Pune, Sept. 13, 2024 (GLOBE NEWSWIRE) -- According to New Research Report “Nicotine Replacement Therapy Market Size, Share Analysis By Type (Gums, Patches, Lozenges, Inhalers, and Others), By Distribution Channel (Hospital & Retail Pharmacies, Retail Stores, and Online Channels), By Regions & Forecast 2024-2032”, published by SNS Insider, the global Nicotine Replacement Therapy Market is projected to reach USD 4.27 billion by 2032 from USD 2.83 billion in 2023, at a CAGR of 4.83%.
The nicotine replacement therapy (NRT) market is experiencing substantial growth driven by aggressive government initiatives to curb tobacco use. According to the World Health Organization (WHO), tobacco consumption remains a leading cause of preventable death worldwide, with approximately 8 million deaths each year attributed to smoking-related diseases. Recent data from the Centers for Disease Control and Prevention (CDC) highlights that over 50% of smokers in the United States express a strong desire to quit, with around 30% actively using cessation aids. Governments are enhancing their support through public health campaigns and subsidies to make NRT products more accessible. Regulatory measures such as higher tobacco taxes and stricter smoke-free laws are also contributing to this trend, driving up demand for NRT solutions. These comprehensive efforts underscore the critical role of NRT products in global tobacco control strategies and are expected to continue propelling market growth.
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Key Companies in Nicotine Replacement Therapy Market:
- Imperial Brands plc
- Fertin Pharma
- Cipla Inc.
- GLENMARK PHARMACEUTICALS LTD.
- British American Tobacco plc
- Philip Morris Products S.A.
- Japan Tobacco Inc.
- Pfizer Inc.
- Johnson & Johnson Private Limited
- PL Developments
- Other players
Nicotine Replacement Therapy Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 2.83 Billion |
| Market Size by 2032 | US$ 4.27 Billion |
| CAGR | CAGR of 4.83% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Segmental Insights
In the evolving NRT market, online channels dominated the distribution channel with 35% of the market share in 2023, surpassing traditional distribution channels such as hospitals retail pharmacies, and retail stores. The surge in online sales can be attributed to the growing trend of e-commerce and the convenience of purchasing NRT products from home. According to the National Institutes of Health (NIH), online platforms offer a wide range of NRT products and often provide better prices and accessibility, contributing to their increasing popularity. The ease of comparing products and accessing customer reviews online has further enhanced the appeal of online purchasing. Government statistics reveal that e-commerce is becoming a preferred method for acquiring healthcare products, including NRT solutions, reflecting the broader shift toward digital consumer behaviors.
Nicotine Replacement Therapy Market Key Segmentation:
By Type
- Gums
- Patches
- Lozenges
- Inhalers
- Others
By Distribution Channel
- Hospitals & Retail Pharmacies
- Retail Stores
- Online Channels
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Regional Insights
North America holds 45% of the share in 2023. This dominance is largely due to North America’s well-developed healthcare infrastructure and extensive public health initiatives aimed at smoking cessation. According to data from the U.S. Food and Drug Administration (FDA), North American countries have implemented comprehensive anti-smoking policies, including higher tobacco taxes and smoke-free legislation, which have effectively increased the demand for NRT products. Additionally, the region benefits from a strong presence of major NRT manufacturers and an active market for smoking cessation programs. Government-backed efforts, such as funding for public health campaigns and support for smoking cessation services, further drive market growth in North America. The combination of these factors has solidified the region’s position as the largest market for NRT products.
Recent Developments
- In August 2023: Johnson & Johnson Services, Inc. restructured its consumer health segment by establishing a new company, Kenvue. This strategic separation was designed to enhance patient and consumer health outcomes through innovative approaches and to pursue more focused business strategies for accelerated growth.
- In July 2023: Haleon Group of Companies announced its intention to explore potential buyers for its nicotine gum brand, Nicotinell. This move is aimed at optimizing its global product sales and enhancing market presence.
- In May 2023: Perrigo Company plc received final approval from the U.S. Food and Drug Administration (FDA) for its nicotine-coated mint lozenges, available in 2 mg and 4 mg over-the-counter (OTC). This approval significantly expands the company's product range.
- In October 2022: Re/Wire Health Studio, part of Haleon NEXT, invited emerging consumer health start-ups in India to collaborate with the Haleon Group of Companies. This initiative aims to strengthen the company's presence in the region.
- In January 2021: Johnson & Johnson Services, Inc. partnered with the Access Initiative for Quitting Tobacco (AIQT) to donate nicotine patches to the Ministry of Health of Jordan, supporting thousands of Jordanians in their efforts to quit smoking.
Key takeaways:
- Government initiatives are significantly boosting the NRT market growth.
- Online channels have become the leading distribution method for NRT products.
- North America remains the dominant region in the NRT market due to extensive public health efforts.
- Key industry players are actively expanding their product offerings and online presence to support smoking cessation.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
- Production Capacity and Utilization Analysis by Region
- Pricing Analysis by Region
- Regulatory Impact: Effects of regulations on production and usage.
- Environmental Metrics Analysis by Region
- Innovation and R&D
6. Competitive Landscape
7. Nicotine Replacement Therapy Market Segmentation, by Type
8. Nicotine Replacement Therapy Market Segmentation, by Distribution Channel
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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