by The global Steam Inhaler Devices Market is estimated to be valued at US$ 2.5 Bn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Steam inhaler devices are drug delivery devices used for the treatment of respiratory diseases such as asthma, sinusitis, and chronic obstructive pulmonary disease (COPD). Steam inhaler devices work by turning liquid into steam using heat. The steam helps loosen mucus in the respiratory tract and makes coughing up the mucus easier. Some key advantages of steam inhaler devices include relief from congestion, sore throat, cough and cold symptoms, and thinning of mucus. Growing prevalence of respiratory diseases owing to high pollution levels and changing lifestyle is fueling the demand for steam inhaler devices globally.
Market key trends:
One of the key trends in the Steam Inhaler Devices Market Size is the increasing launches of innovative steam inhaler devices with advanced features. For instance, in 2021, Vicks introduced the Vicks humidifier with essential oils designed for targeted relief and aromatherapy. The device allows use of essential oils for aromatherapy that helps relieve stress and congestion. Furthermore, growing adoption of home healthcare devices is also contributing to the growth of the steam inhaler devices market. Steam inhaler devices offer convenient treatment options at home without medical supervision for respiratory issues and illness.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to high manufacturing and R&D costs. However, the availability of raw materials reduces the entry barriers.
Bargaining power of buyers: The bargaining power of buyers is high as steam inhaler devices is a commodity market with several alternatives available. Buyers can easily switch to substitutes based on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers for raw materials like plastic, fabric and electric components. Suppliers have low switching costs.
Threat of new substitutes: The threat of new substitutes is high due to the presence of alternative respiratory devices like nebulizers, humidifiers and other OTC drugs.
Competitive rivalry: The competitive rivalry in the steam inhaler devices market is high due to the presence of several global and local players.
Key Takeaways
The global Steam Inhaler Devices market is expected to witness high growth, exhibiting CAGR of 7.7% over the forecast period, due to increasing prevalence of respiratory diseases.
Regional analysis
North America is expected to dominate the global steam inhaler devices market during the forecast period. This is attributed to the increasing prevalence of respiratory diseases such as asthma in the region. Asia Pacific is anticipated to exhibit the fastest growth rate over 2023-2030 owing to raising awareness regarding respiratory care products along with growing geriatric population in countries like China and India.
Key players
Key players operating in the steam inhaler devices market include Vicks, MyPurMist, Gurin, Uniclife, HealthSmart, Veridian Healthcare, Vanker, Leica Biosystems, Guardian Technologies, Kaz, Honeywell, Bionix, Invacare, Breathe-ezy, Austin Air Systems, Drive DeVilbiss Healthcare, CareFusion, Cipla, and GlaxoSmithKline, PARI Respiratory Equipment. Vicks dominated the global market in 2022 owing to its wide product offerings.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
