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 (NRT) 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.
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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.
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.
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.
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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 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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