Nicotine Replacement Therapy Market Precise Analysis on Business Overview, Product Scope And Ongoing Development
Nicotine Replacement Therapy Market Growth & Trends
The global nicotine replacement therapy market size is expected to reach USD 147.9 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 16.3% from 2021 to 2028. The growth of the market is largely attributed to increasing government initiatives to promote nicotine replacement therapy (NRT) products for reducing mortality due to smoking and diseases associated with it.
Smoking cessation campaigns are also playing a crucial role in increasing awareness about diseases that are caused because of smoking. These campaigns are run by regional governments as well as multinational companies, such as Philip Morris International and Altria. Global organizations like the WHO are also working toward creating awareness by running online campaigns.
There has been an exponential increase in the usage of NRT products. The young population is the largest consumer of advanced NRT products, like heat-not-burn tobacco and e-cigarettes. However, middle-aged patients’ interest in smoking cessation has led to a rise in the usage of e-cigarettes. For instance, the use of e-cigarettes for smoking cessation increased to 20% in 2018 from 13% in 2016 among people aged 45 to 54 years.
Furthermore, researchers found that 5% to 9% of smokers tend to use nicotine patches even after the therapeutic period of 12 weeks. The passive approach of combining nicotine patches with a gum, inhaler, or spray is found to be more effective, and quitting rate reaching 34% to 54%. NRT is only recognized as a way of curbing nicotine cravings and treatment by consumers.
With technological advancements, the players in this market are also developing products to suit the changing consumer preferences. For instance, the e-cigarette market is changing with newer innovations that are more efficient, have longer battery life, and are rechargeable. The existing innovations like sleek and easy-to-use socially acceptable e-cigarettes brought a revolution, which drove more people to shift to using NRTs without social stigma.
Various players such as Nicocigs Ltd.; Nicoventures Ltd.; Victory Electronic Cigarettes Corp.; DuraSmoke; AlternaCig; Shenzhen IVPS Technology CO. Limited; and Vapor Group, Inc. are launching e-cigarettes and related products. Although there are hundreds of companies selling e-cigarettes, their usage in NRT is disputed.
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Nicotine Replacement Therapy Market Report Highlights
- By product, the e-cigarettes segment held the largest NRT market share in 2020 due to increasing investments and the rising focus of companies on developing value-added products. The heat-not-burn tobacco products segment is expected to grow at the fastest rate over the forecast period
- The offline distribution channel segment dominated the market in 2020. Retail chains across the world are investing in advanced technologies and undertaking new initiatives in order to improve sales and attract more customers. The increasing sales of e-cigarettes through vape shops and retail stores is another factor augmenting the growth of this segment
- Asia Pacific held the largest market share in 2020. Favorable government initiatives, coupled with an evolving reimbursement landscape for pharmaceutical products, are supporting continual growth
Nicotine Replacement Therapy Market Segmentation
Grand View Research has segmented the global nicotine replacement therapy market by product, distribution channel, and region:
NRT Product Outlook (Revenue, USD Billion, 2017 – 2028)
- Nicotine Replacement Therapy
- Transdermal Patches
- Sublingual Tablets
- Heat-not-burn Tobacco Products
NRT Distribution Channel Outlook (Revenue, USD Billion, 2017 – 2028)
NRT Regional Outlook (Revenue, USD Billion, 2017 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- South Africa
- Saudi Arabia
List of Key Players of Nicotine Replacement Therapy Market
- Philip Morris Products S.A. (Altria Group)
- British American Tobacco p.l.c.
- Japan Tobacco, Inc.
- Imperial Brands
- Fertin Pharma
- Cipla Inc.
- Pfizer Inc.
- Johnson & Johnson Services, Inc.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.