The Hammers dropped into the relegation zone following their 2-0 defeat at Tottenham on Sunday and have just one win in their last eleven Premier League games.
Following back-to-back seasons where they qualified for Europe, the Hammers are struggling in the ongoing campaign and their inability to find the back of the net regularly has hurt them.
Owen stressed that it is no longer a blip for West Ham and the pressure is only going to mount in the coming weeks as games go by.
He insisted that there are several sides who could get relegated and West Ham are probably the best team in that group given the quality of their squad.
However, the former striker conceded that counts for little if West Ham cannot score the goals and earn the points needed to get away from the relegation zone.
Owen said on Premier League TV: “They are in a big fight.
“It is not like that it is just ten games into the season and it’s just a little bad patch, we are 23 games in and it is going to start ticking off now.
“There are a lot of teams down there, it’s not like there are just two to four teams who have been cut loose.
“All of the teams there, Nottingham Forest [13th in the table] down, are all looking over their shoulders and all of them potentially could get relegated.
“West Ham are probably the best team out of that lot but it’s alright having the players, the manager, the stadium and the history but they are not scoring enough goals at the moment.
“They have to pull their fingers out in the next 15 games to survive because that’s what it has got to now.
“It’s about survival and they have got to get some points and get them quick.”
West Ham have a big game next when they host potential relegation rivals Nottingham Forest at the London Stadium next Saturday.
