Vaporizers Global Market Report 2024

The vaporizers market size has grown exponentially in recent years. It will grow from $21.92 billion in 2023 to $27.97 billion in 2024 at a compound annual growth rate (CAGR) of 27.6%. The growth observed in the historical period can be ascribed to changes in consumer preferences, trends emphasizing health and wellness, regulatory shifts supporting vaping, growing social acceptance, and ongoing product innovation and design.

The vaporizers market size is expected to see exponential growth in the next few years. It will grow to $70.55 billion in 2028 at a compound annual growth rate (CAGR) of 26.0%. The anticipated growth in the forecast period can be linked to the increasing legalization of cannabis, the expanding usage of e-cigarettes, the proliferation of vape culture, a focus on sustainable and eco-friendly products, and a heightened emphasis on health consciousness and harm reduction. Notable trends expected in the forecast period encompass disposable vaporizer pens, advancements in materials and design, emphasis on customization and personalization, stringent adherence to regulatory compliance, and the adoption of eco-friendly practices.

The advancement in vaporizer technology is a driving force for the growth of the vaporizers market. Modern vaporizers are equipped to measure precise amounts of anesthetic agents and can autonomously regulate the supply of these agents. For example, GE Healthcare, a prominent global medical technology and life sciences company, provides the Aladdin Cassette - an electronic vaporizer capable of measuring anesthetic agent doses and storing related information.

The increasing popularity of electronic cigarettes (e-cigarettes) is anticipated to boost the vaporizers market in the future. E-cigarettes, powered by batteries, vaporize a liquid solution to create an aerosol that users inhale. Vaporizers play a pivotal role in e-cigarettes, heating and vaporizing the e-liquid to produce an inhalable aerosol, simulating the smoking experience. As of June 2023, the Centers for Disease Control and Prevention reported a 46.6% increase in e-cigarette unit sales, rising from 15.5 million units in 2020 to 22.7 million units in 2022. Moreover, the sales of disposable e-cigarettes more than doubled during this period, surging from 24.7% in January 2020 to 51.8% in December 2022. Consequently, the growing popularity of e-cigarettes is a key driver for the expansion of the vaporizers market.

Anesthetic vaporizers necessitate a continuous power supply, posing a challenge in emerging economies with inadequate energy infrastructure. In 2022, the International Energy Agency reported that the number of people lacking access to electricity is expected to rise, reaching 760 million people. Sub-Saharan Africa, accounting for 80% of those without electricity access, is a significant contributor to this growth. The deficiency in energy infrastructure poses a hindrance to the growth of the vaporizers market.

The demand for medicated cannabis vaporizers is on the rise in the vaporizers market. Cannabis vaporizers incorporate advanced heating technology, allowing users to precisely control the heater's temperature through a display on the unit. This feature grants users complete control over the aerosol density produced. Storz & Bickel, a subsidiary of the Canopy Growth Corporation, has developed and manufactured vaporizers, namely Volcano Medic and the Mighty Medic, in compliance with the European Medical Device Directive 93/42/EEC and Standard DIN EN 60601.

Leading companies in the vaporizers market are increasingly focusing on the introduction of personalized platforms, exemplified by My PAX, to enhance revenue in the market. My PAX serves as a personalization platform for cannabis vaporizers, enabling users to customize their PAX vaporizer devices with unique and creative designs, delivering a personalized experience for cannabis consumers. In July 2023, PAX, a US-based cannabis company, launched the My PAX personalization platform, catering to devices such as PAX Plus, PAX Mini, and PAX Era. This platform offers various customization options, including text and line-based imagery. Users can easily create their ideal vape experience by adding text and line-based imagery while adjusting font, size, and layout.

In December 2021, GE Healthcare, a US-based provider of technologies, digital infrastructure, data analytics, and decision support tools, completed the acquisition of BK Medical for an undisclosed amount. This strategic move expands GE Healthcare's $3 billion ultrasound business beyond diagnostics to encompass surgical and therapeutic interventions. BK Medical, a US-based global intraoperative imaging and surgical navigation company, strengthens GE Healthcare's position in the medical technology sector.

Major companies operating in the vaporizers market report are Procter & Gamble. Company, GE Healthcare Technologies Inc., Atmos Nation LLC, Draegerwerk AG & Co. KGaA, Rothacher Medical GmbH, HANU LABS Inc., Intersurgical Ltd., PAX Labs Inc., Boundless Technology, Ghost Vapes CO LIMITED., Felton Grimwade & Bosisto's Pty Ltd., Puffco Corporation, Allied Medical Ltd., Penlon Ltd., Storz & Bickel GmbH & Co. KG, Firefly Vapor, Elev8 Cannabis Athol, Grenco Science Inc., Organicix LLC, Linx Vapor, DynaVap LLC, DynaVap LLC, Dr. Dabber Inc., Fyron, Kindwell Medical, OES Medical, Vapium Inc., KandyPens Inc., Vanker OÜ, Vaporizer Sales & Service, Arizer, Magic-Flight Launch Box, Utillian, Haze Technologies, Cloudious9 Inc., AirVape, C/O The Kind Group LLC, VAPE SOURCE (MCR) LTD., Healthy Rips, Ditanium Vapor. Asia-Pacific was the largest region in the vaporizers market in 2023. The regions covered in the vaporizers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The primary categories in the vaporizers market include e-cigarette vaporizers, marijuana vaporizers, and medical vaporizers. Marijuana vaporizers are specifically designed to heat marijuana, whether in dry herb or concentrate form, sufficiently to release its active ingredients, particularly THC, without combustion. These products are distributed through online and retail channels, with applications ranging from personal use and medical applications to other purposes.

The vaporizers market research report is one of a series of new reports that provides vaporizers market statistics, including vaporizers industry global market size, regional shares, competitors with a vaporizers market share, detailed vaporizers market segments, market trends, and opportunities, and any further data you may need to thrive in the vaporizers industry. This vaporizers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The countries covered in the vaporizers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The vaporizers market consists of sales of e-cigarette vaporizers, marijuana vaporizers, medical vaporizers, and other vaporizers. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.