STEAM INHALER DEVICES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Market Challenges And Opportunities

Steam Inhaler Devices Market Drivers:

• Rising prevalence of respiratory diseases: Increasing prevalence of respiratory diseases like chronic obstructive pulmonary disease (COPD), asthma, respiratory tract infections, and others, is expected to drive the market growth of steam inhaler devices market. For instance, according to publication by Center for Disease Control and Prevention ‘CDC/National Center for Health Statistics’ published on September 2023, around 4.6% Americans diagnosed with COPD, emphysema, or chronic bronchitis. The mortality rate by chronic lower respiratory diseases (including asthma) deaths per 100,000 populations is 42.9.
• Growing adoption among geriatric population: The geriatric population is at a higher risk of developing respiratory conditions like COPD, chronic bronchitis, and emphysema. Reduced immunity and lung capacity make breathing difficulties common among the elderly. Doctors are increasingly recommending steam inhalation therapy to help relieve nasal congestion and chest congestion in aged patients. The devices provide quick drug-free relief and helps in avoiding side-effects of medications in the elderly. Their ease of use at home further drives the adoption of these devices. With the global geriatric population expanding rapidly, the demand for steam inhalers and nebulizers is expected to witness robust growth. For instance, according to Center for Disease Control and Prevention, in November 2021, older adults accounted for 81% of all deaths from COVID-19 in the U.S.
• Favorable reimbursement policies: Steam inhalation therapy is gaining increased reimbursement coverage globally. Many private insurance companies and public healthcare systems like Medicaid and Medicare have started covering expenses of devices like steam inhalers. This is improving device affordability and driving adoption across all income groups. With respiratory diseases on the rise, healthcare authorities are promoting accessible, safe, and cost-effective treatments like steam inhalation. Expanding reimbursement coverage, particularly in developed countries, presents significant growth opportunities for manufacturers.
• Increasing healthcare expenditure: Rising healthcare expenditure levels worldwide are contributing to market growth. Both public health spending and private out-of-pocket expenditure on healthcare services and products continue to increase rapidly. This is driven by rising incomes, aging populations, growing health awareness, and a high disease burden. Rising expenditure is improving patient access to new steam inhalation products like portable nebulizers. It also enables faster integration of technological advancements. Market players are also able to invest more in research and developments (R&D) and launch innovative products to meet evolving consumer requirements.

Steam Inhaler Devices Market Opportunities:

• Integration of steam inhaler devices with mobile applications: Increasing integration of steam inhaler devices with mobile application by key market players can propel the market growth. For instance, in April 2023, Mypurmist, the leading company in providing the best steam inhalers, announced new steam inhaler, which is available in plug-in and cordless versions. Mypurmist steam inhaler is the world's most advanced steam inhaler that offers 100% natural, drug-free, and ultrapure therapy for colds, sinus congestion, and allergies. The launch of this new steam inhaler is likely to offer effective and comfortable respiratory relief. Besides the plug-in steam inhaler, the company also offers Mypurmist free cordless steam inhaler to offer wire-free instant natural therapy. This handheld humidifier uses patented ultrasonic technology for releasing warm mist for instant respiratory relief.
• Innovation in device designs: Companies can gain an edge over competitors by focusing their R&D efforts on product design innovations. Compact and portable steam inhaler device designs will witness increased demand from consumers. Features like improved battery life, soft masks, and intuitive controls can improve patient comfort and convenience. Devices with built-in air quality monitoring sensors also allow personalized therapy. Launching smartphone app connectivity can help track patient progress. User-centric and sustainable designs that are simple to maintain and transport can boost adoption across all age groups. For instance, in June 2021, Aptar Pharma, an India-based pharmaceutical company, announced the collaboration with Nordic semiconductor, a Norway-based fabless technology company. The collaboration will provide the wireless connectivity for its ‘Connected Device for Metered Dose Inhalers (MDIs).

Steam Inhaler Devices Market Restraints:

• Side effects: Some patients may experience side effects like nasal or throat irritation and dryness from prolonged steam inhaler use. Very hot steam can damage the airways. This may hamper device adoption among sensitive patients. Companies are innovating to minimize adverse effects. The use of natural moisturizing ingredients in vapor and optimizing steam temperature helps reduce irritation. Educating consumers about proper usage guidelines and precautions also aids in easing concerns over side-effects. More clinical studies proving long-term safety can boost market growth.
• Lack of reimbursement policies: Many developing countries still lack reimbursement coverage for steam inhalation therapy. Out-of-pocket expenditure on devices like nebulizers can be high for majority consumers. This impacts adoption across all income groups. It is a key growth challenge in highly price-sensitive markets. Companies need to gradually lobby healthcare authorities to recognize steam therapy benefits and provide fair reimbursements. Tie-ups with medical insurance providers can also improve affordability. Local manufacturing helps make products cheaper. Offering value-based pricing can further boost uptake.
• Product Recalls: The product recall for steam inhaler devices by regulatory authorities due to concerns raised for the overheating issues by consumers is hampering the growth of steam inhaler device market. For instance, in March 2021, Class 2 Device applied for recall for Vicks brand Warm Mist Humidifier, Model V610, ''Pure Warm Moisturizer for Soothing Relief of Cold and Flu Symptoms'' sold over the counter and distributed by Kaz Inc., a Marlborough, Massachusetts-based manufacturer and distributor of health care products; under license from the Procter & Gamble Company. It was noted that product may overheat which can cause burn injuries.