Oof at the title ;_;
It does give me the feeling of being starved of oxygen, or struggling to get some -- but whether it happens in space, is another matter -- I can also see it happening underwater or in some microgravity lab which, due to a disaster, is starved of oxygen.
I like the sense of buildup, and those countermelodies you introduce round the minute mark -- I love how subtle but powerful they are. The sparse instrumentation certainly lends itself to images of very stark surroundings. It's short and sweet. Well done!