The practice of sauna has been found to have both acute and long-term cardiovascular benefits, which are generally postulated to be a result of thermoregulatory physiological adaptations. Another element of sauna conditions which has been overlooked is that the extremely high absolute water content of air at sauna temperature, even at low relative humidity, results in significantly decreased partial pressure of oxygen. Using the Arden-Buck equation for water-carrying capacity of air along with the barometric formula, it is shown in this hypothesis that typical sauna conditions have an oxygen partial pressure reduction that may be equivalent to significant elevations above sea level. This effect may also be enhanced by lower air density further reducing available oxygen relative to respiratory volume.This paper presents the hypothesis that altitude adaptation may be a contributing factor in the cardiovascular benefits of sauna treatments, suggesting that sauna should be considered as an alternative in instances where intermittent hypoxic training is indicated but not available, and that clinical research into sauna treatment is merited for conditions in which intermittent hypoxic training is known to have applications. The hypothesis could be investigated through pulse oximetry of subjects under sauna conditions and by tracking blood markers of altitude adaptation compared to a control group using steam rooms.