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Market Overview:
Steam inhaler devices are used for the relief of symptoms associated with congestion due to common cold, flu or allergies. They work by releasing micro-sized water droplets into a warm mist which helps clear nasal congestion when inhaled. Steam inhalers are easy to use, compact, portable and release pure steam without any drug component. They provide quick relief from stuffed nose and help users breathe more freely and comfortably.
The global Steam Inhaler Devices Market is estimated to be valued at US$ 6,721.4 Million 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 key trends:
One of the key trends in the steam inhaler devices market is the growing adoption of digital therapeutics. Manufacturers are increasingly integrating steam inhalers with digital applications and sensors to monitor treatment duration and provide personalized guidance. For example, Vicks VapoCool integrated mist humidifier allows users to control mist duration and intensity from a mobile app. Such digital features allow for remote monitoring and ensure proper adherence to treatment regimen. They also collect usage data that can help physicians make more informed recommendations. Growing preference for smart digital solutions in healthcare is expected to support the demand for advanced digital steam inhalers over the forecast period.
Porter’s Analysis
Threat of new entrants: Low as steam inhalers require high capital investments and technological expertise to manufacture.
Bargaining power of buyers: Moderate as buyers have many options but brand loyalty and prescription also impacts buyer decision.
Bargaining power of suppliers: Moderate as suppliers have established relationships with manufacturers but new entrants can disrupt the supply chain.
Threat of new substitutes: Low as steam inhalers are primarily used to relieve symptoms of respiratory illnesses and there are limited substitutes.
Competitive rivalry: High as the market has prominent global and regional players competing on the basis of product portfolios and pricing.
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 prevalence of respiratory diseases.
North America dominated the market in 2022 attributed to high healthcare spending and favorable reimbursement policies for respiratory devices in the region.Europe market is expected grow at the fastest rate during the forecast period owing to increasing adoption of steam inhalers for treatment of respiratory illnesses.
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. Merck & Co., Inc. holds the leading market share attributed to its well-established brand name and strong distribution network worldwide.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
