Strategic Partnerships Help in Easy and Cost-efficient Licensing of Cannabis
Marijuana vaporizers have a reputation as being a healthier alternative than smoking, and vaping CBD (Cannabidiol) oil can help quit smoking. With increasing legalizations in countries such as the U.S., handheld marijuana vaporizers are being developed into effective medicinal devices, more than simply a healthier alternative for patients. The handheld marijuana vaporizer market is projected to reach a valuation of ~US$ 25.7 Bn by the year 2027.
Off late, strategic partnerships are taking place in the handheld marijuana vaporizer market. Key players operating in the handheld marijuana vaporizer market are acquiring pharmaceutical companies to facilitate easy imports of THC (Tetrahydrocannabinol) and CBD concentrates to produce cannabis oil, which can act as a helpful resource in various medicinal applications. For instance, in December 2018, Aurora Cannabis — a Canadian licensed cannabis producer, announced the takeover of Farmacias Magistrales — a Mexican pharmaceutical company, to acquire the necessary licensing, facilities, and permission to import raw THC material, and produce medicinal cannabis products.
Thus, acquiring licensing through pharmaceutical companies works as a cost-efficient and easy method for market players to manufacture, store, and distribute cannabis products in the handheld marijuana vaporizer market.
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Novel Innovations in Handheld Marijuana Vaporizers Fruitful for Healthcare Industry
Market players are aiming to expand the production and supply of cannabis products through product innovations for various medical applications. Medicinal marijuana vape pens are one of the key juggernauts to drive innovation in the handheld marijuana vaporizer market space. Novel innovations such as CBD vape pens help cure common cold.
Healthcare providers recommend medicinal marijuana patients to use vaporizers to reduce health risks. By inhaling marijuana through vaporizers, patients can minimize the intake of carcinogens, respiratory irritants, and toxins. Since handheld marijuana vaporizers aid the faster healing of various medical conditions, manufacturers must create increased awareness about the health benefits of using these vaporizers.
Marijuana vaporizers provide a better delivery system as compared to ingesting cannabis through smoking or edible products. Handheld marijuana vaporizers are also replacing needles for those people who suffer from trypanophobia (fear associated with medical procedures involving needles). Healthcare providers opine that, inhaling marijuana through vaporizers provides faster relief to patients as compared to doses injected through needles. Proven convenience and effective treatment solutions for patients makes it important for manufacturers to produce improved delivery products.
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Conduction or Convection Vaporizers: Which are Better?
Conduction vaporizers are dominating the handheld marijuana vaporizer market with a share of ~85% as against convection vaporizers. Convection vaporizers provide various benefits such as even heating of marijuana, delivery of better flavor, and temperature control to avoid the herbs from getting burnt. Conduction vaporizers also provide ease of usage for patients, and are comparatively cheaper than convection vaporizers, besides heating the herbs much faster.
Although conduction vaporizers are estimated to experience exponential incremental growth during the forecast period, certain drawbacks act as restraints for market growth. Overheating is one of the problems encountered by patients that use conduction vaporizers. Convection vaporizers may be expensive as compared to conduction vaporizers, but the added cost relates to their premium quality and long-term durability. However, convection vaporizers require regular maintenance and additional costs for customization to reduce the risks of breakdown.
Although the handheld marijuana vaporizer market is highly fragmented, established and emerging market players need to create awareness about finely grinding the herbs for the better usage of convection and conduction vaporizers, and offer improved vaporizers that overcome such limitations.
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Analysts’ Viewpoint of the Handheld Marijuana Vaporizer Market
Analysts of the handheld marijuana vaporizer market study anticipate a striking production growth, with ~222 million units expected to be produced in the year 2027. The handheld marijuana vaporizer market also accounts for a striking CAGR of ~23% over the forecast period. Manufacturers are capitalizing on new trends such as the increased demand for portable vaporizers. With a rise in approved licensing by governments in the U.S. and other nations, the current and future market share for the offline distribution of vaporizers is anticipated to be favorable for manufacturers. However, the proposed ban of e-medicine and vaporizers in countries such as India act as a restraint for market growth. Manufacturers in the handheld marijuana vaporizer market need to create more awareness about the health benefits of medicinal marijuana, and innovate product offerings to overcome the limitations of convection and conduction vaporizers.
Handheld Marijuana Vaporizer Market: Overview
- According to Transparency Market Research’s latest market report on the handheld marijuana vaporizer market for the period of 2019–2027 (wherein, the period from 2019 to 2027 is the forecast period and 2018 is the base year), the medicinal usage of handheld marijuana is expected to increase due to the rising awareness about the medicinal properties of marijuana, thereby boosting the growth of the global handheld marijuana vaporizer market.
- In the report, revenue generated and units sold in the handheld marijuana vaporizer market are provided in terms of value (US$ Mn) and volume (thousand units), respectively, throughout the forecast period.
- The global handheld marijuana vaporizer market was valued at ~US$ 4.1 Bn in the year 2018.
- The global handheld marijuana vaporizer market is projected to increase at a CAGR of ~23%, to reach a valuation of ~US$ 25.7 Bn by the end of the year 2027.
Growing Usage of Marijuana for Medical and Legalized Recreational Purposes: A Key Driver
- The major driving factor of driving the use of marijuana vaporizers is the legalization of marijuana in several countries and high demand for the product for medicinal purposes.
- In 2018, Canada legalized the usage of marijuana for recreational purposes. After Uruguay, it is the second country to legalize marijuana. Around 330,000 Canadians are registered to receive marijuana from licensed producers.
