The global nicotine replacement therapy market is expected to gain momentum by exhibiting a CAGR of 4.2% between 2020 and 2027. This is attributable to increasing incidence of chronic disease such as lung cancer, strokes, and respiratory ailments. Additionally, introduction of innovative products by major companies will favor market growth.
This information is published by Fortune Business Insights, in its latest report, titled, "Nicotine Replacement Therapy Market Size, Share & COVID-19 Impact Analysis, By Type (Gums, Patches, Lozenges, Inhalers, and Others), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy), and Regional Forecast, 2020-2027." The report further observes that the market was valued at USD 2.55 billion in 2019 and is projected to reach USD 3.54 billion by 2027.
Nicotine replacement therapy is a treatment that involves administering the smoking addicts with nicotine in the form of patches, inhalers, gums, sprays, and lozenges that does not contain harmful chemicals compared to tobacco. Often consumption of tobacco leads to nicotine dependency and its withdrawal can result in unpleasant situations for the smoker. NRT mainly focus on the psychological aspect of quitting, while helping to relieve the physical withdrawal symptoms of the smokers.
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Highlights of the Report:
-- Analysis of the impact of Covid-19 that the market would face in the near future.
-- In-depth analysis of the growth drivers and obstacles.
-- Profile of all the companies operating in the market.
-- Elaborate data about the dominating region.
-- Competitive landscape consisting of mergers & acquisitions, investments, partnerships, new product launches, opening of new facilities, and new contracts.
What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers the different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves leading companies and adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
COVID-19 Effect: Increasing Support for Smoking Cessation to Favor Growth
The entire globe is witnessing the devastating effects of the novel coronavirus. Millions of people have already lost their lives to this pandemic, and several others are battling the symptoms across the globe. The disease affecting the respiratory organs is deemed to be highly lethal for those who consume tobacco products largely. However, to mitigate the impact on smokers, several government agencies are coming forward to promote anti-smoking campaigns and recommending nicotine replacement therapy to the smoking addicts.
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Increasing Incidence of Chronic Disease to Bolster Growth
According to the Center for Disease Control and Prevention (CDC), smoking cigarettes leads to over 80% to 90% of lung cancer deaths every year in the United States. Tobacco smoke consists of over 7000 chemicals, with over 70 chemicals known to cause cancer in humans. Furthermore, the increasing incidence of chronic ailments is propelling the major companies to introduce innovative nicotine replacement therapy products that aid in to curb the urge to smoke in the people. The growing tobacco addiction in the youth is further driving the demand for the NTR products that will bode well for the growth of the global nicotine replacement therapy market during the forecast period.
Gums Segment Held a Share of 54.95 in the U.S.
The segment gums, based on type, held a market share of 54.95 in the U.S. in 2019 and is expected to showcase augmented growth owing to large availability of gums at the over-the-counter stores in the country.
Growing Smoking Cessation Cases in North America to Propel Demand
Among all regions, North America was worth USD 1.18 billion in 2019 and is expected to hold the highest position in the global nicotine replacement therapy market share during the forecast period. This is attributable to the increasing number of people that desire to quit smoking in the US. For instance, according to the US National Institute of Health, around 70% of the total 46 million Americans smoke, desire to quit smoking. On the other hand, Europe is expected to hold the second position in the market owing to increasing government initiatives to promote anti-smoking campaigns and activities that are expected to drive the demand for nicotine replacement therapy products between 2020 and 2027.
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Product Launches by Major Companies to Strengthen Market Position
The global nicotine replacement therapy market report observes that major companies such as GlaxoSmithKline plc and Johnson & Johnson Inc hold over 80% of the total share and are constantly focusing on consolidating their positions by introducing novel nicotine replacement therapy products in the global marketplace. Additionally, other players in the market are striving to strengthen their position by adopting strategies such as collaboration, merger and acquisition, and introduction of new products during the forecast period.
-- June 2020: Taat Herb Co., a flagship brand of Taat Lifestyles, announced the launch of its new hemp cigarettes from the Taat stable. According to the company, the new product dramatically replicates the exact experience of smoking a traditional cigarette and contains 50mg of cannabidiol (CBD) that is effective in reducing tobacco dependency.
List of the Companies Operating in the Nicotine Replacement Therapy Market:
-- GlaxoSmithKline plc (U.K, Europe)
-- Johnson & Johnson Inc (New Jersey, U.S)
-- Perrigo Company plc (Ireland, Europe)
-- Pierre Fabre SA, Laboratories (France, Europe)
-- Pfizer Inc. (New York, United States)
-- Cipla Limited (Mumbai, India)
-- British American Tobacco Plc (U.K, Europe)
-- Other Players
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Nicotine Replacement Therapy Market Segmentations:
By Distribution Channel
-- Hospital Pharmacy
-- Retail Pharmacy
-- Online Pharmacy
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