Dublin, Feb. 28, 2024 (GLOBE NEWSWIRE) -- The "Nicotine Replacement Therapy - Market Insights, Competitive Landscape, and Market Forecast - 2030" report has been added to ResearchAndMarkets.com's offering.
The global nicotine replacement therapy (NRT) market was estimated to grow at a CAGR of 7.65% during the forecast period from 2024 to 2030. The Nicotine Replacement Therapy (NRT) market is primarily being boosted by a rise in smoking cessation initiatives coupled with growing awareness of health and the growing burden of cancer as a result of continuous tobacco consumption in the form of smoke inhalation of cigarettes, pipes, and cigars among others both in developed and developing countries.
Furthermore, the nicotine replacement therapy (NRT) market is anticipated to grow on account of a large number of ongoing research activities in this field, improvements in product development, collaborations between healthcare providers, researchers, and industry players, and strategic partnerships among others are going to contribute to the overall growth of the nicotine replacement therapy (NRT) market during the forecast period from 2024-2030.
Nicotine Replacement Therapy (NRT) Market Dynamics:
Tobacco consumption increases the overall risk and burden for several diseases including cancer, cardiovascular diseases (CVDs), and others. It is the major factor responsible for the huge mortality rate across the world. For instance, as per the above-mentioned source, tobacco kills up to half of its users who don't quit. The source stated further that every year around 8 million people end up dying as a result of tobacco consumption, mentioned the above source.
As per Cancer Council 2021, worldwide in 2019, an estimated 8.71 million deaths happened due to tobacco consumption. The data also highlighted that globally 230 million Disability-adjusted life years (DALYs) were attributable to tobacco. The same source mentioned that based on estimated past Global Burden of Disease data, in Australia, 541,539 DALYs were attributable to tobacco in 2019. Disease groups with the greatest DALY burden attributable to tobacco in Australia in 2019 included chronic respiratory diseases (33%); cancer (19%); and cardiovascular diseases (14%).
Based upon the above-mentioned estimates it is evident that there is an immense burden on the healthcare system to control the risk for multiple diseases and huge mortality rate resulting from tobacco consumption and this will be possible only by creating awareness of the harmful effects of any form of tobacco consumption as well as making people aware of methods like nicotine replacement therapy that will aid them in quitting such activities. Even organization like the WHO supports nicotine replacement therapy as a 12-week regimen that reduces smokers' dependence on cigarettes gradually and finally leads them to quit smoking.
Therefore, owing to the above-mentioned factors, the market for nicotine replacement therapy is expected to witness prosperity in the coming years. However, limited product adoption due to myths surrounding nicotine replacement therapy (NRT) may restrict the growth of the overall nicotine replacement therapy (NRT) market.
North America is expected to dominate the overall Nicotine Replacement Therapy (NRT) Market:
Among all the regions, North America is estimated to account for the largest share of the nicotine replacement therapy (NRT) market in the year 2023. Owing to the significance of key growth factors such as the rise in number of people willing to discontinue smoking, surge in government initiatives and programs highlighting the ill effects of tobacco consumption and how to quit the same coupled with high disposable income, sophisticated healthcare infrastructure, presence of key players, increasing product development activities, and others, the market for nicotine replacement therapy (NRT) is expected to witness prosperity in the region during the forecast period 2024-2030.
According to the Centers for Disease Control and Prevention (CDC), 2022, in 2021, 65.3% of youth (middle and high school students) who used tobacco products reported that they were seriously thinking about quitting the use of all tobacco products in the US.
As per the source mentioned above, in 2021, 60.2% of youth who were using tobacco products reported that they had stopped using all tobacco products for one day or longer in the past year because they were trying to quit. Nicotine replacement therapy will thereby help those who are willing to stop smoking.
Coupled with the factors mentioned above, the presence of major organizations in the region involved in the promotion of smoking cessation activities is further going to assist in the market growth of nicotine replacement therapy (NRT). For example, the American Lung Association runs the Freedom From Smoking program which is one of the most effective cessation programs in the country. The program helps one to quit all tobacco products, including e-cigarettes and vaping devices. Programs and initiatives like this will make more people aware of smoking cessation techniques including nicotine replacement therapy (NRT) and will propel the demand for the same.
Thus, the above-mentioned factors are likely to propel the growth of the nicotine replacement therapy (NRT) market in the region during the forecast period from 2024-2030.
Key Takeaways from the Nicotine Replacement Therapy (NRT) Market Report Study
- Market size analysis for current nicotine replacement therapy (NRT) market size (2023), and market forecast for 6 years (2024-2030)
- Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
- Key companies dominating the global nicotine replacement therapy (NRT) market.
- Various opportunities available for the other competitors in the nicotine replacement therapy (NRT) market space.
- What were the top-performing segments in 2023? How these segments will perform in 2030?
- Which are the top-performing regions and countries in the current nicotine replacement therapy (NRT) market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for nicotine replacement therapy (NRT) market growth in the coming future?
Nicotine Replacement Therapy (NRT) Market Key Players Profiled:
- Cipla Ltd.
- Johnson & Johnson Services, Inc.
- GLENMARK PHARMACEUTICALS LTD.
- Pfizer Inc.
- Rubicon Research Pvt. Ltd.
- Sparsha Pharma International Pvt Ltd.
- GSK plc
- Philip Morris Products S.A.
- JB Pharma
- PL Developments
- Dr Reddy's Laboratories Ltd.
- Rusan Pharma Limited
For more information about this report visit https://www.researchandmarkets.com/r/9vk4n6
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