Global Market for Smoking Cessation and Nicotine De-addiction Products to reach US$20.5 bn by 2023 thanks to Introduction of Innovative Products
Transparency Market Research announces the publication of a new market research report and is available on the company’s website. The research study, titled “Smoking Cessation and Nicotine De-addiction Products Market (Nicotine Gums, Patches, Lozenges, Inhalers, Sprays, Sublingual Tablets, Zyban, Chantix/Champix, E-cigarettes) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023,” provides an in-depth analysis of the market along with recommendations and inputs from industry experts. The study further talks about its product segmentation, current trends, major geographical regions, opportunities and challenges, and competitive landscape.As per the research study, in 2014, the global smoking cessation and nicotine de-addiction products market was worth US$6.5 bn and is projected to reach a value of US$20.5 bn by the end of 2023. The market is estimated to register a progressive 13.70% CAGR between 2015 and 2023.
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In the last few years, smoking has become a popular lifestyle trend leading to various adverse effects and even death. It has also become a major cause of heart disorders, cancer, and other respiratory diseases, which together account for around 70% of total deaths worldwide. The growing awareness regarding the health hazards of smoking is expected to fuel the growth of the global market for smoking cessation and nicotine de-addiction products throughout the forecast period.
Favorable reimbursement policies for smoking cessation therapy and the introduction of new and innovative products are further projected to drive the overall market in the near future. On the other hand, legal obligations are likely to hamper the growth of the smoking cessation products market, along with low awareness regarding these products in several emerging economies. Nevertheless, the rising research and development activities and market expansion efforts in emerging nations are some of the key opportunities for major players operating in the coming years.
By product type, the global market for smoking cessation and nicotine de-addiction products has been categorized into nicotine replacement therapy products, e-cigarettes, and drug therapy. In the last few years, an increasing number of people have expressed the willingness to quit smoking and have therefore switched to e-cigarettes. As a result, the e-cigarette segment is anticipated to grow substantially in the near future.
By geography, the global market for smoking cessation and nicotine de-addiction products has been classified into Europe, North America, Asia Pacific, and Rest of the World. In 2014, North America led the overall market on the basis of revenue, followed by Europe. On the other hand, the Asia Pacific region is anticipated to register significant growth in the forecast period. The rapid growth of this region can be attributed to the large number of people who are interested in quitting smoking. The markets for smoking cessation and nicotine de-addiction products in the developing regions of Latin America and the Middle East and Africa are projected to drive the global market in the next few years.
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The prominent players operating in the global market for smoking cessation and nicotine de-addiction products include Takeda Pharmaceutical Co., Ltd., Novartis International AG, McNeil AB, NJOY, Inc., Imperial Tobacco Company of India Limited., Revolymer PLC, Cipla Ltd., Pfizer, Inc., and GlaxoSmithKline plc.
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