PUBLISHER: Allied Market Research | PRODUCT CODE: 1193256
PUBLISHER: Allied Market Research | PRODUCT CODE: 1193256
The global nicotine replacement therapy market was valued at $2,659.0 million in 2021, and is projected to reach $5,955.95 million by 2031, registering a CAGR of 8.3% from 2022 to 2031.
Nicotine replacement therapy is a medically approved way to treat people with tobacco use disorder by taking nicotine by means other than tobacco. The nicotine replacement products such as nicotine gum and patches work by providing nicotine to the body to decrease the withdrawal symptoms experienced when smoking is stopped and as a substitute oral activity to reduce the urge to smoke.
The increase in prevalence of tobacco cancer owing to high cigarette smoking rate in urban cities drives the growth of the nicotine replacement therapy market. In addition, there is high tobacco chewing rate in rural area in both males and females, which further increases the risk of cancer. For instance, according to the report of American Cancer Society (ACS) published in October 2020, tobacco use remains the leading preventable cause of death in the U.S., accounting for about 1 in 5 deaths each year. From the same source, smoking causes about 20% of all cancers and about 30% of all cancer deaths in the U.S.
Furthermore, rise in awareness about cancer and increase in initiatives by respective governments to promote awareness about the risk associated with tobacco consumption contributes to the growth of the market. In addition, various non-government and non-profit organizations operate to promote awareness about hazardous effects of smoking, which further boosts the demand for nicotine replacement therapy.
The rise in demand for smoking cessation aids such as nicotine gums and patches owing to social media awareness campaigns and government awareness programs motivating people to quit smoking, provides ample opportunities for the market growth. Nicotine replacement therapy reduces the withdrawal symptoms and helps to control the drive to smoke tobacco.
Moreover, the increase in R&D activities for development of advanced nicotine replacement therapy, product approvals, and novel product launches by key players boost the market growth. The patient centric products development such as nicotine gums and lozenges propels the demand for nicotine replacement products. However, strict government regulations and ban of e cigarettes in many countries may hinder the growth of the market.
The nicotine replacement therapy market is segmented based on product, sales channel, location, and region. By product, the market is classified into gums, lozenges, patches, and others. Depending on sales channel, it is divided into online and offline. As per location, it is categorized into hospitals & deaddiction centers and home. The hospitals & deaddiction centers is further divided into male and female. The home segment is further bifurcated into male and female. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in the report include Cipla Limited, Fertin Pharma Ltd., GlaxoSmithKline plc, Johnson & Johnson Inc., Lucy Goods, Inc., Pfizer Inc., PL Developments, Rubicon Research Pvt. Ltd., Sparsha Pharma International Pvt. Ltd., and Zydus Cadila.
Key Benefits For Stakeholders
By Product
By Sales Channel
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