Newark, NJ, March 02, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global nicotine patch market is expected to grow from USD 186.45 million in 2018 to USD 459.87 million by 2026 at a CAGR of 10.11% during the forecast period from 2019-2026.
Nicotine patch market growing at a rapid pace from the past few years. The market is primarily driven by increasing research and development and the rising awareness amongst the population regarding smoking health hazard. These patches reduce the risk of cardiovascular diseases and other non-communicable diseases, including cancer. Besides, these patches also help in enhancing the skills related to vigilance, reaction time, and coordination while sharpening the short-term memory of smokers. Another factor driving the demand for the nicotine patches are rising internet penetration across the globe. With the rising internet penetration, it has resulted in the increased sales of oral care products such as Nicotine Patch through e-commerce.
A nicotine patch is defined as a product used for Nicotine Replacement Therapy (NRT). These transdermal patches are mainly used for smoking cessation. This patch is stick on the body, where nicotine is released from the patch and is absorbed by the skin. Released nicotine binds to nicotine receptors in the body, by reducing craving and symptoms related to smoking cessation. It is the best way to make people stop smoking cigarettes. The nicotine patches such as NicoDerm CQ are commonly used.
Global nicotine patch market is expected to witness rapid growth over the forecast period, owing to growing consciousness amongst population towards various smoking health hazard has stimulated the growth. The rising adoption of innovative and new product launches is another factor contributing to the market expansion. Various side effects associated with the use of nicotine patch may pose a major threat to the product. However, increase in demand for nicotine patch-based products in various countries has led vendors to continually launch innovative products to expand their customer base in coming years.
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Key players operating in the global nicotine patch market are Revolymer, Novartis AG, Habitrol, GlaxoSmithKline plc, Yesmoke, McNeil (Johnson & Johnson), The Harvard Drug Group LLC., Wal-Mart Stores Inc., Target Corp., Walgreen Co., and Cigna among others. To enhance their market position in the global nicotine patch market, the key players are now focusing on adopting the strategies such as recent developments, product innovation, mergers & acquisitions, joint venture, collaborations, and partnership.
- For instance, in January 2015, Dr Reddy’s Laboratories has announced that it has closed the acquisition of Habitrol brand (an over-the-counter nicotine replacement therapy transdermal patch) from Novartis Consumer Health Inc. to enter into the OTC nicotine patches market.
- In June 2015, Cardinal Health announced the acquisition of The Harvard Drug Group to enhance the company's generic pharmaceutical distribution business, to expand existing telesales programs and capabilities; and to broadens the company's portfolio of over-the counter pharmaceutical products.
The 24-hour Nicotine Patch is dominating the market with the highest market share of 62.14% in 2018
The product type segment is segmented into 24-hour nicotine patch and 16-hour nicotine patch. The 24-hour Nicotine Patch is dominating the market with the highest market share of 62.14% in 2018. Both patches decreased morning smoking urges, but results from the 24-hr patch are more superior than16-hour nicotine patch. Furthermore, the 24-hr patch is more effective in reducing the positive reinforcing dimension of smoking urges. The 24-hr nicotine patch formulation is more effective than the 16-hr formulation in alleviating morning smoking urges and more specifically the positive reinforcing factor.
The male segment held the largest market share of 65.81% in 2018
The end user segment is segmented into male and female. The male segment held the largest market share of 65.81% in 2018 as the number of male smokers outnumbers females. Moreover, smoking cessation techniques are less effective for women than to men. Therefore, the nicotine patch is more often used by men than women.
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Regional Segment Analysis of the Nicotine Patch Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region dominated the global nicotine patch market in 2018 where as the Asia Pacific region is growing rapidly in the market. North America region held the major market share of 39.11% in 2018. The region is dominating the market owing to the high awareness levels of nicotine de-addiction products. The large market share is also due to the established healthcare infrastructure and the rising disposable income. The Asia Pacific region is anticipated to grow rapidly due to rising awareness among population regarding side effects and diseases caused by smoking, developing healthcare infrastructure, and increasing government initiative by making new policies. In addition to this, the demand is increasing for nicotine patches in the countries such as India and China. Thus, with this trend, vendors are mainly focusing on to continually launch innovative products and to expand their customer base in the Asia Pacific region. Furthermore, Europe is anticipated to hold the significant market share in the global nicotine patches market, owing to increasing demand for nicotine patches across the region. Countries such as UK, Germany, and France are some of the prominent countries for the nicotine patch market in the Europe.
About the report:
The global nicotine patch market is analysed on the basis of value (USD Million), volume (Thousand Units), export (Thousand Units), and import (Thousand Units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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