|Prominent players are now diversifying into other profitable segments; metered medical vaporizers being a classic example. Companies in the vaporizer industry are diversifying their portfolios and focusing on high-end products, along with profitable categories with rising demand. Demand for portable products is at an all-time high, especially because the millennial population. Demand for metered vaporizers from European countries is visibly increasing, and the main factors paving way for this demand are growing consumer awareness of metered dosages coupled with initiatives by vaporizers manufacturers to replace non-metered with metered variants.
On the back of these factors, global sales of handheld cannabis medical vaporizers are expected to top US$ 26 Bn in 2031. According to the report by Persistence Market Research, the market is estimated to register an impressive CAGR of close to 22% during the forecast period of 2021-2031.
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Key Takeaways from Market Study
- The handheld cannabis medical vaporizer market is projected to expand 8.5X in value over the next ten years.
- The market is considerably fragmented, resulting in moderate bargaining power for customers, due to a large number of players in the market. Key market players are involved in marking their presence through partnerships with leading global players.
- Persistence Market Research identifies North America as the largest market for handheld cannabis medical vaporizers, with a share of more than half of the global market, followed by Europe.
- Portable vaporizers is the dominating category in the global handheld cannabis medical vaporizer market. Desktop is, however, anticipated to experience higher demand growth over the forecast period.
- Non-metered handheld cannabis medical vaporizers dominate the market, mainly because of their affordable cost.
- Sales of handheld cannabis medical vaporizers across the U.S. are slated to expand, in value, at a CAGR of close to 24% from 2021 to 2031, while that in the U.K at over 24%.
“Apart from medicinal usage, vaporizers are also being allowed for recreational purposes in some countries. Canada has legalised the consumption of recreational cannabis, and such measures are aiding market expansion,” says an analyst at Persistence Market Research.
COVID-19 Impact on Market
With the onset of COVID- 19, use of cannabis has boomed during the lockdown period at a rapid pace. The COVID-19 pandemic saw an evident shift toward increased manufacturing of vaporizers. Companies restructured their production capacity for each category, according to demand-side trends. However, exports were restricted fearing the spread of infection, and hence, vaporizer manufacturers experienced a setback in their overseas business. Import of raw materials was also affected owing to varying country policies, challenging the manufacture of vaporizers.
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Key Market Players
The report underlines groundbreaking insights into the competitive scenario of the handheld cannabis medical vaporizer market, along with highlights of differential strategies used by manufacturers. Some of the key players identified across the value chain include Storz & Bickel GmbH & Co. KG (Herbalizer Vaporizer), 7th Floor Vaporizers (Da Buddha Vaporizer), Vapir Rise Vaporizer, Storz & Bickel GmbH & Co. KG, DAVINCI, Boundless Technologies LLC (Tera), Hound Labs, Inc., Syqe Medical, Resolve Digital Health, Vapium Inc., Target Group Inc. (Wisp), Puffco, Ardent, ARIZER, FIREFLY, DAVINCI, Arizer Company, PAX Labs, Inc., PressPart, and Merxine.
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