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Rising Demand in Global Nicotine Replacement Therapy Market Size & Share to Hit US$ 103.4 Bn Growth by 2028, At a CAGR of 15.1% | Trends, Manufacturers, Industry Growth, Value, Segmentation Analysis & Forecast Report By ZMR

NEW YORK, Aug. 3, 2022 /PRNewswire/ -- As per Zion Market Research study, the global nicotine replacement therapy market size was worth USD 44.5 billion in 2021 and is estimated to grow to USD 103.4 billion by 2028, with a compound annual growth rate (CAGR) of approximately 15.1% over the forecast period.

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Nicotine Replacement Therapy Market: Overview

The use of nicotine patches, inhalers, gums, sprays, and lozenges by smokers that are free of the harmful substances found in tobacco is known as nicotine replacement therapy. Nicotine replacement therapy involves drugs that supply nicotine at a low dose as opposed to smoking, which contains a large amount of nicotine and consequently leads to lung cancer, asthma, and other chronic issues. By reducing or eliminating tobacco use, nicotine replacement treatment lowers the frequency and potency of cravings. Technological improvements and the rise in nicotine replacement treatment (NRT) use encourage the practice of nicotine replacement therapy. Growing public awareness of smoking's harmful effects is a major market driver. The number of smokers is increasing and has topped 1.1 billion individuals worldwide. People are choosing smoking cessation therapies as a result of government measures, including the "affordable care act," insurance rules, and campaigns to raise knowledge of the harmful effects of smoking on health through counseling. More people have been moving to cutting-edge goods due to ongoing technological developments in the field of nicotine replacement therapy. NRT adoption is anticipated to be sped up by innovations like heat-not-burn products, sweetened chewing gum, and lozenges. However, one of the most significant barriers to the market's expansion is the ban on e-cigarettes.

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  • Includes an Updated List of tables & figures

  • Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis

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Key Industry Insights & Findings of the Nicotine Replacement Therapy Market Reports:

  • As per the analysis shared by our research analyst, the Nicotine Replacement Therapy Market is expected to grow annually at a CAGR of around 15.1 % (2022-2028).

  • Through the primary research, it was established that the Nicotine Replacement Therapy Market was valued at approximately USD 44.5 billion in 2021 and is projected to reach roughly USD 103.4 billion by 2028.

  • The prevalence of smoking-related ailments and the rise in pro-smoking government measures, along with rising e-cigarette and heated tobacco acceptance, are anticipated to have a beneficial effect on the development of the North American market.

  • The number of smokers in the area who adhere to the smoking ban is rising, which has resulted in a more robust demand for products like gum, inhalers, etc. Additionally, the United States has higher smoking cessation rates than other nations, which has resulted in rising sales of these goods.

  • Approximately 68% of Americans have decided to stop smoking, according to a survey conducted by the Centers for Disease Control and Prevention (CDC). As a result, it is projected that this will increase product sales in the years to come.

  • One major factor driving the growth of the global market for nicotine replacement therapy is the rising awareness against smoking worldwide.

Zion Market Research published the latest report titled "Nicotine Replacement Therapy Market By Product (Inhalers, Gum, Transdermal Patches, Sublingual Tablets, Lozenges, E-Cigarettes, and Heat-not-burn Tobacco Products), By Distribution Channel (Offline and Online), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028." into their research database.

Industry Dynamics:

Nicotine Replacement Therapy Market: Growth Drivers

  • Growing understanding of the adverse effects of smoking is driving the market growth.

Growing public knowledge of smoking's detrimental consequences is anticipated to be a key market driver. Over 1.1 billion people smoke around the world. Government programs like the "affordable care act," insurance requirements, and campaigns to increase knowledge of the detrimental effects of smoking on health through counseling are all contributing to the rise in the use of nicotine replacement therapies. Favorable reimbursement policies will also accelerate the global nicotine replacement therapy market's expansion.

Nicotine Replacement Therapy Market: Restraints

  • Myths about NRT that suppress product adoption restraints the market demand.

The number of persons who want to stop smoking is decreased despite the widespread understanding of the negative effects of smoking spread via awareness programs, television advertisements, fliers, and other means. Additionally, product uptake remains low despite the introduction of successful NRT treatments and increased public awareness. According to a study by the World Health Organization (WHO), there are myths concerning these products. These include the products' inability to stop smoking, ineffectiveness, adverse effects, and high cost. As a result, the fallacies currently spreading about the items have reduced their adoption rate, resulting in lower sales.

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Nicotine Replacement Therapy Market: Opportunity

  • Technological progress is boosting opportunities in the market.

People are switching to more advanced goods due to ongoing technological advancements in the market for nicotine replacement therapy. It is predicted that innovations like heat-not-burn products, flavored chewing gum, and lozenges would help NRT become more widely accepted. Tobacco industry behemoths like British American Tobacco have created safer, smokeless substitutes. These advancements differ from conventional cigarettes in that they are recognized by society and have a range of effectiveness, encourage consumer adoption, and boost global nicotine replacement therapy market growth. In the upcoming years, this will open up new market prospects.

