Smoking Cessation and Nicotine De-addiction Industry Growth, Product and Trendsby Susan Hill Business Consultant
The global smoking cessation and nicotine de-addiction market is expected to reach over USD 21.8 billion by 2024 according to a new report by Grand View Research, Inc.
The base of population addicted to smoking is rapidly increasing across the globe. This population subset majorly includes teenagers and the working population. Smoking-related mortality is very high. The increasing desire to quit smoking and the numerous health complications associated with smoking serve as strong incentives for companies to introduce novel smoking cessation products, such as Revolymer, which has introduced the next generation nicotine gums to help smokers quit smoking. The launch of these improved and innovative nicotine replacement therapy products is to serve as a high impact rendering driver for the growth of the smoking cessation and nicotine de-addiction market.
The growing incidence of target diseases such as chronic obstructive pulmonary disease (COPD), asthma, cardiac diseases, and lung cancer, and the increasing awareness pertaining to the hazardous side-effects of smoking are the factors expected to promote market expansion. Educational institutions remain active in organizing various campaigns and programs to spread information about the harmful effects and consequences of smoking so as to increase young population awareness.
Further key findings from the study suggest:
Replacement Therapy (NRT) dominated the smoking cessation and de-nicotine
addiction product market in 2015. Majorly used NRT products include
nicotine chewing gums and the transdermal patches. Increased availability
and the introduction of the ingestible nicotine products with different
flavors are the factors responsible for its large market share.
- The e-cigarette
segment is anticipated to grow at a CAGR of19.0% over the forecast period.
The major factors responsible for the growth of the E-cigarette market
include the introduction of second and third generation e-cigarettes, the
availability of various flavored products, the presence of numerous
vendors operating and selling e-cigarettes under different brand names.
- North America
held a large market share of over 35.0% in 2015 owing to the high
awareness levels of nicotine de-addiction products with around 90% of the
U.S. population were identified as aware of e-cigarettes in 2015
- Asia Pacific is
the fastest growing market. The registration of nicotine de-addiction
products and e-cigarettes as well as the strengthening of the company
distribution channels in countries, such as China, India, and Australia
are expected to support the growth over the forecast period
- Some key
players of this market are Pfizer, Inc., Cipla Ltd., Novartis
International AG, GlaxoSmithKline plc, Takeda pharmaceutical Company Ltd.,
McNeil AB, Revolymer plc, Imperial Tobacco Ltd., and VMR products, LLC
- The market players are making slow but steady progress in the e-cigarette market by focusing on the development, commercialization, and distribution of the FDA approved nicotine products. For instance, in 2014, Victory Electronic Cigarettes Corporation acquired Ten Motives Ltd. with an aim to expand their distribution channels and attain wider market coverage.
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Created on Sep 19th 2019 04:37. Viewed 200 times.