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.