- Many other countries such as Australia, Colombia, Croatia, Germany, Israel, Italy, Jamaica, Macedonia, and Mexico have legalized medical marijuana usage.
- Thus, the increasing usage of marijuana for medical purposes is expected to trigger the growth of the handheld marijuana vaporizer market.
Increasing Usage of Electronic Smoking Devices
- Smoking and vaporizing are the two most common methods of marijuana consumption. These days, consumers are opting for electronic smoking devices over conventional smoking methods, due to their portable nature, flexibility, and temperature control features.
- Furthermore the shift in consumption trend is also because of health awareness among consumers with respect to handheld vaporizers.
- These factors, in the coming years, are expected to bolster the demand for handheld marijuana vaporizers in countries where marijuana is legally accepted, subsequently driving the market for handheld marijuana vaporizers.
Stringent Government Rules & Regulations in Different Countries: Key Restraining Factor
- The challenging factor for manufacturers of handheld marijuana vaporizers are the strict rules and regulations regarding marijuana usage in various countries.
- Marijuana is considered illegal in some countries such as Albania, Bahrain, Bahamas, Central African Republic, Indonesia, Hong Kong, and Hungary.
- Many other countries have only legalized medical marijuana use, but not its usage for recreational purposes.
- Although Canada has legalized marijuana usage, there are some restrictions regarding the possession of marijuana in public places.
- Different country-specific rules and regulations regarding marijuana use is a factor restraining the growth of the handheld marijuana vaporizer market.
Handheld Marijuana Vaporizer Market: Competition Landscape
- Detailed profiles of manufacturers of handheld marijuana vaporizers have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies in the handheld marijuana vaporizer landscape.
- Key players operating in the global handheld marijuana vaporizer market include STORZ & BICKEL GmbH & Co., Arizer, Ghost Herbal Concepts Ltd., Davinci, PAX Labs, Inc., FireFly, Crafty, Planet of the Vapes, Boundless CF/CFX, MyNextVape, etc.
Handheld Marijuana Vaporizer Market: Key Developments
DaVinci, a key manufacturer in the handheld marijuana vaporizer market, launched its new product - DaVinci IQ - which is an advanced version of the DaVinci Ascent. Some companies are manufacturing temperature-controlled handheld marijuana vaporizers for the efficient usage of marijuana.
Some other key developments in the handheld marijuana vaporizer market are as follows:
- Manufacturers are creating mobile applications to control vaporizers. Users can control the temperature of the vaporizer; battery level can be checked through a software application; and consumption levels and alarms can be set through the app by Bluetooth connectivity. DaVinci and Ghost are some of the manufacturers producing these types of handheld marijuana vaporizers.
- In December 2018, KandyPens Inc. announced its partnership with Amber Rose. The partnership was aimed to develop a new product line targeting luxury and female smokers.
- In January 2019, Boundless Technology LLC introduced its new CFC range called CFC Lite. The product features three preset temperature settings, removable battery, and haptic feedback.
Handheld Marijuana Vaporizer Market: Scope of the Study
A new study on the handheld marijuana vaporizer market was published by Transparency Market Research (TMR). It presents a wealth of information on the key market dynamics, including the drivers, market trends, and challenges, as well as the structure of the handheld marijuana vaporizer market. TMR’s study offers valuable information about the handheld marijuana vaporizer market, to illustrate how the market would grow during the forecast period of 2019–2027.
Key indicators of market growth, which include value chain as well as supply chain analysis, and Compound Annual Growth Rate (CAGR), are elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret the quantitative growth aspects of the handheld marijuana vaporizer market during the forecast period.
An extensive analysis on the business strategies of leading market players is also featured in TMR’s study on the handheld marijuana vaporizer market. This can help readers understand principal factors to foresee growth in the handheld marijuana vaporizer market. In this study, readers can also find specific data on the qualitative and quantitative growth avenues for the handheld marijuana vaporizer market, which is expected to guide market players in making apt decisions in the future.
Key Questions Answered in TMR’s Handheld Marijuana Vaporizer Market Study
- What are the key factors of influence for the handheld marijuana vaporizer market in each region?
- What will be the CAGR of the handheld marijuana vaporizer market between 2019 and 2027?
- What is the future scope and changing trends in technologies of the handheld marijuana vaporizer market?
- Is marijuana consumption legal in different countries?
- Which factors will impede the growth of the handheld marijuana vaporizer market during the forecast period?
- Which are the leading companies in the global handheld marijuana vaporizer market?
Research Methodology - Handheld Marijuana Vaporizer Market
A unique research methodology is utilized by TMR to conduct comprehensive research on the growth of the handheld marijuana vaporizer market, and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the production of the handheld marijuana vaporizer market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the handheld marijuana vaporizer market, as a primary resource.
These primary and secondary resources provided exclusive information during interviews, which serves as a validation from handheld marijuana vaporizer industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the handheld marijuana vaporizer market with accuracy. The study also uses a top-down approach to assess the numbers for each segment, and a bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on the future prospects of the handheld marijuana vaporizer market more reliable and accurate.
Segmentation of the Handheld Marijuana Vaporizer Market
TMR’s study on the handheld marijuana vaporizer market includes information categorized into five sections ? product, charger, temperature control, distribution channel, and region. Changing industry trends and other crucial market dynamics associated with these sections of the handheld marijuana vaporizer market are discussed in detail.
Middle East & Africa