Acumen Research and Consulting, a global provider of market research studies, in a recently forthcoming report titled “Global Nicotine Replacement Therapy Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, Feb. 09, 2021 (GLOBE NEWSWIRE) -- According to Acumen Research and Consulting, the Global Nicotine Replacement Therapy Market is anticipated to grow with steady CAGR during the forecast period 2020 – 2027
High government spending on replacement therapy awareness is a major factor expected to drive the growth of the Global Nicotine Replacement Therapy Market.
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North America is expected to account for a major revenue share in the global nicotine replacement therapy market due to the high percentage of consumers smoking cigarette. Changing the lifestyle pattern of consumers along with the rise in number of cigarette consumption is resulting in high patient pool suffering for mouth cancer and lungs cancer. U.S. Department of Health & Human Services states that cigarette smoking is responsible for more than 480,000 deaths per year in the United States, including more than 41,000 deaths resulting from secondhand smoke exposure. This is about one in five deaths annually, or 1,300 deaths every day. According to the Global Adults Tobacco Survey (GATS) for India 2016-2017, 28.6% (266.8 million) of all adults (42.4% of men and 14.2% of women) currently use smoking and/or smokeless tobacco products. Major players focused on enhancing the business through strategic merger and acquisitions is expected to help the company to enhance the customer base and increase the revenue share.
The market in Asia Pacific is expected to witness faster growth in the nicotine replacement therapy market due to increasing consumer spending on tobacco consumption. Government is imposing various regulations related to consumption of tobacco. They are spending high on the advertising of the nicotine replacement therapy to create awareness among consumers related to therapy. Manufactures are focused on R&D activities and enhancing the product offerings to attract new customers. This is expected to support the growth of nicotine replacement therapy regional market. Glenmark Pharmaceuticals Ltd., launched Kwitz a medically approved nicotine replacement therapy that helps smokers embark on a step by step journey towards a smoke-free life. This product launch is expected to help the company to enhance the business are increase the revenue share. Cipla Health Limited, an Indian pharmaceutical company launched Nicotex Nicotine Patches in 2017. The product is a skin/transdermal patch that works on the proven principle of nicotine replacement therapy (NRT) and helps to quit smoking in 12 weeks. This product launch is expected to help the company to increase revenue and enhance the product portfolio. Players are focused on enhancing their reach in order to extend the business and increase the revenue share. Strides Consumer Pvt Ltd is planning to enter into the North India markets with the launch of the over-the-counter (OTC) product NIXIT. NIXIT is a nicotine replacement therapy (NRT) gum that was launched in 2020; the product launch is expected to help the company to enhance the business presence.
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Rise in mortality due to excessive smoking across the globe and enterprises approach towards the introduction of therapy that lowers the nicotine addiction are major factors expected to drive the growth of global nicotine replacement therapy market. In addition, high government spending on development of present healthcare infrastructure in order to deliver advanced care along with increasing awareness activities related to therapy are factors expected to impact the growth of nicotine replacement therapy market. Factors such as side effects of therapy products and stringent government regulations related to product approval are expected to hamper the growth of global nicotine replacement therapy market. In addition, lack of awareness among consumers of developing countries is expected to challenge the growth of the nicotine replacement therapy market. However, flourishing healthcare sector across the globe, rise in awareness activities by the government and increasing investment by major players development of enhanced therapy are factors expected to create new opportunities for players operating in the nicotine replacement therapy market over the forecast period. In addition, increasing partnerships between regional and international players are expected to support the revenue transaction of the target market.
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The global nicotine replacement therapy market is segmented into product type and distribution channel. The product type segment is bifurcated into gums, patches, lozenges, inhalers, and others. Among the product type gums segment is expected to account for major revenue share in the target market due to high consumer approach towards consumption of gums and introduction of innovative solutions form major players. The distribution channel segment is divided into hospitals pharmacy, retail pharmacy, and online pharmacy. Among the distribution channel the online pharmacy segment is expected to account for major revenue share in the target market. Players operating in the global nicotine replacement therapy market are GlaxoSmithKline plc, Johnson & Johnson Inc., Perrigo Company plc. Pierre Fabre SA, Laboratories, Pfizer Inc., Cipla Limited, Glenmark Pharmaceuticals Ltd., and British American Tobacco Plc.
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