Vaporizer Market Generating Revenue of $2 Billion by 2031, At a Booming 5.4% Growth Rate

According to a new report published by Allied Market Research, titled, "Vaporizer Market," The vaporizer market was valued at $1.2 billion in 2021, and is estimated to reach $2 billion by 2031, growing at a CAGR of 5.4% from 2022 to 2031.

Vaporizer is a device that generates steam or a particular substance in the form of vapor, especially for medicinal inhalation. Inhaling steam is a common home remedy for treating cold and sinus infection symptoms. Inhalation therapy is a common therapeutic option for lung disorders such as cystic fibrosis, chronic obstructive pulmonary disease (COPD), and asthma and has been used for thousands of years. As a result, the market is being driven by an increase in lung disease patients, which is anticipated to lead to an increase in demand for vaporizers. For instance, the World Health Organization estimates that more than 339 million people worldwide suffer from asthma and that 80 percent of asthma-related fatalities take place in low- and middle-income nations. The vaporizer market is anticipated to increase as a result of the enormous number of asthma patients.

COVID-19 has resulted in an increased demand for the vaporizer market as it helps to overcome colds and coughs, and respiratory issues which can be caused due to COVID. Along with this many consumers bought vaporizers for using them at home to avoid doctor visits. According to the report of the National Library of Medicine, U.S., it has been observed that the administration of steam inhalation reduced clinical symptoms in infected patients.

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Moreover, an increase in concern of the global population toward beauty & personal care is expected to fuel the vaporizer market demand since they are used to cure skin dryness in a beauty salon. Vaporizers heat water and release steam into the atmosphere. Providing moisture to the air, with a cold or warm spray, can also help to relieve skin irritation. Thus, rise in concerns among the youth toward dry skin is expected to drive up the sales of vaporizers since vaporizers can help in the skin care. Along with this, steam moistures the hair roots which improves the blood circulation to the scalp and creates a humid environment, and opens the hair cuticles. Thus, moisture penetrating the hair cuticles makes the dry, dull, or damaged hair softer and smoother. Further, steaming curly hair retains its moisture and allows other hair care products to enter the hair cuticles easily. All such advantages of vaporizers in hair care are expected to boost the growth of the vaporizer market.

The expansion of the vaporizer market may be hampered by consumer hesitation to purchase vaporizers due to the risk of being burned or scalded if not handled properly. According to an article by the National Library of Medicine, steam vaporizers can cause significant burns in the pediatric population. Toddlers are at high risk, frequently sustaining hand burns that underwent skin grafting. Given these vaporizer hazards and the accessibility of a humidifier, customers may become more interested in humidifiers. Such factors may hamper the vaporizer market growth.

An increase in the geriatric population is expected to surge the demand for vaporizers since there are more chances for the elderly to catch a cold & cough. According to the report of the National Library of Medicine U.S., cough has a high prevalence and is detrimental to the quality of life of the elderly. Thus, owing to the high risk of cough & cold among the geriatric population, it prefers vaporizer as a convenient option. According to the United Nations, by 2050, one in six people across the globe will be over age 65 (16%), up from one in 11 in 2019 (9%). Further, according to the U.S. Census Bureau, 54.1 million U.S. residents were 65 years or older on July 1, 2019. Such a huge geriatric population is expected to provide a great opportunity for the growth of the vaporizer market size.

The vaporizer market is analyzed on the basis of type, application, distribution channel, and region. By type, the market is classified into facial steamers, hair vaporizers, and nebulizers. Depending on the application, the market is categorized into residential, hospital, and personal care services. As per the distribution channel, the market is segmented into offline and online distribution channels. The offline segment is further segmented into pharmacies, hypermarkets, and convenience stores whereas the online segment is further bifurcated into direct and indirect distribution. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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On the basis of type facial steamer constitutes a major vaporizer market share. The facial steamer works on the principle of the cleansing face by means of steam. A vaporizer has internal heating technology which boils the water before releasing it into the air as steam and creates a warm mist. Further, the hair care vaporizer segment is expected to witness significant growth owing to rise in concern of the consumer toward hair care coupled with the advantages of steaming the hair.

On the basis of application, the personal care services segment dominated the global market in 2021 and is expected to retain its dominance during the vaporizer market forecast period. The personal care services segment comprises the use of vaporizers for the use of skin care & hair care by professional service providers such as spas, salons, and beauty parlors. Moreover, rise in concern of the global population toward their personal appearance is expected to boost the growth of the personal care services segment. According to the report of the U.S. Bureau of Labor Statistics, about 93,800 openings for barbers, hairstylists, and cosmetologists are projected each year, on average, over the decade (2021-2031) in the U.S.

On the basis of distribution channels, the offline segment is projected to dominate the market accounting for more than 67% share in 2031 growing at a significant CAGR of 5.1% from 2022 to 2031. An increase in the availability of vaporizers through hypermarkets, convenience stores and pharmacies coupled with specialists' (such as pharmacist and salesperson) advice to use vaporizers for the treatment of cold & cough along with skin diseases is expected to boost sales through these distribution channels.

According to region, the market is further segmented into North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, the Netherlands, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Saudi Arabia, South Africa, and rest of LAMEA). North America dominated the market in 2021 owing to rise in awareness regarding the benefits of vaporizers such as helping to cure cold & cough and boosting skin care & hair care. Moreover, Asia-Pacific is expected to witness the highest growth owing to an increase in health concerns of consumers in developing countries, such as India and China.

The key leading players operating in this market are Panasonic Corporation, Secura, Teleflex Incorporated, Drive DeVilbiss International, PARI Respiratory Equipment, Inc., Allied Healthcare Products, Inc., Garfield Commercial Enterprises, Inc., Beurer GmbH, Felton Grimwade & Bosistos Pty Ltd, Revlon, Inc., C&A Marketing, Inc., Trudell Medical International, OMRON Corporation, Philip Morris International Inc., and Conair Corporation.

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Key findings of the study

As per vaporizer market trends, on the basis of type, the facial steamer segment dominated the vaporizer industry in 2021 and is expected to retain its dominance throughout the forecast period.

By application, the personal care services segment led the market in 2021 and is expected to retain its dominance throughout the forecast period.

As per vaporizer market analysis, based on distribution channels, the offline segment dominated the market in 2021 and is expected to retain its dominance throughout the forecast period.

Region-wise, North America accounted for the highest vaporizer market share in 2021 and is expected to grow at a CAGR of 4.7%.

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