Steam inhaler devices are medical devices used for delivering steam vapors to the upper respiratory tract through inhalation. These devices help provide relief from congestion associated with common cold, sinusitis and other respiratory infections. The steam vapors help clear out mucus and open up airways. Steam inhaler devices are non-invasive, easy-to-use and effective alternative to medication for relieving respiratory congestion. The global 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 Opportunity:
Rising preference for non-invasive therapies to treat respiratory ailments is a major driver of growth for the steam inhaler devices market. Steam inhalation therapy is an age-old practice that is gaining increasing acceptance among patients as a natural, drug-free and effective method to loosen respiratory congestion. This is attributed to growing concerns regarding side effects of over-dependence on medication. Steam inhalers allow patients to self-administer steam therapy easily at home without medical supervision. The convenience and lack of invasiveness offered by steam inhalers make them an attractive alternative particularly for temporary relief of mild respiratory conditions, thereby driving their adoption rates. This growing preference for non-invasive and side-effect free therapies for respiratory illnesses presents significant opportunities for growth of steam inhaler devices market over the forecast period.
Porter's Analysis
Threat of new entrants: Low as high investments are required for research and development. Bargaining power of buyers: Moderate as buyers have various substitutes available at lower prices. Bargarine power of suppliers: Moderate as suppliers of raw materials have established supply chain. Threat of new substitutes: High as digital health technologies provide alternative treatment options. Competitive rivalry: High as the market is dominated by major players competing on the basis of product differentiation and pricing.
SWOT Analysis
Strengths: Established brands, wide product portfolio and technological advancements. Weaknesses: High research and development costs, stringent regulations. Opportunities: Growing geriatric population, increasing pollution levels. Threats: Social stigmas related to visible devices, preference for alternate treatment therapies.
Key Takeaways
The global Steam Inhaler Devices market is expected to witness high growth over the forecast period of 2023 to 2030. The Asia Pacific region currently dominates the market due to large population centers and growing pollution levels in countries such as India and China. North America and Europe are also significant markets driven by awareness programs and availability of advanced products.
Key players operating in the Steam Inhaler Devices market are Vicks, Stadler Form, AllegrO, HealthSmart, NeilMed, BLF and Dr.Trust. Vicks dominates the market with its extensive distribution channels and brand recall. Stadler Form is a notable player focusing on innovative product designs.
Global respiratory inhaler device shipments are likely to grow at over 4% in 2021, as the medical device industry makes a gradual recovery.
This stark contrast reflects the status-quo in the global medical device industry, where realization of new investment and bottom-lines are concurrent.Global demand for respiratory inhaler devices continues to be driven by rising prevalence of COPD and asthma.
According to the World Health Organization (WHO), nearly 251 million cases of chronic obstructive pulmonary disease (COPD) were reported worldwide in 2016 and nearly 339 million people were estimated to have asthma in the same year.
Spurred by these factors, the global market for respiratory inhaler devices is expected to report surging sales.Smart Inhaler Technology Touted as a Major BreakthroughSmart inhalers have been touted as a disruptive technology, and it remains a key focus area for manufacturers.
Smart inhalers can signal patients if their overusing any medication, warning them against poor management of the condition.
The technology is touted as a major breakthrough in the healthcare sector and one that is expected to enable growth in the respiratory inhaler devices market in the coming years.Several studies already are underway gauging the potential of these development.
The pharmaceutical industry makes, discovers, produces, and sells pharmaceutical drugs or medicines for the purpose to heal them, diagnose them, treat them, or relieve the symptoms associated with the diseases.
Pharmaceutical companies can deal in both Pharmaceutical Products and generic or trademark drugs and medical devices.
Globally, the pharmaceutical industry employs millions and is worth $60 billion annually.The beginnings of the pharmaceutical industry can be traced to the year 1815 when the first medicines were produced by Thomas Young, a doctor from England.
Later, his son Thomas started a manufacturing company, which mass-produced cloths and napkins bearing the name "Young's Gas".
The printed napkins and cloths were called "Pharmaceuticals", and later included various chemicals that can be used in medicine manufacturing.The pharmaceutical industry uses the concept of drug development.
The testing of new pharmaceutical drugs requires the use of laboratory experiments on animals and humans.
