LOS ANGELES, Oct. 07, 2019 (GLOBE NEWSWIRE) -- The global recreational oxygen equipment market is expected to grow at a CAGR of around 16.3% from 2019 to 2026 and to reach the market value of around 307 Mn by 2026.
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North America Accounted For the Largest Market Share In The Year 2018
The presence of developed healthcare infrastructure coupled with favorable reimbursement policies in major economies of the region such as the US and Canada is primarily driving the regional market growth. Along with this, the several favorable government initiatives by governmental or regulatory bodies such as Recreational Oxygen Association of North America (ROANA), for spreading awareness among the residents about the benefits of recreational oxygen is further supporting the positive regional market growth. Apart from this, Asia Pacific is expected to experience lucrative growth over the forecast period. The rising government support for the development of healthcare infrastructure in the emerging economies of the region such as China, Japan, and India is further anticipated to augment the demand in the market. Additionally, the increasing spending on better healthcare products that can add on to a healthy lifestyle is further propelling the regional market growth.
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The global recreational oxygen equipment market is segmented on the basis of products, application, and region. The products are further split into the concentrator, bar equipment, and others, where the concentrator holds the leading position in the year 2018, and the segmented is also expected to experience substantial growth over the forecast period of 2019 to 2026. The segment is mainly gaining pace due to the increasing demand for oxygen concentrators among end-users because of its easy use and availability. Along with these, the incorporation of specific changes in product design by major market players for combating customer need and also for improving customer experience is again creating a potential demand in the market. According to World Health Organization (WHO), Chronic Obstructive Pulmonary Disease (COPD) a life destructive lung disease, which is estimated as the primary reason for approx. 3.17 million deaths in 2015 and the figure equals to 5% of all global deaths for the same year. COPD is likely to create potential demand over the forecast period for the major players.
By Application, Medical Use Recreational Oxygen Equipment Dominated The Segment In The Year 2018
On the basis of application, the market is segmented into athletic/sports, medical and others. In 2018, medical use equipment held the largest market share due to increasing prevalence of respiratory diseases coupled with the increasing geriatric population across the globe. The segment is also gaining positive growth owing to increasing investment for the development of medical infrastructure of emerging economies. The growing discretionary income is also pushing individual for the adoption of healthy life solution, which is also propelling the market growth. Along with this, the use of O2 concentrators for home therapies by the patients can help in easy handling, along with the assured safety.
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Some of the leading competitors of recreational oxygen equipment market include 2nd Wind Oxygen Bars, Boost Oxygen, LLC. Chart Industries, Inogen, Invacare, KOL Commentary, Koninklijke Philips N.V, Live O2, Oxygen Plus, Inc., Pure O2 Ltd. The major players are investing in R&D activities for developing more cost-effective solution for customer satisfaction and also for combating changing lifestyle trends.
Some key observations regarding recreational oxygen equipment providers include:
- The company Oxygen plus or O+ has recently featured an innovation in recreation oxygen market. The new innovation is a mega-size, hand-held oxygen canister named O+ Biggi™. The product is designed to gear up the wellness and consumer energy. Apart from this, the product is manufactured from recycled aluminum and also designed as a 100 percent recyclable product.
- Boost Oxygen, LLC. and MLL or Major League Lacrosse announced a new partnership, where players will experience the Boost Oxygen canisters throughout the championship weekend.
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