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Market Overview:
Steam inhaler devices are used to inhale steam through their mouth or nose which helps in reducing congestion and clearing nasal passages. They are useful for treating common cold, flu, allergy symptoms and reducing stress. The devices work by heating water to produce steam which contains humidity that loosens the mucus and makes it easier to expel out of the respiratory tract providing temporary relief from symptoms. Common products in the market include electric steam inhalers, steam pods and steam face masks.
The Steam Inhaler Devices Market is estimated to be valued at US$ 6,721.4 Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing prevalence of respiratory diseases: – The prevalence of respiratory diseases such as asthma and chronic obstructive pulmonary disease (COPD) has been on the rise globally which has increased the demand for steam inhalers for symptom management and providing temporary relief. As per WHO, around 235 million people suffer from asthma worldwide.
Growing pollution levels: – Rising levels of air pollution from vehicular emissions and industries have triggered a rise in allergies and respiratory issues amongst people. This has fueled the adoption of steam inhalers to counter the ill-effects of pollution. Steam helps in diluting pollutants and provides moisture to nasal passages.
Segment Analysis
The steam inhaler devices market is dominated by the portable steam inhalers sub segment. Portable steam inhalers are gaining popularity as they are compact, lightweight and easy to carry. Their increasing adoption is attributed to the convenience of usage they offer to patients.
PEST Analysis
Political: Favorable regulations regarding usage of steam inhalers for respiratory conditions in various countries is driving market growth.
Economic: Rising healthcare spending and disposable incomes in emerging economies is fueling the demand for steam inhalers.
Social: Growing air pollution levels and increasing prevalence of respiratory illnesses globally is propelling the steam inhaler devices market.
Technological: Advancements in steam inhaler technology focusing on portability, ease of use and enhanced functionality is boosting their uptake.
Key Takeaways
The global steam inhaler devices market is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing pollution levels and rising respiratory disease burden globally.
Regional analysis: North America represents the largest market for steam inhaler devices owing to increasing pollution and favorable reimbursement policies. Asia Pacific is poised to register fastest growth over the coming years led by growing medical tourism and raising healthcare expenditure in China and India.
Key players operating in the steam inhaler devices market are Merck & Co., Inc., Sun Pharmaceutical Industries Ltd., Novartis AG., Bausch & Lomb Incorporated., Allergan, Perrigo Company plc, Taro Pharmaceutical Industries Ltd., Provectus Biopharmaceuticals, Inc., F. Hoffmann-La Roche Ltd, Sanofi, and Mylan N.V. Key players are focused on developing advanced portable steam inhalers with compact sizes and enhanced functionalities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
