The new report by Expert Market Research titled, ‘Global Nicotine Replacement Therapy Market Size, Report and Forecast 2023-2031’, gives an in-depth analysis of the global nicotine replacement therapy market. It assesses the market based on its segments like products, distribution channels, and major regions.
Nicotine Replacement Therapy Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2016-2031)
• Historical Market Size (2022): USD 3.09 billion
• Forecast CAGR (2023-2031): 9.3%
• Forecast Market Size (2031): USD 6.85 billion
The introduction of several anti-smoking awareness programmes owing to the rising fatalities caused by smoking is driving the nicotine replacement therapy market growth. In addition, the increasing awareness among the young population about the negative impacts of consuming tobacco is motivating them to quit smoking. This factor is propelling the demand for nicotine gums and inhalers.
Over the forecast period, the increasing efforts by governments to launch advertisements and introduce initiatives favouring the use of nicotine replacement therapy products are likely to bolster the nicotine replacement therapy market growth.
In terms of regions, North America accounts for a significant share in the market owing to the strong foothold of major nicotine replacement product manufacturing companies. Companies in the United States and Canada have been witnessing increased sales and are anticipated to maintain the growth in the forecast period.
Nicotine Replacement Therapy Industry Definition and Major Segments
Nicotine replacement therapy is defined as a treatment that is aimed toward reducing the intake of nicotine to curb the addiction of tobacco and cigarettes.
Nicotine is known to be a highly addictive substance, and nicotine replacement products such as gums, transdermal patches, and inhalers are used to reduce motivation to smoke. Moreover, nicotine replacement therapy also decreases the withdrawal symptoms associated with quitting nicotine.
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On the basis of product, the market can be segmented into:
• Nicotine Replacement Therapy (NRT)
o Sublingual Tablets
o Transdermal Patches
• Heat-not-burn Tobacco Products
Based on distribution channel, the nicotine replacement therapy market is bifurcated into:
The regional markets for nicotine replacement therapy include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Nicotine Replacement Therapy Market Trends
The key trends in the nicotine replacement therapy market include the growing R&D activities by major market players aimed toward the production of innovative nicotine replacement products such as flavoured gums and herbal inhalers. The robust development of smartphone apps that aids users in quitting smoking through nicotine replacement products is anticipated to be a major trend in the market.
The market for nicotine replacement therapy is expected to be supported by innovations in the medical industry, the growing focus on precision medicines, and the development of new technologies to offer real-time support.
Furthermore, the growing preference of consumers toward online purchasing of nicotine replacement products is likely to bolster the market growth of nicotine replacement therapy in the forecast period.
Key Market Players
The major players in the nicotine replacement therapy market are:
- Cipla Inc
- Pfizer Inc
- British American Tobacco plc
- Glenmark Pharmaceuticals Limited
- Fertin Pharma A/S
- Imperial Brands plc
- Philip Morris International Inc
- Japan Tobacco Inc
- Johnson and Johnson Private Limited
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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