Cannabis Vaporizers Market to Reach Valuation of US$ 20.5 Bn by 2030; TMR Analyzes Impact of COVID-19 on Market; Stakeholders to Focus on Long-term Dimensions

Can Cannabis Affect Coronavirus

COVID-19 (coronavirus) has become a reason of major concern for companies in the cannabis vaporizers market. In a newsletter published on March 6, 2024 by the UCSF (University of California, San Francisco) states that inhaling from cannabis vaporizer develops aerosol particles that have similar adverse effects caused by smoking. However, there lies a silver lining to the much talked about COVID-19, which has created global awareness that cannabis has promising potential in the treatment of coronavirus-like diseases, such as superbugs, owing to its anti-microbial qualities. Hence, companies are focusing on strengthening their supply chains for end users who are suffering from mental health issues due to the overwhelming misery created by COVID-19.

Apart from medical use, cannabis vaporizers are extensively used for recreational purposes. As such, recreational usage dictates a higher revenue share as compared to medical usage in the cannabis vaporizers market, where the revenue of the market is poised to reach ~US$ 20.5 Bn by 2030.

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Unparalleled Heat Settings and Battery Life Fuel Demand for Cannabis Vaporizers

Breakthrough innovations are revolutionizing the cannabis vaporizers market, as the market is expected to grow at a significant CAGR of ~17% during the forecast period. Since several governments in North America have recently legalized cannabis, innovators right from California to Canada are introducing new cannabis vaporizers. This explains why the cannabis vaporizer market in North America is expected to generate the highest revenue during the forecast period.

Groundbreaking products, such as the Dr. Dabber SWITCH— a patent-pending induction vaporizer from a supplier of high-quality vape pens is leveraging its online presence due to the high order volume amidst the COVID-19 outbreak. Companies in the market for cannabis vaporizers are increasing their R&D activities to introduce unmatched heating speeds and battery life in products to gain competitive edge over other market players. In order to serve the convenience of users, companies are increasing their production capacities to boost the availability of both desktop and portable vaporizers built with different heat settings.

Overcoming Social Stigma Becomes Key Focus Point for Manufacturers

The social stigma associated with cannabis poses as one of the biggest hurdles for manufacturers in the cannabis vaporizers market from expanding their business. The market is already progressing at a striking CAGR, which can be further accelerated, if individuals in the market landscape acknowledge the achievements of innovators. For instance, companies at the renowned trade show CES held in Las Vegas, Nevada, U.S. were prohibited from uttering the words cannabis, weed, and marijuana let alone showcase their products on the main show. The U.S., being the epicenter of legalized cannabis, is creating hurdles for award-winning cannabis vaporizer innovators.

In order to overcome the issues associated with cannabis vaporizers, companies in the cannabis vaporizers market are strengthening their presence through mid- and small-scale events that prominently highlight new innovations of vaporizer products.

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Tailored Hardware Leverages In-depth Understanding of Oil Viscosity and its Composition

Apart from innovations on the technological front, companies in the cannabis vaporizers market are increasing their focus in new formulations of cannabis oils. Among all ingredients, cannabis oil is estimated to generate the second-highest revenue by the end of the forecast period. This has led to experimentation with various strains of cannabis and different levels of processing. Likewise, the CO2 extraction method is being highly popularized for producing vape cartridges.

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The concept of tailored hardware is another key takeaway that is grabbing the attention of manufacturers in the cannabis vaporizers market. Manufacturers are associating this concept in comparison to putting high-octane fuel in a run-down vehicle, which may not be a feasible idea. In order to gain competitive edge in the market landscape, companies are growing aware about different hardware parameters to obtain the most out of the oil experience. Hence, companies are collaborating with experts to gain in-depth understanding about oil viscosity and its composition.

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