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December 2024
The global cannabis vaporizer market was estimated at US$ 5.50 billion in 2023 and is projected to grow to US$ 25.20 billion by 2034, rising at a compound annual growth rate (CAGR) of 14.5% from 2024 to 2034. The use of cannabis in healthcare is driving the market’s growth. In many countries, the government has legalized cannabis, which has also increased the usage of cannabis vaporizers.
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The market is responsible for providing cannabis in different forms, along with equipment for consumption. According to the WHO, around 147 million people consume cannabis in one or the other forms. Compared to smoking, cannabis vaporizers have a lower risk of health issues, according to the “Lower-Risk Cannabis Use Guidelines.” Therefore, it is suggested to use vaporizers over smoking. As cannabis vaporizers are more effective than smoking, many people prefer it for better results. Cannabis vaporizers are used in recreational activities as well as for medical purposes. As many countries are legalizing the usage of cannabis, the use of cannabis vaporizers is expected to grow due to recreational activities.
In the cannabis market, AI can be utilized to optimize yield and control environmental factors, which will be useful in producing a higher-quality product in more quantity. AI can be used for monitoring and automating the entire process of cultivation, from water & sunlight needs to soil pH and nutritional needs. In the case of vaporizers, AI can be used for controlling the amount of cannabis and temperature control to develop desired results with more accuracy. AI can be used to make vaporizers more interactive.
For instance,
| Company Name | Cannabist Company Holdings Inc. |
| Headquarters | New York, U.S., North America |
| Recent Development | In February 2024, the Cannabist Company Holdings Inc., known for being one of the largest & experienced producers, manufacturers, and retailers of cannabis, announced its partnership with Airo Brands, which is known for the production of top-notch vapor delivery systems and oils that are one-of-a-kind. |
| Company Name | CCELL |
| Headquarters | U.S., North America |
| Recent Development | In April 2024, the world’s leading company, CCELL, which produces vape hardware products and advanced technology for vaporization, announced the launch of Eco Star. Eco Star is an all-in-one vaporizer that is easy to use, compatible with a wide range of oils, and also promotes sustainability. The sustainability comes from the production of the Eco Star case, which is made from plant-based and biodegradable PLA. |
Although cannabis is used for medical purposes, overdosing can lead to health issues. Smoking cannabis leads to an increased risk of chronic respiratory conditions and increased exposure to toxins. Due to this, cannabis vaporizers are preferred over smoking. Vaporization reduces the emission of carbon monoxide and is associated with lower health risks. Another factor that contributes to the growth of the cannabis vaporizer market is the effectiveness of vaporization. Compared to smoking, vaporization is more effective due to better temperature control, which leads to better chemical release. Vaping leads to 46% THC conversion for vaping, which is only 25% in the case of smoking. Vaping is also better than smoking when it comes to taste, discretion and effectiveness.
Increased vaping incidences among youngsters are a rising health concern. Among all the vaping substances, cannabis is used dominantly by one-third of the young population. Although vaping is considered safer than smoking, it also has several health risks. Vaping has been associated with many cases of acute lung injury and long-term health risks. Due to the high potency of cannabis vaping, people face various physical as well as mental health issues. Common mental health issues include cannabis hyperemesis syndrome, paranoia, and psychosis.
The usage of cannabis is still suppressed by legislation because there are only a few countries that have legalized the use of cannabis. In the majority of countries, cannabis is produced solely for medicinal uses. Possession of cannabis in different countries can lead to different criminal and non-criminal offenses. In the future, if countries in different regions decide to legalize the use of cannabis, then the cannabis vaporizer market has the potential opportunity to grow in those countries.
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By type, the portable segment held the largest share of the cannabis vaporizer market in 2023. Portable vaporizers are in high demand due to their significant portable advantage over tabletop vaporizers. They can be carried anywhere, which becomes essential if a patient needs to move from one place to the other. For easy portability, portable vaporizers are made small in size, lightweight, and compact. They run on batteries, therefore removing the hassle of finding mains, and can be used anywhere without the need for electricity.
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By type, the tabletop segment is anticipated to grow at a significant rate in the cannabis vaporizer market during the predicted period. Tabletops or desktops are vaporizers that are plugged into the mains and cannot be taken anywhere. It removes the cycle of changing batteries every now and then. For medicinal use, desktop vaporizers are highly useful when it comes to home use or usage in clinics or hospitals, as they can be used in sharing. Tabletop vaporizers, despite having higher upfront costs, are more cost-effective when it comes to long-term use. Because the tabletop is designed for convenient use, it makes an ideal choice for patients who use cannabis for medical use on a daily basis.
