Portland, OR, Oct. 28, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global nicotine replacement therapy market generated $2.7 billion in 2021 and is estimated to hit $5.9 billion by 2031, registering a CAGR of 8.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $2.7 billion |
| Market Size in 2031 | $5.9 billion |
| CAGR | 8.3% |
| No. of Pages in Report | 290 |
| Segments covered | Product, Sales Channel, Location, and Region |
| Drivers | Increase in the number of tobacco-addicted people and the number of people willing to stop tobacco consumption |
| Rise in demand for nicotine replacement products | |
| Advancements in nicotine replacement therapies | |
| Increase in the prevalence of tobacco-associated diseases such as cancer and respiratory disorders | |
| Latest product launches and product approvals | |
| Increase in healthcare expenditure | |
| Rise in the number of key players who manufacture nicotine replacement products at affordable cost | |
| Opportunities | Government and non-government organizations working to promote the awareness about the ill effects of tobacco on the body |
| Restraints | Government’s strict regulation on manufacturing and distribution of nicotine products |
Covid-19 scenario-
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global nicotine replacement therapy market. It caused tremendous stress to healthcare systems worldwide.
- Several clinics and hospitals were restructured to accommodate more patients diagnosed with COVID-19.
- Implementation of lockdown globally resulted in a decline in the number of people visits in de-addiction centers during the pandemic.
- However, the market is anticipated to witness recovery in the post-pandemic situation, and show stable growth for the nicotine replacement therapy market in the post-pandemic period.
The report offers a detailed segmentation of the global nicotine replacement therapy market based on product, sales channel, location, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on product, the gums segment accounted for more than half of the overall nicotine replacement therapy market in 2021, and is likely to lead the trail by the end of 2031. However, the lozenges segment would cite the fastest CAGR of 8.9% throughout the forecast period. The report also discusses the patches and others segments.
Based on sales channel, the offline segment contributed to more than three-fourths of the global nicotine replacement therapy market in 2021, and is expected to maintain its dominance through 2031. However, the online segment would grow at the fastest CAGR of 9.3% from 2022 to 2031.
Based on location, the hospitals and de-addiction centers segment contributed to nearly three-fifths of the global nicotine replacement therapy market in 2021, and is expected to maintain its dominance through 2031. However, the home segment would grow at the fastest CAGR of 8.8% from 2022 to 2031.
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Based on region, the market across North America contributed to nearly two-fifths of the overall nicotine replacement therapy market in 2021, and is expected to maintain its dominance during the forecast period. However, the Asia-Pacific market would grow at the fastest CAGR of 10.1% from 2022 to 2031. The other provinces discussed in the report include Europe and LAMEA.
The key market players analyzed in the global nicotine replacement therapy market report include Cipla Ltd., Fertin Pharma Limited, GlaxoSmithKline Plc., Johnson & Johnson Inc., Lucy Goods Inc,Pfizer Inc., PL Developments, Rubicon Research Pvt. Ltd., Sparsha Pharma International Pvt. Ltd., and Zydus Cadila.
The report provides a detailed analysis of these key players of the global nicotine replacement therapy market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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