Global Nicotine Replacement Therapy Market To Grow At A High Rate Owing To Increasing Tobacco Consum
Author : Leena Shedmake | Published On : 12 Feb 2024
The global nicotine replacement therapy market primarily involves nicotine patches, gums, lozenges, nasal sprays and inhalers that help reduce nicotine cravings and withdrawal symptoms in tobacco/nicotine users trying to quit smoking or reduce nicotine intake. Nicotine replacement therapies are offered in different dosage forms to suit individual needs and preferences. They work by supplying controlled amounts of nicotine to the body without the other toxins and carcinogens found in tobacco. Rising awareness about health risks of tobacco and governmental regulations to curb tobacco use are expected to boost demand for nicotine replacement therapies globally.
The Global Nicotine Replacement Therapy Market is estimated to be valued at US$ 53.47 billion in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the global nicotine replacement therapy market are Johnson & Johnson Inc., Haleon Group of Companies, Imperial Brands plc, Cipla Inc., Pfizer Inc., GLENMARK PHARMACEUTICALS LTD, Fertin Pharma, Philip Morris Products S.A., British American Tobacco plc, Japan Tobacco Inc., Habitrol., Perrigo Company plc, Die betapharm Arzneimittel GmbH, ITC Limited , Sparsha Pharma International Pvt Ltd, and Alkalon A/S. These players are focusing on new product development and launches to expand their product portfolios.
The global nicotine replacement therapy market offers lucrative opportunities for players involved in OTC nicotine replacement products owing to growing preference for convenient and self-administered products. Moreover, emerging economies with growing health awareness and disposable incomes present attractive opportunities for market expansion through affordable product offerings in these regions.
Key players are expanding their geographic footprints through partnerships and acquisitions to strengthen global distribution networks and access untapped regional markets for nicotine replacement therapies in Asia Pacific, Latin America, Middle East and Africa.
Market Drivers:
Growing tobacco consumption, especially smoked tobacco, across the world is a key factor driving the nicotine replacement therapy market. According to the WHO, over 1.3 billion people worldwide consume tobacco. Nicotine replacement therapies help these users curb tobacco/nicotine addiction safely.
Market Restrains:
Lower efficacy and success rates of nicotine replacement therapies compared to behavioral counseling and prescription medications can limit market growth to some extent. Moreover, social stigma associated with use of nicotine patches, gums etc. acts as a restraint, especially in developing regions where tobacco consumption is common and socially acceptable.
Segment Analysis
The Global Nicotine Replacement Therapy Market Demand is segmented by type, distribution channel and geography. Type segment includes nicotine gum, nicotine patch, nicotine lozenges/microtabs, nicotine spray, nicotine inhaler and nicotine sublingual tablets. Nicotine patch segment dominates the type segment as nicotine patch provides slow and steady supply of nicotine to the body over long duration of time. Distribution channel segment includes online and offline. Offline segment constitutes hospitals & clinics, pharmacies/drug stores, departmental stores, and hypermarkets. Offline segment dominates as people prefer face to face interaction and advice from medical professionals.
Global Analysis
Regionally, North America dominates the global nicotine replacement therapy market owing to increasing awareness and initiatives taken by governments for smoking cessation programmes in the region. Europe stands as the second largest market due to high demand for nicotine replacement products. However, Asia Pacific is expected to witness highest growth rate during the forecast period due to growing tobacco consumption in developing countries of the region and initiatives taken to curb smoking in countries like India. Latin America and Middle East & Africa are projected to grow at a moderate rate
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