Allied Market Research published a report, titled, "Smoking Cessation and Nicotine De-Addiction Products Market by Product (Nicotine Replacement Therapy Products, Drug Therapy, E-cigarettes), by Form (Gum, Inhaler, Tablet, Others), by Distribution Channel (Hospital Pharmacies, Online Provider, Drug stores and Retail Pharmacies): Global Opportunity Analysis and Industry Forecast, 2022- 2031". According to the report, the global smoking cessation and nicotine de-addiction products industry generated $20.0 billion in 2021, and is anticipated to generate $54.7 billion by 2031, witnessing a CAGR of 10.6% from 2022 to 2031.
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Prime determinants of growth
Various initiatives taken by the government, increase in awareness about the diseases related to smoking and various anti-smoking campaigns organized by leading organizations drive the growth of the global smoking cessation and nicotine de-addiction products market. However, high cost of smoking cessation therapies lead to the decrease in the purchase of these products which ultimately hinder the growth of the market to some extent. Conversely, the invention of various advanced smoking cessation products presents new opportunities in the coming years.
Covid-19 Scenario
The outbreak of the Covid-19 pandemic changed the patterns of smoking, other substance use and health related behaviors of the smokers. Smokers in several nations increased their tobacco consumption since the epidemic.
On the other hand, there has also been a surge in interest in stopping, quit attempts, and successful cessation rates which further impacted the growth of the smoking cessation and nicotine de-addiction products market positively.
According to WHO, as smoking is associated with increased severity of disease and death in hospitalized COVID-19 patients, a large number of population quit smoking and this created a growth opportunity for the smoking cessation and nicotine de-addiction products market.
The e-cigarettes segment to maintain its leadership status throughout the forecast period
Key Benefits For Stakeholders:
• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smoking cessation and nicotine de-addiction products market analysis from 2021 to 2031 to identify the prevailing smoking cessation and nicotine de-addiction products market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the smoking cessation and nicotine de-addiction products market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global smoking cessation market trends, key players, market segments, application areas, and market growth strategies.
Based on product, the e-cigarettes segment held the highest market share in 2021, accounting for more than four-fifths of the global smoking cessation and nicotine de-addiction products market, and is estimated to maintain its leadership status throughout the forecast period, owing to the growth in number of smoking population, and awareness about the lower health risks associated with e-cigarettes. Moreover, the Nicotine Replacement Therapy Products segment is projected to manifest the highest CAGR of 16.7% from 2022 to 2031, owing to rise in adoption of quit smoking challenges by large population, cost-effectiveness, improved innovation, and various product launches.
The gum segment to maintain its lead position during the forecast period
Based on form, the gum segment accounted for the largest share in 2021, contributing to more than half of the global smoking cessation and nicotine de-addiction products market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 11.5% from 2022 to 2031, owing to the rise in demand for nicotine replacement therapy products, innovations by key market players, and rising awareness about quitting smoking disorders among the growing population.
The drug stores & retail pharmacies segment to maintain its lead position during the forecast period
Based on distribution channels, the drug stores & retail pharmacies segment accounted for the largest share in 2021, contributing to more than half of the global smoking cessation and nicotine de-addiction products market, and is projected to maintain its lead position during the forecast period, owing to the easy accessibility anywhere any time. They also offer precise drugs according to status of disease of patient. Moreover, the online providers segment is expected to portray the largest CAGR of 12.2% from 2022 to 2031, owing to rise in digitalization, ease of purchase, faster delivery of products and accessibility of smartphones.
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North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global smoking cessation and nicotine de-addiction products market, and is likely to dominate the market during the forecast period, owing to the increase in awareness regarding harmful effects of smoking that forced many people in the region to quit smoking and advancement in the therapy products. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 12.5% from 2022 to 2031, owing to large prevalence of tobacco users in this region and rising rate of users to quit tobacco and smoking.
Leading Market Players: -
• British American Tobacco Inc.
• 22nd Century group Inc.
• Cipla Ltd.
• Dr. Reddy's Laboratories Ltd.
• GlaxoSmithKline PLC (Haleon)
• Imperial Brands Plc. (Fontem Ventures)
• Johnson and Johnson (McNeil Consumer Health)
• Njoy Company
• Pfizer Inc.
• Perrigo Company Plc.
• Rusan Pharma Ltd.
• Zydus Cadila
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Tobacco corporations use smoking cessation and nicotine de-addiction products to exert control over people's free will; the medical profession has developed sublingual pills to assist individuals quit smoking.
The trend is expected to continue, but it is already a good thing because fewer individuals will be exposed to the health risks connected with tobacco smoking.Tobacco firms in North America are facing falling sales and a growing demand for safer nicotine alternatives, putting their profits in jeopardy.
As e-cigarettes become more popular, demand for smoking cessation and nicotine de-addiction solutions is likely to rise.
Inhalation of varenicline gums is one of the most promising types of nicotine replacement treatment.
Furthermore, the transdermal patches' effects can only be obtained if the patient continues to smoke cigarettes.The electronic cigar is another one of the most promising smoking cessation and nicotine de-addiction devices.
The capacity of this substance to mimic the physical symptoms of smoking without actually developing nicotine addiction is credited with its popularity.
