June 17, 2024
Global Nicotine Replacement Therapy Market

Global Nicotine Replacement Therapy Market Is In Trends By Increasing Adoption Of Smoking Cessation Programs

Nicotine replacement therapy includes products that help people quit smoking by satisfying nicotine cravings without the harmful smoke. These products include gum, patches, lozenges and e-cigarettes. They work by gradually reducing the level of nicotine the body receives, which helps with nicotine withdrawal symptoms during smoking cessation. The need for nicotine replacement therapy products is increasing as people try to quit smoking to reduce health risks. Government agencies also run smoking cessation programs that recommend using these products.

The Global Nicotine Replacement Therapy Market is estimated to be valued at US$ 53.47 BN in 2024 and is expected to exhibit a CAGR of 10.% over the forecast period 2024 to 2030. Growing awareness about negative health impacts of smoking and increasing initiatives by governments and health organizations to reduce smoking rates are driving the growth of this market.

Key Takeaways

Key players operating in the Global Nicotine Replacement Therapy are Johnson & Johnson Inc., Haleon Group of Companies, Imperial Brands plc, Cipla Inc., Pfizer Inc., GLENMARK PHARMACEUTICALS LTD, Fertin Pharma, Philip Morris Products S.A., British American Tobacco plc, Japan Tobacco Inc., Habitrol., Perrigo Company plc, Die betapharm Arzneimittel GmbH, ITC Limited , Sparsha Pharma International Pvt Ltd, and Alkalon A/S. These companies offer a wide range of nicotine replacement products to help people quit smoking.

The demand for nicotine replacement therapy products is increasing significantly across the globe as smoking rates decline owing to rising awareness and implementation of smoking bans. High smoking prevalence coupled with initiatives to promote smoking cessation is also fueling the growth of this market in many countries.

Global expansion through acquisitions and partnerships has helped key players strengthen their presence. Growing penetration in developing markets will be crucial for continued growth of nicotine replacement therapy market in the forecast period.

Market Key Trends

Increasing adoption of e-cigarettes as a smoking cessation aid is one of the key trends seen in the nicotine replacement therapy market. E-cigarettes deliver nicotine without tobacco and are considered a safer alternative to traditional cigarettes by many. Studies show they may help people quit smoking. This is driving many smokers to switch to e-cigarettes to quit smoking.

Porter’s Analysis

Threat of new entrants: High capital requirement limits new players. Bargaining power of buyers: Large number of players offering substitutes limits buyers’ power. Bargaining power of suppliers: Suppliers of raw materials and ingredients have moderate power due to availability of substitutes. Threat of new substitutes: New substitutes may emerge but established products have strong brand loyalty. Competitive rivalry: Fierce competition amongst leading players strengthens products and marketing.

The value of the Global Nicotine Replacement Therapy Market Demand is concentrated majorly in North America and Europe. The North America region accounts for over 35% of the overall market value owing to high awareness regarding health hazards of smoking.

The Asia Pacific region is poised to witness the fastest growth during the forecast period. This is attributable to growing number of smokers, rising healthcare expenditure, and increasing awareness among people regarding advantages of quitting smoking. Initiatives by governments and healthcare organizations also promote use of nicotine replacement therapy products in the Asia Pacific region

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it