Global Nicotine Replacement Therapy Market: Segmentation

  • The global nicotine replacement therapy market has been segmented on the basis of product, distribution channels, and region.

Based on product, the worldwide nicotine replacement therapy market is segmented into inhalers, gum, transdermal patches, sublingual tablets, lozenges, e-cigarettes, and heat-not-burn tobacco products. In 2021, e-cigarettes had the most significant market share of 52.1%. The market growth is projected to be further fueled by the growing knowledge that e-cigarettes are safer than traditional cigarettes, particularly among the younger generation. The vendors' wide range of customization options, including temperature control and nicotine doses, is anticipated to help the product demand. Additionally, growing e-cigarette technologies like pod systems and squonk mods have gained popularity and user adoption in recent years.

The worldwide nicotine replacement therapy market is segmented as offline and online based on distribution channels. In 2021, the offline segment's revenue share was 83.9%, which was the highest. The segment growth is supported by the accessibility of NRT items such as transdermal patches, gels, gums, e-cigarettes, and heated tobacco products in retail chains like Walgreens and Walmart Stores, Inc. Additionally, the affiliations between hospitals and these chains help the business expand.

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List of Key Players in Nicotine Replacement Therapy Market:

  • Cipla Inc.

  • Pfizer Inc.

  • Johnson & Johnson Services Inc.

  • British American Tobacco p.l.c.

  • Philip Morris Products S.A. (Altria Group)

  • Imperial Brands

  • Glenmark

  • Japan Tobacco Inc.

Key questions answered in this report:

  • What are the growth rate forecast and market size for Nicotine Replacement Therapy Market?

  • What are the key driving factors propelling the Nicotine Replacement Therapy Market forward?

  • What are the most important companies in the Nicotine Replacement Therapy Market Industry?

  • What segments does the Nicotine Replacement Therapy Market cover?

  • How can I receive a free copy of the Nicotine Replacement Therapy Market sample report and company profiles?

Report Scope:

Report Attribute

Details

Market size value in 2021

USD 44.5 Billion

Revenue forecast in 2028

USD 103.4 Billion

Growth Rate

CAGR of almost 15.1 % 2022-2028

Base Year

2020

Historic Years

2016 – 2021

Forecast Years

2022 – 2028

Segments Covered

By Product Type, By Application, And By End Use

Forecast Units

Value (USD Billion), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2022 to 2028

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Companies Covered

Cipla Inc., Pfizer Inc., Johnson & Johnson Services, Inc., British American Tobacco p.l.c., Philip Morris Products S.A. (Altria Group), Imperial Brands, Glenmark, and Japan Tobacco Inc.

Report Coverage

Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Customization Scope

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Recent Developments

  • In July 2021, Philip Morris International Inc paid USD 813.1 million to acquire Fertin Pharma from private equity firm EQT. Products from Fertin Pharma include chewing gums, tablets, and powders that have pharmacological and nutraceutical uses and aid in the hazardous cessation of cigarette smoking.

Regional Dominance:

  • North America dominated the nicotine replacement therapy market in 2021.

The prevalence of smoking-related ailments and the rise in pro-smoking government measures, along with rising e-cigarette and heated tobacco acceptance, are anticipated to have a beneficial effect on the development of the North American market. This area dominates with the most prominent retail sales of NRT goods in the U.S. and Canada. The number of smokers in the area who adhere to the smoking ban is rising, which has resulted in a more robust demand for products like gum, inhalers, etc. Additionally, the United States has higher smoking cessation rates than other nations, which has resulted in rising sales of these goods. Approximately 68% of Americans have decided to stop smoking, according to a survey conducted by the Centers for Disease Control and Prevention (CDC). As a result, it is projected that this will increase product sales in the years to come. Additionally, gums are more commonly used in the U.S. than other treatments on the market to quit smoking.

Global Nicotine Replacement Therapy Market is segmented as follows:

Nicotine Replacement Therapy Market: By Product Outlook (2022-2028)

  • Nicotine Replacement Therapy

  • E-cigarettes

  • Heat-not-burn Tobacco Products

Nicotine Replacement Therapy Market: By Distribution Channel Outlook (2022-2028)

  • Offline

  • Online

Nicotine Replacement Therapy Market: By Region Outlook (2022-2028)

North America

  • The U.S.

  • Canada

Europe

  • France

  • The UK

  • Spain

  • Germany

  • Italy

  • Rest of Europe

Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Southeast Asia

  • Rest of Asia Pacific

Latin America

  • Brazil

  • Mexico

  • Rest of Latin America

Middle East & Africa

  • GCC

  • South Africa

  • Rest of Middle East & Africa

Press Release For Nicotine Replacement Therapy Market: https://www.zionmarketresearch.com/news/global-nicotine-replacement-therapy-market

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