Wilmington, Delaware, United States, July 18, 2022 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – Analysis of smoking cessation industry statistics over the past few decades has found that rise in use of prescription as well as OTC products to help smokers quit smoking, which mainly include skin patches and gums. The smoking cessation and nicotine de-addiction market is projected to reach US$ 27.84 Bn in 2031. The target population is becoming aware of the health burden of cigarette smoking in that smoking-related diseases cause premature deaths every year.
Innovative marketing campaign for the availability and effectiveness of various smoking cessation products have bolstered their awareness of smoking cessation benefits, thus expanding the canvas for companies in the smoking cessation and nicotine de-addiction market. National research agencies in the U.S. and the U.K. are massively supporting tobacco-related disease research. As a result of these factors and market trends, smoking cessation programs have grown notably in Europe, expanding the smoking cessation market size.
A spate of studies have underscored the effectiveness of e-cigarettes in smoking cessation therapy, which has broadened the horizon in smoking cessation and nicotine de-addiction market. The number of young adults and adolescents who are serious about quitting smoking has increased significantly over the years. This has expanded profitable avenues for commercializing gum, lozenges, inhalers, nasal sprays, and nicotine patches. Awareness of smoking cessation products through online channels is also increasing among the target population, thus catalyzing growth of smoking cessation and nicotine de-addiction market.
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Key Findings of Smoking Cessation and Nicotine De-Addiction Market Study
- Rise in Demand for OTC Products Including Prescription Products Expanding Lucrative Avenues: Focus on reducing the health burden of smoking and nicotine has spurred the demand for various over-the-counter (OTC) products and prescription products as effective aids to smoking cessation. The demand for nicotine replacement therapy (NRT) has also risen, boosting the prospects of smoking cessation and nicotine de-addiction market. New cessation aids have been introduced in the market over the past few decades, especially in the U.S. and the U.K. Adoption of e-cigarettes of note is playing a crucial role in smoking cessation. Companies are leaning on advancing nicotine technologies to persuade smokers successfully switch to e-cigarettes without relapsing.
- Substantial Sales of Nicotine Replacement Therapy (NRT) Products Propelling Revenue Growth: Over the years, NRT products have been widely adopted in key markets, such as in the U.S. A business intelligence study by TMR has found that NRT lozenges, patches, and gums have risen in commercialization in smoking cessation and nicotine de-addiction market. Furthermore, Europe and North America have witnessed sizable sales of NRT products in 2020, thus fueling the growth of the smoking cessation and nicotine de-addiction market.
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Smoking Cessation and Nicotine De-Addiction Market: Key Drivers
- Growing health burden of tobacco and nicotine products worldwide is a key driver of the market. Of note, it has been found that smoking-related diseases cause death prematurely each year to millions.
- Increasing popularity of e-cigarettes has worked in favor of the users who want to quit smoking. They work better when used in conjunction with counseling, behavior therapy, and medicines. Increasing access to smoking cessation products and replacement therapy (NRT) products is expanding avenue in the smoking cessation and nicotine de-addiction market.
Smoking Cessation and Nicotine De-Addiction Market: Regional Growth Dynamics
- North America held a leading share of the global smoking cessation and nicotine de-addiction market in 2020, where the U.S. has offered sizable revenue streams to market players.
- Europe is another lucrative regional market. Increased number of smoking cessation programs and rapid adoption of nicotine-containing OTC smoking cessation products in some parts of the region have generated revenue streams over the years.
- Asia Pacific is witnessing vast lucrative avenues. Of note, manufacturers of NRT products find an incredible untapped avenue in the region.
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Smoking Cessation and Nicotine De-Addiction Market: Key Players
New product launches are increasingly shaping the competitive dynamics of the smoking cessation and nicotine de-addiction market. Some of the key players are Takeda Pharmaceutical Company Ltd., Takeda Pharmaceutical Company Ltd., Pfizer Inc., JUUL Labs, Inc., Johnson & Johnson (J&J), ITC Ltd., GlaxoSmithKline plc (GSK), Cipla Ltd., Alkalon A/S, and 22nd Century Group, Inc.
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Smoking Cessation and Nicotine De-Addiction Market Segmentation
- Product Type
- Product (with nicotine)
- OTC Products
- Nicotine Gums (NRT)
- Nicotine Patches (NRT)
- Nicotine Lozenges (NRT)
- Nicotine Tablets (NRT)
- Prescription Products
- Nicotine Sprays (NRT)
- Nicotine Inhalers (NRT)
- OTC Products
- Product (without nicotine)
- Product (with nicotine)
- Distribution Channel
- Company Websites
- E-commerce Websites
- Hospital Pharmacies
- Local Medical Stores
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