Dublin, Aug. 30, 2023 (GLOBE NEWSWIRE) -- The "Global Smoking Cessation & Nicotine De-Addiction Product Market (2023-2028) by Product, Distribution Channel, and Geography, Competitive Analysis, Impact of Covid-19 and Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Smoking Cessation & Nicotine De-Addiction Product Market is on track to experience significant expansion, with projections indicating a rise from an estimated USD 26.12 billion in 2023 to USD 39.33 billion by 2028, registering a robust Compound Annual Growth Rate (CAGR) of 8.53% during the forecast period of 2023-2028.
Key Market Insights
Smoking cessation and nicotine de-addiction products play a pivotal role in aiding individuals to quit smoking and overcome nicotine dependence. These products encompass a diverse range, including nicotine patches, gum, lozenges, inhalers, and prescription drugs. By delivering controlled doses of nicotine or other compounds, these solutions mitigate withdrawal symptoms and cravings, thereby facilitating the quitting process.
The escalating prevalence of smoking-linked respiratory disorders, such as lung cancer, chronic obstructive pulmonary disease (COPD), and asthma, has catalyzed public health concerns. As awareness grows and individuals are motivated to quit smoking, the demand for smoking cessation and nicotine de-addiction products is witnessing an upward trajectory.
Market Trends
Digitization and Innovative Solutions
The dynamic landscape of smoking cessation and nicotine de-addiction products is underpinned by continuous research and innovation. The market is witnessing the advent of novel and more effective nicotine de-addiction products, contributing to enhanced quitting outcomes. The integration of technology, particularly the popularity of e-cigarettes perceived as less harmful alternatives, has created new avenues for smoking cessation solutions.
Rising Health Awareness Driving Adoption
Robust public awareness campaigns and educational initiatives have illuminated the health risks associated with smoking, spurring individuals to seek smoking cessation alternatives. This heightened awareness is propelling the market as more people actively seek effective solutions to quit smoking and embrace healthier lifestyles.
Challenges and Opportunities
Stringent Regulatory Landscape
Government regulations pertaining to drug clearance pose a significant challenge to the smoking cessation and nicotine de-addiction product market. Lengthy approval procedures may lead to delays in product launches and increased development costs, impacting market dynamics.
Innovation and Product Enhancement
The market's potential lies in the development of products with improved flavors and fewer side effects. Overcoming withdrawal symptoms and negative experiences associated with quitting is crucial to fostering a more comfortable and controlled quitting process, thereby attracting a larger user base.
Market Segmentations
The Global Smoking Cessation & Nicotine De-Addiction Product Market is segmented based on Product, Distribution Channel, and Geography.
Product Segmentation:
- Nicotine Replacement Therapy (Nicotine Gums, Lozenges, Inhalers, Patches, Sprays)
- Drug Therapy (Zyban, Chantix)
- Electronic Cigarettes
- Nicotine Sublingual Tablet
Distribution Channel Segmentation:
- Hospital Pharmacies
- Online Channels
- Retail Pharmacies
Geographical Segmentation:
- Americas
- Europe
- Middle East & Africa
- Asia-Pacific
Key Developments
Recent developments in the market highlight the growing momentum:
- Rusan Pharma's 'No Reason is Good Enough' campaign to empower smoking cessation - April 2023
- NCDHHS launches new QuitlineNC services for accessible tobacco and vaping cessation - March 2023
Company Profiles
The report presents comprehensive profiles of key industry players, including British American Tobacco PLC, GSK PLC, JUUL Labs, Inc., Pfizer, Inc., and more.
Why Choose This Report?
- In-depth evaluation of the Global Smoking Cessation & Nicotine De-Addiction Product Market
- Comprehensive analysis of market dynamics and trends
- Impact analysis for strategic decision-making
- Detailed market segmentation and projections
- Competitive analysis of key players and recent developments
- Regulatory scenario insights
- Customized research and quick turnaround
- Excel data sheet for market size
- SWOT analysis and growth strategies
The Global Smoking Cessation & Nicotine De-Addiction Product Market is poised for robust growth, driven by increasing health awareness, technological innovation, and a growing desire to embrace healthier lifestyles. The market is anticipated to witness significant expansion, providing innovative solutions for individuals seeking to quit smoking and break free from nicotine dependence.
Companies Mentioned
- 22nd Century Group, Inc.
- Axsome Therapeutics, Inc.
- British American Tobacco PLC
- Cipla Ltd.
- Dr. Reddy's Laboratories Ltd.
- GSK PLC
- Imperial Brands PLC
- Imperial Tobacco Ltd.
- Japan Tobacco, Inc.
- Johnson & Johnson
- JUUL Labs, Inc.
- McNeil AB
- NJOY, Inc.
- Novartis International Ag
- Perrigo Company PLC
- Pfizer, Inc.
- Philip Morris International, Inc.
- Revolymer PLC
- Takeda Pharmaceutical Company, Ltd.
- VMR Products, LLC
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 204 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $26.12 Billion |
| Forecasted Market Value (USD) by 2028 | $39.33 Billion |
| Compound Annual Growth Rate | 8.5% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/rlufm5
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
