The global smoking cessation and nicotine de-addiction products market is highly consolidated in nature with the top players boasting the majority stake in the revenue pie, states a research report by Transparency Market Research. At present, the prominent players such as Johnson & Johnson, Novartis, and GlaxoSmithKline collectively hold nearly 90% of the market. These players are focusing on developing innovations and new product launches in order to enhance their market penetration across the globe. Additionally, the global market is expected to witness a significant rise in the number of mergers and acquisitions by leading players to secure their leading position across the globe. According to the research study, the market opportunity for smoking cessation and nicotine de-addiction products is projected to reach a value of US$20,558.8 mn by the end of 2023.
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High Accessibility of Nicotine Replacement Therapy Products to Bolster North America Market
On the basis of geography, North America is expected to lead the global smoking cessation and nicotine de-addiction products market and account for a 41.5% share by the end of 2023. The growing awareness among consumers regarding smoking hazards and easy accessibility of nicotine replacement therapy (NRT) products are some of the primary factors augmenting the growth of the market in North America.
By type, the e-cigarette segment is predicted to grow robustly in the next few years and reach a value of US$16,474.6 mn by the end of 2023. Although e-cigarettes have been banned in several countries in Europe and Southeast Asia, this segment is predicted to witness high growth in the coming years.
Emergence of New Products to Benefit Global Smoking Cessation and Nicotine De-addiction Products Market
There has been a substantial rise in the cases of lung cancer and other cardiac and respiratory diseases due to cigarette smoking. The growing awareness concerning the health hazards is expected to drive the global smoking cessation and nicotine de-addiction products market in the near future. In addition, the intervention of government for encouraging smoking de-addiction such as a ban on smoking in public places and high taxes on cigarette products is indirectly promoting nicotine replacement therapy products, thus augmenting the growth of the market.
Furthermore, the introduction of new products and favorable reimbursement policies for smoking cessation therapy are anticipated to encourage the consumers to make more use of nicotine de-addiction products and accelerate the growth of the market in the near future.
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Low Awareness about Nicotine Replacement Therapy Products to Drag Down Market Growth
Regulations imposed by government for drugs and electronic cigarettes have restricted the growth of the smoking cessation and nicotine de-addiction products market across the globe. In addition, low awareness regarding nicotine replacement therapy products, especially in developing countries is another factor estimated to hamper the growth of the overall market in the next few years. Additionally, complex and rigid accreditation procedures are expected to suppress the growth of the market.
Nonetheless, the rising penetration of the global smoking cessation and nicotine de-addition products market in emerging countries is projected to offer lucrative growth opportunities for the key players in the market. Moreover, the rising focus of key players on research and development activities to introduce new products and create awareness about smoking hazards are anticipated to boost the demand in the coming years.
This information is based on the findings of a report published by Transparency Market Research, titled “Smoking Cessation and Nicotine De-addiction Products Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”