The global smoking cessation and nicotine de-addiction products market is expected to register a CAGR of about 14% during the forecast period, 2018-2023.
Smoking is one of the major causes of lung cancer and other respiratory and cardiac diseases. Awareness about these health hazards has influenced individuals to adopt smoking cessation therapy. Awareness digital media, print media, and other sources of information have proved to be effective in curbing the nicotine addiction crisis to some extent.
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Lifestyle Related Issues Leading to Stress
Tobacco use is risky behavior among youth that extends into adulthood. Quitting smoking is beneficial to health at any age, and smokers who quit before 35 years of age have mortality rates similar to those who never smoked. Of the current 44.5 million smokers in the United States, 70% (31 M) claim they would like to quit, 70% of smokers visit a physician yearly, and 46% report an attempt to quit smoking in the past year, which leads to high usage of De-addiction products. Also, this portrays the rising awareness of the population and their willingness to quit smoking. The rise in awareness is also fueled by government efforts, such as advertisements, and distribution of educational pamphlets, etc. Also, there are non-government organizations working to educate and help people quit smoking are that are engaged dedicatedly to bring the number of smokers down. This will allow the smoking cessation and nicotine de-addiction products market to flourish during the forecast period. Other factors that will help the market to grow during the forecast period include introduction of new products and reimbursement for smoking cessation therapy.
Lifestyle Related Stress Triggering Smoking
Most adults say that they smoke because of habit or routine and/or because it helps them relax and cope with stress. Many smokers are more likely to increase their cigarette use when they’re under pressure. Certain events, such as holidays, job changes, and life transitions, can trigger certain habits, including smoking. The idea that people smoke cigarettes to help ease the signs and symptoms of stress is known as 'self-medication'. Stress is very common, affecting us when we feel unable to cope with unwelcome pressure. It can cause physical symptoms, like headaches or breathlessness, as well as making people feel irritable, anxious or low. Owing to this more people are reluctant to quit smoking and with the addition of new smokers every day the growth of the smoking cessation and nicotine de-addiction products market will have a negative impact during the forecast period. Other factors that will act as restraints for the market include low awareness about smoking cessation products in developing economies and legal obligations dragging growth of several smoking cessation product segments.
Asia-Pacific to Show Fastest Growth
North America is expected to dominate the market during the forecast years, due to increasing number of smokers and growing awareness regarding health hazards associated with smoking. Asia-Pacific is expected to be the fastest growing region for the market, due to increasing awareness about the smoking cessation and nicotine de-addiction products and a huge population base in the area.
Key Developments in the Market:
Major Players: CIPLA LTD., GLAXOSMITHKLINE PLC, IMPERIAL TOBACCO COMPANY OF INDIA LIMITED., MCNEIL AB, NJOY, INC., NOVARTIS INTERNATIONAL AG, PFIZER, INC., REVOLYMER PLC AND TAKEDA PHARMACEUTICAL CO., LTD., amongst others.
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Some Point from Table of Content:
1.1 Market Definition
2. Research Methodology
3. Executive Summary
4. Key Inferences
5. Market Overview
5.1 Current Market Scenario
5.2 Porter's Five Forces Analysis
5.2.1 Bargaining Power of Suppliers
5.2.2 Bargaining Power of Consumers
5.2.3 Threat of New Entrants
5.2.4 Threat of Substitute Product and Services
5.2.5 Competitive Rivalry Within the Industry
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