The 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 medical devices used for providing relief from symptoms associated with respiratory diseases such as common cold, asthma, sinusitis etc. by steaming the nasal passages. Steam therapy helps in loosening the congestion and clearing nasal passages. Steam inhaler devices are suitable for patients of all ages as they provide a safe and effective relief from respiratory symptoms.

Market key trends:

Increasing prevalence of respiratory diseases is a major factor driving growth of the Steam Inhaler Devices Market Size. As per World Health Organization (WHO), globally around 235 million people suffer from asthma. Furthermore, as per the U.S. Centers for Disease Control and Prevention (CDC), in 2018 around 52.7 million people in U.S. were diagnosed with at least one type of respiratory disease. Technological advancements in steam inhaler devices with advent of portable units and features such as adjustable steam flow are also fueling market growth. For instance, units such as Honeywell’s Allergy Relief Humidifier allow custom control over steam flow and duration of steam delivery.

Porter’s Analysis

Threat of new entrants: New entrants find it difficult to enter the steam inhaler devices market due to high R&D and capital requirements for producing medical-grade devices. Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and significant awareness regarding steam inhalers. Bargaining power of suppliers: Key raw material suppliers have moderate bargaining power due to the availability of substitutes. Threat of new substitutes: Substitutes like nasal sprays pose a minor threat due to specific consumer requirements and preferences for steam inhalers. Competitive rivalry: The steam inhaler devices market witnesses high competition due to the presence of a large number of global and regional players.

SWOT Analysis

Strength: Steam inhaler devices are simple to use, portable and offer effective relief for nasal congestion. Weakness: High cost of steam inhalers compared to substitutes and possibility of overuse leading to dependency. Opportunity: Increasing incidences of respiratory illnesses and allergies across the world presents an opportunity for market growth. Threats: Entry of new substitutes and stringent regulatory approvals for new products.

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. North America region currently dominates the steam inhaler devices market owing to growing respiratory disease burden and technological advancements. Key players operating in the steam inhaler devices market are 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, GlaxoSmithKline, PARI Respiratory Equipment.

Regional analysis: Europe is the second largest steam inhaler devices market due to increasing adoption of steam inhaler devices for treatment of respiratory diseases. Asia Pacific market is expected to witness highest CAGR over the forecast period owing to rising geriatric population, improving healthcare infrastructure and growing awareness.

Key players related content: Key players operating in the steam inhaler devices market are focusing on new product launches. In October 2022, Vicks unveiled a new portable steam inhaler device equipped with advanced features for enhanced user experience. Gurin launched a compact steam inhaler with rechargeable battery in March 2023 to target the young adult demographic.

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