Pune, India, Dec. 01, 2021 (GLOBE NEWSWIRE) -- The global “NRT Market” is expected to gain momentum by exhibiting a CAGR of 4.2% between 2020 and 2027. This is attributable to increasing incidence of chronic disease such as lung cancer, strokes, and respiratory ailments. Additionally, introduction of innovative products by major companies will favor market growth.
This information is published by Fortune Business Insights, in its latest report, titled, “NRT Market Size, Share &COVID-19 Impact Analysis, By Type (Gums, Patches, Lozenges, Inhalers, and Others), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy), and Regional Forecast, 2020-2027.”The report further observes that the market was valued at USD 2.55 billion in 2019 and is projected to reach USD 3.54 billion by 2027.
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Increasing Government/International Organizations Efforts for Anti-Smoking Initiatives to Fuel Product Demand
According to the Union of International Cancer Control (UICC), tobacco consumption is anticipated to kill a billion people in the 21st century. Tobacco consumption is the second leading cause of 22% of global cancer deaths. Such a fearful situation has helped various organizations around the world to come up with awareness campaigns and multiple initiatives. For instance, 31st May every year is marked as World No Tobacco Day globally to raise awareness among the population about the health hazards of tobacco consumption and the adoption of such products. Additionally, in July 2017, according to WHO, more than 2 million people enrolled in the Quit Smoking program of India in a year by adopting nicotine replacement therapy products. Owing to the government and other organizations' initiatives, the growing population towards anti-smoking is likely to grab them to higher adoption of these products, thus increasing its demand and sales.
Launch of Innovative Products to Bode Well for the Market
Due to the increased burden of decreasing the number of smokers, pharmaceutical giants are focused on introducing innovative and effective nicotine replacement therapy products. This is estimated to increase the market value by encouraging higher sales and adoption. For instance, in May 2017, Glenmark Pharmaceuticals announced the launch of Kwitz, a product that helps smokers in smoking cessation within three months. Additionally, in May 2017, Cipla Health Limited launched Nicotex Nicotine Patch as an NRT product. The transdermal patch helps in reducing the urge to smoke in smokers. Therefore, major companies' continuous product launches are expected to drive the market revenue in the forthcoming years.
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Growing Smoking Cessation Cases in North America to Propel Demand
Among all regions, North America was worth USD 1.18 billion in 2019 and is expected to hold the highest position in the global NRT Market share during the forecast period. This is attributable to the increasing number of people that desire to quit smoking in the US. For instance, according to the US National Institute of Health, around 70% of the total 46 million Americans smoke, desire to quit smoking. On the other hand, Europe is expected to hold the second position in the market owing to increasing government initiatives to promote anti-smoking campaigns and activities that are expected to drive the demand for nicotine replacement therapy products between 2020 and 2027.
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Product Launches by Major Companies to Strengthen Market Position
The global NRT Market report observes that major companies such as GlaxoSmithKline plc and Johnson & Johnson Inc hold over 80% of the total share and are constantly focusing on consolidating their positions by introducing novel nicotine replacement therapy products in the global marketplace. Additionally, other players in the market are striving to strengthen their position by adopting strategies such as collaboration, merger and acquisition, and introduction of new products during the forecast period.
List of the Companies Operating in the Market:
- GlaxoSmithKline plc (U.K, Europe)
- Johnson & Johnson Inc (New Jersey, U.S)
- Perrigo Company plc (Ireland, Europe)
- Pierre Fabre SA, Laboratories (France, Europe)
- Pfizer Inc. (New York, United States)
- Cipla Limited (Mumbai, India)
- British American Tobacco Plc (U.K, Europe)
- Other Players
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