Nicotine Replacement Therapy Market study by “Data Bridge Market Research” provides details about the market dynamics affecting the Nicotine Replacement Therapy market, Market scope, Market segmentation and overlays shadow upon the leading market players highlighting the favourable competitive landscape and trends prevailing over the years.
Nicotine Replacement Therapy Market study by “Data Bridge Market Research” provides details about the market dynamics affecting the Nicotine Replacement Therapy market, Market scope, Market segmentation and overlays shadow upon the leading market players highlighting the favourable competitive landscape and trends prevailing over the years.
Nicotine Replacement Therapy market research report draws attention to key market dynamics of the sector. A range of definitions and classification of the HEALTHCARE industry, applications of the HEALTHCARE industry and chain structure are provided in the report. The competitive landscape section of the report brings into light a clear insight about the market share analysis of major industry players. The company profiles of all the top players and brands that are leading the Nicotine Replacement Therapy market with moves like product launches, joint ventures, mergers and acquisitions which in turn is affecting the sales, import, export, revenue and CAGR values are revealed in this market report.
By keeping in mind the end user’s point of view, a team of researchers, forecasters, analysts and industry expert’s work in-depth to prepare Nicotine Replacement Therapy market research report. It is the most appropriate, realistic and admirable market research report delivered with a supreme devotion and comprehension of business needs. The research and analysis carried out in this report assists clients to forecast investment in an emerging market, expansion of market share or success of a new product. Nicotine Replacement Therapy is the most promising market research report which has been framed in the way foreseen.
Data Bridge Market Research analyses that the nicotine replacement therapy market was valued at USD 2.92 billion in 2021 and is expected to reach USD 7.93 billion by 2029, registering a CAGR of 13.31% during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Nicotine replacement therapy is a treatment that entails the administration of nicotine by smokers in the form of patches, inhalers, gums, sprays, and lozenges that are free of the toxic compounds found in tobacco. In contrast to cigarettes, which contain a large amount of nicotine and so cause lung cancer, asthma, and other chronic problems, nicotine replacement treatment uses medications that provide nicotine at a low dose. Nicotine replacement therapy reduces or eliminates tobacco intake, reducing the frequency and intensity of cravings.
Nicotine Replacement Therapy Market Dynamics
Drivers
- Rise in the prevalence of chronic diseases
The surging prevalence of chronic diseases is a major factor driving the nicotine replacement therapy market’s growth rate during the forecast period of 2022-2029. The Centers for Disease Control and Prevention (CDC) estimates that smoking cigarettes cause approximately 80% to 90% of lung cancer deaths in the United States each year. Tobacco smoke contains more than 7000 compounds, with more than 70 of them known to cause cancer in humans. Furthermore, the rising prevalence of chronic illnesses is driving large corporations to develop breakthrough NRT solutions that help people resist the need to smoke. The rising prevalence of tobacco addiction among teenagers is fueling demand for NTR products, which will boost the worldwide nicotine replacement therapy market over the forecast period.
- Increasing investment for healthcare infrastructure
Another significant factor influencing the growth rate of nicotine replacement therapy market is the rising healthcare expenditure which helps in improving its infrastructure. Also, various government organizations aims to improve the healthcare infrastructure by increasing funding and this will further influence the market dynamics.
- Rising awareness about the ill-effects of smoking
Growing public awareness of the harmful effects of smoking is projected to be a major driver of the market. Globally, the number of smokers has topped 1.1 billion. People are turning to smoking cessation therapies as a result of government initiatives such as the "affordable care act," insurance regulations, and programs to raise awareness about the harmful effects of smoking on health through counseling. In 2018, 55 percent of the 34.2 million smokers in the United States attempted to quit.
Opportunities
- Technological advancement
Technological developments in the nicotine replacement therapy market are continuing, resulting in an increase in the number of people moving to advanced products. The acceptance of NRT is anticipated to be aided by innovations such as heat-not-burn products, flavoured chewing gums, and lozenges. Tobacco giants such as British American Tobacco have developed smokeless and less hazardous alternatives. When opposed to traditional cigarettes, these improvements have a variable range of effectiveness and are accepted in society, promoting their adoption and enhancing market growth. This will create new market opportunities in the coming years.
- Rising number of product launches
Major companies such as GlaxoSmithKline plc and Johnson & Johnson Inc hold over 80% of the total market share and are constantly consolidating their positions by introducing novel nicotine replacement therapy products in the global marketplace. Moreover, over the projected period, other market players are attempting to strengthen their positions by implementing strategies such as collaboration, merger and acquisition, and introducing new products. This will create new market opportunities.
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Some of the major players operating in the nicotine replacement therapy market are:
- Pfizer Inc. (US)
- GlaxoSmithKline plc (UK)
- Novartis AG (Switzerland)
- Mylan N.V. (US)
- Teva Pharmaceutical Industries Ltd. (Israel)
- Sanofi (France)
- AstraZeneca (UK)
- Johnson & Johnson Private Limited (US)
- Merck & Co., Inc. (US)
- Cipla Inc. (US)
- Takeda Pharmaceutical Company Limited (Japan)
- Perrigo Company plc (Ireland)
- McNeil AB (Sweden)
- Imperial Brands (UK)
- Philip Morris Products S.A. (US)
- BAT (UK)
- NJOY (US)
- Fertin Pharma (Denmark)
- Glenmark Pharmaceuticals Limited (India)
- Pierre Fabre Group (France)
Recent Development
- In June 2020, Taat Herb Co. announced the launch of its new hemp cigarettes from the Taat stable. According to the firm, the new product closely resembles the sensation of smoking a typical cigarette and contains 50mg of cannabidiol (CBD), which is effective in reducing tobacco dependence.
Global Nicotine Replacement Therapy Market Scope
Product Type
- Patches
- Gums
- Logenzes
- Inhalers
- Nasal Spray
- Sublingual Tablets
End-Users
- Hospitals
- Specialty Clinics
- Homecare
- Others
Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
- Others
Nicotine Replacement Therapy Market Regional Analysis/Insights:
The countries covered in the nicotine replacement therapy market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
North America dominates the nicotine replacement therapy market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the growing adoption rate of e-cigarette and heated tobacco and rising healthcare expenditure will further propel the market's growth rate in this region. Additionally, the increase in the prevalence of diseases associated with smoking and the number of favourable government initiatives will further propel themarket's growth rate in this region.
Asia-Pacific is expected to be the fastest-growing region during the forecast period of 2022-2029 due to surging rising competition between the big tobacco companies in this region. Also, the development of healthcare infrastructure and rising demand for NRT products will further propel themarket's growth rate in this region.
Table of Content: Nicotine Replacement Therapy
Part 01: Executive Summary
Part 02: Scope of the Report
Part 03: Global Nicotine Replacement Therapy Market Landscape
Part 04: Global Nicotine Replacement Therapy Market Sizing
Part 05: Global Nicotine Replacement Therapy Market Segmentation By Product
Part 06: Five Forces Analysis
Part 07: Customer Landscape
Part 08: Regional Landscape
Part 09: Decision Framework
Part 10: Drivers and Challenges
Part 11: Market Trends
Part 12: Company Landscape
Part 13: Company Analysis
View Detailed Table of Content @ https://www.databridgemarketresearch.com/toc/?dbmr=global-nicotine-replacement-therapy-market
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