By ingredients, the dry herb vaporizers segment held the dominant share of the cannabis vaporizer market in 2023. Dry herb vaporizers have become a choice for medical and wellness use among people. The use of dry herb vaporizers comes with minimalistic designs and convenient use. Because dry herbs are not greasy or oily like wax and oil, the chamber in the vaporizers is easy to clean. Vapes made for dry herbs are easily available compared to other types, which makes dry herbs an ideal choice for consumption. Because dry herb vaporizers use cannabis in their natural form, they release the beneficial/therapeutic compounds (terpenes and cannabinoids) in their full spectrum.
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By ingredients, the oil segment held the second-largest share of the cannabis vaporizer market in 2023. Cannabis oil is a widely used product in healthcare. The main use of cannabis oil is for relieving pain. CBD oil is also used in reducing symptoms associated with mental health disorders. Cannabis oil is used for other health benefits. Compared to dry herbs, the oil contains cannabis compounds in more concentration, which gives better results. Also, CBD oil is free from toxic residues, which eliminates the health risks of inhaling the toxins.
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By usage, the medical purpose segment dominated the cannabis vaporizer market in 2023. Cannabis has been used for medicinal purposes for ages and has been approved in various countries for the same reason. The National Health Service (NHS) UK has approved the usage of cannabis in several health conditions, which include epilepsy, chemotherapy, and multiple sclerosis. Cannabis has also been used as a pain reliever in certain cases. Other medicinal uses of cannabis include tackling insomnia, improving mental health, managing anxiety, managing Alzheimer’s, glaucoma, stress, vomiting & nausea, and so on.
For instance,
Top 10 Countries for Legal Cannabis
By usage, the recreational purpose is anticipated to grow significantly during the forecast period. Cannabis used for recreational activities is different from those used for medicinal purposes. Cannabis is used for different recreational activities as it provides joy, the feeling of relaxation, increased senses (taste, sight, and hearing), and increased appetite. People consume cannabis to enhance the impact of different activities such as meditation, listening to music, hiking, conversation, creative pursuits, and so on.
By region, North America dominated the cannabis vaporizer market share by 38% in 2023. North America is dominant in the consumption of cannabis. Apart from medicinal purposes, cannabis is also used for recreational activities in many countries. The 3 major countries that contribute to the growth of the market in North America are the U.S., Canada, and Mexico. In all three countries, the use of cannabis, apart from medicinal use, is decriminalized, which is a major factor in the usage of cannabis vaporizers.
The U.S. holds a dominant share of the cannabis vaporizer market in North America. According to the National Conference of State Legislatures, the medical use of cannabis is legalized in 38 states, 3 territories, and the District of Columbia. The U.S. FDA has also recognized cannabis for medicinal purposes and has approved several cannabis-related products such as Cesamet (nabilone), Marinol (dronabinol), and Syndros (dronabinol). According to the Centers for Disease Control and Prevention, cannabis is the most commonly used drug in the U.S. There were 61.9 million users of cannabis in the U.S. in 2022.
Apart from the U.S., Canada is also a large consumer of cannabis for both medicinal and recreational purposes. In 2023, 38.4% of adults aged 18-34, 34.5% aged 25-44, and 15.5% aged 45 & older used cannabis. In the fiscal year 2022-2023, the retail of cannabis increased by 15.8%, which is equivalent to $4.7 billion. In the case of medical purposes, the licensed seller of cannabis was 183,090 in December 2023. There were 13,672 individuals who registered for personal cultivation for medical use.
By region, Asia Pacific is expected to grow at the fastest rate during the forecast period. Asia Pacific has the largest population, which gives the region an advantage over other regions. Though cannabis is not legalized for recreational purposes in many Asia Pacific countries, it is mainly used for medicinal purposes. Thailand and Australia are the only countries in the Asia Pacific region that have legalized the use of cannabis for recreational activities.
India is a major contributor to the growth of the cannabis vaporizer market in Asia Pacific. In July 2023, the ‘Cannabis Research Project’ of CSIR-IIM Jammu was launched. The project is the first of its kind to promote Atma-Nirbhar Bharat for the production of drugs for various health issues like diabetic pain, neuropathies, etc.
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