Global Nicotine Replacement Therapy Market Size To Exceed USD 6.9 Billion By 2033 | CAGR of 7.99%
The Global Nicotine Replacement Therapy Market Size was Valued at USD 3.2 Billion in 2023 and the Worldwide Nicotine Replacement Therapy Market Size is Expected to Reach USD 6.9 Billion by 2033, according to a research report published by Spherical Insights & Consulting. Companies covered: Pfizer Inc, Cipla Ltd., Johnson & Johnson Pvt Ltd., British American Tobacco Plc., GlaxoSmithKline Plc., Sanofi, Glenmark Pharmaceuticals Ltd., Perrigo Company Plc., Pierre Fabre SA, Laboratories, British American Tobacco Plc., Fertin Pharma, Glenmark Pharmaceuticals Ltd., Philip Morris Products SA, Imperial Brands, Takeda Pharmaceutical Company Ltd., and Other key vendors.
New York, United States , May 17, 2024 (GLOBE NEWSWIRE) -- The Global Nicotine Replacement Therapy Market Size is to Grow from USD 3.2 Billion in 2023 to USD 6.9 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 7.99% during the projected period.
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Nicotine replacement therapy (NRT) is a treatment that involves the use of special products to give small and steady nicotine doses to stop cravings and relieve symptoms that occur when a person trying to quit smoking. There is a temporary replacement of much of the nicotine from tobacco to reduce consumption of tobacco and nicotine withdrawal symptoms, which helps to mediate abstinence from cigarette smoking. Nicotine replacement therapy products like gum, transdermal patches, nasal spray, inhalers, and sublingual tablets/lozenges are used in tobacco cessation programs. Nicotine replacement therapy has a 50-70% chance of quitting tobacco smoking and does not contain harmful chemicals that are found in cigarettes and tobacco smoke. Smartphone apps such as Cessation Nation, MyQuit Coach, QuitNow, and SmokeFree help smokers track their daily habits, providing tips on non-smoking and community connections. The rising cases of tobacco-driven diseases lead to a growing inclination towards quitting tobacco resulting in driving the nicotine replacement therapy market. Further, advancements in nicotine replacement therapy, new product launches, and product approvals are significantly driving the market growth. The increasing healthcare expenditure and collaborations between manufacturers and organizations for supplying nicotine cessation aids are also responsible for driving the market. On the contrary, the associated side effects and high prices of nicotine replacement therapy restrain the market.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "*Global Nicotine Replacement Therapy Market** Size, Share, and COVID-19 Impact Analysis, By* *Product (Gums, Lozenges, Patches, and Others), By Sales Channel (Online and Offline), By Location (Hospitals & Deaddiction Centers, and Homes), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."*
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*The gums segment dominates the market with the largest revenue share through the forecast period.*
Based on product, the global nicotine replacement therapy market is segmented into gums, lozenges, patches, and others. Among these, the gums segment dominates the market with the largest revenue share through the forecast period. Gum products are used in combination with a nicotine patch providing alternative chewing activity. When a strong craving for tobacco consumption occurs, nicotine gum is used relieving cravings for up to 3 hours.
*The offline segment dominates the market with the largest share of the global nicotine replacement therapy market through the forecast period.*
Based on the sales channel, the global nicotine replacement therapy market is segmented into online and offline. Among these, the offline segment dominates the market with the largest share of the global nicotine replacement therapy market through the forecast period. The ease of accessibility of nicotine lozenges and gums at stores and pharmacies contributes to market growth in the offline segment. Further, excessive smoking habits are increasing hospital stays of chronically diseased patients which leads to the enhancement of the market.
*The hospitals & deaddiction centers segment accounted for the largest market share in 2023.*
Based on the location, the global nicotine replacement therapy market is segmented into hospitals & deaddiction centers, and homes. Among these, the hospitals & deaddiction centers segment accounted for the largest market share in 2023. The growing cases of tobacco-associated diseases and the presence of the number of hospitals and deaddiction centers are driving the market in the hospitals & deaddiction centers segment. The is an increasing number of patients with hospital stays due to rising cases of chronic diseases due to excessive smoking habits.
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*North America dominates the market with the largest market share over the forecast period.*
North America dominates the market with the largest market share over the forecast period. Countries like US and Canada accounted for the highest retail sales of nicotine replacement therapy products. The rising prevalence of tobacco-associated chronic diseases such as cancer, respiratory diseases, strokes, etc. in the region is also driving the market. The rising willingness to quit smoking contributes to the market demand. In addition, there is a presence of well-developed healthcare infrastructure and key market players in the region.
Asia-Pacific region is expected to grow the fastest during the forecast period. The high population base and improved healthcare infrastructure contribute to market growth. The growing prevalence of tobacco-associated diseases in the region is responsible for enhancing the market demand for NRT. Additionally, robust government support for nicotine replacement therapy to quit tobacco consumption is driving the market. Further, the increasing awareness regarding tobacco smoking health concerns is anticipated to drive the market demand.
*Competitive Analysis:*
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global nicotine replacement therapy market are Pfizer Inc, Cipla Ltd., Johnson & Johnson Pvt Ltd., British American Tobacco Plc., GlaxoSmithKline Plc., Sanofi, Glenmark Pharmaceuticals Ltd., Perrigo Company Plc., Pierre Fabre SA, Laboratories, British American Tobacco Plc., Fertin Pharma, Glenmark Pharmaceuticals Ltd., Philip Morris Products SA, Imperial Brands, Takeda Pharmaceutical Company Ltd., and Other Key Players.
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*Recent Developments*
· *In December 2023*, Lupin Ltd received USFDA approval for the smoking cessation drug Chantix. Varenicline Tablets, 0.5 and 1 mg are used as an aid to treat the habit of smoking.
*Market Segment*
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global nicotine replacement therapy market based on the below-mentioned segments:
*Global Nicotine Replacement Therapy Market, Product Analysis*
· Gums
· Lozenges
· Patches
· Others
*Global Nicotine Replacement Therapy Market, Sales Channel Analysis*
· Online
· Offline
*Global Nicotine Replacement Therapy Market, Location Analysis*
· Hospitals & Deaddiction Centers
· Homes
*Global Nicotine Replacement Therapy Market, Regional Analysis*
· *North America*
· US
· Canada
· Mexico
· *Europe*
· Germany
· Uk
· France
· Italy
· Spain
· Russia
· Rest of Europe
· *Asia Pacific*
· China
· Japan
· India
· South Korea
· Australia
· Rest of Asia Pacific
· *South America*
· Brazil
· Argentina
· Rest of South America
· *Middle East & Africa*
· UAE
· Saudi Arabia
· Qatar
· South Africa
· Rest of Middle East & Africa
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