Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "India Nicotine Replacement Therapy Market Size, Share & Trends Analysis Report by Product (Gums, Lozenges), Strength (2 mg, 4 mg), Distribution Channel (Online, Offline, Hospital Pharmacies, Retail Pharmacies), and Segment Forecasts, 2024-2030" report has been added to ResearchAndMarkets.com's offering.
Mumbai, India – Recent analysis of the nicotine replacement therapy (NRT) industry in India forecasts a robust growth trajectory, with expectations for the market to burgeon to a valuation of USD 75.74 million by the year 2030. The report illuminates the integral factors driving this expansion, notably the deep-seated tobacco usage across the country, and pinpoints an impressive compound annual growth rate (CAGR) of 12.56% from 2024 to 2030.
The study highlights how the myriad avenues that comprise the Indian nicotine replacement therapy market, spanning from gums to lozenges, are increasingly being sought after in light of heightened health consciousness and governmental initiatives. Public policy, such as the inclusion of NRT products in the National List of Essential Medicines, accentuates the government's commitment to curtailing tobacco-related health issues and enhancing the availability of smoking cessation aids.
Key Market Insights
In the segmentation by product, gums have surged to prominence, having secured the paramount position in 2023.
- With respect to strength, NRT products with 4 mg potency encapsulate the majority market share, resonating with consumers for their perceived efficacy in mitigating heavy smoking habits.
- By distribution channel, the offline segment continues to lead, embodying the primary route through which consumers access NRT solutions.
The report delves into the implications of retail infrastructure development, emphasizing the potential for significantly bolstered accessibility of NRT products. Retail network enhancement resonates across the spectrum of user accessibility, leveraging both urban growth and increased reach within semi-urban and rural landscapes. This evolution reflects a broader commitment—not just to convenience but to the pivotal convergence of affordability and health-conscious consumerism.
Challenges and Opportunities:
While affordability persists as a predominant barrier, particularly within the socioeconomically disadvantaged sections of rural India, it's evident that the market's evolution hinges upon innovative solutions to such systemic constraints. The disparity in health insurance coverage and the concomitant impediments to obtaining smoking cessation aids stand out as salient issues to be addressed.
The detailed analysis provided in the report paints a comprehensive picture of the NRT landscape in India, encapsulating the dynamic nature of the market and spotlighting the sectors poised for heightened activity and growth.
The insights furnished in this analysis contribute to a nuanced understanding of the burgeoning India nicotine replacement therapy sector, delineating both the market potential and the societal benefits of these essential health products.
The full report is available, offering comprehensive segment forecasts, in-depth trend analysis, and strategic recommendations, to guide stakeholders, healthcare providers, and policymakers in navigating the evolving terrain of nicotine replacement therapy in India.
For more information or inquiries, readers are encouraged to explore the complete report, which illuminates the trajectory, challenges, and untapped potential within the India Nicotine Replacement Therapy market landscape.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 120 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $33.09 Million |
| Forecasted Market Value (USD) by 2030 | $75.74 Million |
| Compound Annual Growth Rate | 12.5% |
| Regions Covered | India |
Companies Mentioned
- Glenmark Pharmaceuticals Ltd.
- Fertin Pharma
- Rubicon Consumer Healthcare Pvt. Ltd.
- Johnson & Johnson Services, Inc.
- Rusan Pharma Ltd.
- Cipla, Inc.
- Piramal Pharma Limited
- Itc Limited
- Inventz Lifesciences
- Sparsha Pharma International Pvt. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/uez8pr
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