygen Concentrators, and others, for carrying on flights, and availability in the market. Thus, availability of such recreational oxygen equipment in the market are expected to drive the recreational oxygen Equipment market growth over the forecast period.
Moreover, presence of favorable reimbursement policies for recreational oxygen equipment for medical application is expected to increase adoption of these devices, thereby expected to boost growth of the market over the forecast period. For instance, in May 2018, Louisiana Department of Health (Health Plan Advisory) announced that reimbursement will be allowed for portable oxygen equipment for patients who are prescribed with continuous oxygen and require portable units while en route to the doctor’s office, hospital, medically necessary appointments, or travel to or from school for individuals under the age of 21.
Among regions, Asia Pacific is expected to significant growth in recreational oxygen equipment market, owing to presence of major key players and increasing product launches. For instance, in November 2018, Bluewater Alkaline Solutions (BWAS) launched portable oxygen can, OXY99, in Telangana and Andhra Pradesh, India.
Key Market Takeaways:
- The global recreational oxygen equipment market is expected to witness a CAGR of 16.7% during the forecast period (2019-2027), owing to increasing product launches. For instance, in August 2018, Caire Inc launched its portable oxygen concentrator, the FreeStyle Comfort. The device is designed to deliver oxygen quickly in the early stages of the breath and also reduces the skipped breaths. Novel Federal Aviation Administration (FAA) approved device can be used on commercial air flights.
- Among product types, oxygen concentrator segment is expected to witness significant growth in the recreational oxygen equipment market, as major manufacturers such as CAIRE Inc. (AirSep), DeVilbiss Healthcare LLC, Inogen, Inc., and Invacare Corporation are focused on development and manufacturing of technologically advanced recreation oxygen concentrator.
- 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.
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