Newark, April 25, 2022 (GLOBE NEWSWIRE) -- Smoking tobacco is a persistent health issue across the globe. The adverse economic and safety effects of smoking need to be given more attention. Tobacco contains addictive nicotine which contributes to serious health concerns. Smoking cessation helps primarily include nicotine replacement therapy (NRT)and drugs, which can be paired with counselling and psychotherapy.The worldwide demand for nicotine replacement products is mainly driven by the rising incidence of diseases such as lung cancer, cardiac disorder and respiratory disorders. It, in effect, is caused by increasing tobacco use in multiple ways that place a significant strain on public safety across the globe. Smoking prevention programs have proved to be a significant influence in the nicotine replacement therapy market.
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Policy measures to increase tobacco taxes ban smoking in public spaces, and other related initiatives have significantly affected the nicotine replacement therapy market. However, the efficiency of nicotine replacement therapy is also uncertain, and that may impede the growthfor nicotine replacement products market. Also, the drugs used in nicotine replacement therapy have several adverse effects and are another limiting factor for nicotine replacement products market.The global nicotine replacement products market is anticipated to grow from USD 2.11 billion in 2020 to USD 3.5 billion by 2028 at a CAGR of 5.61% during the forecast period 2021-2028, according to the new report published by The Brainy Insights.
Nicotine replacement therapy is a medically approved procedure for removing nicotine through methods other than tobacco. Replacement nicotine drugs come in several forms: gum, nasal spray, transdermal patch, oral inhaler, and tablet. It helps to either quit smoking or chewing tobacco. This raises the likelihood to quit smoking by around 55%. It can also be used along with other therapeutic approaches.
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Key players operating in the global nicotine replacement products market include Alchem International Pvt. Ltd., Cipla Ltd., British American Tobacco Plc, FertinPharma, GlaxoSmithKline plc, Johnson & Johnson, Inc., Glenmark, Perrigo Co. plc and Pierre Fabre Groupamong others.The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances, and partnerships to improve their market position in the global nicotine replacement productsindustry.
• In June 2019, Glenmark Pharmaceuticals declared the introduction of Kwitz, a medically approved nicotine replacement therapy that lets smokers start on a step-by-step path to a smoke-free lifestyle. Kwitz nicotine gum comes in two kinds. Kwitz 2 mg will be available as an OTC for smokers smoking less than 20 cigarettes a day and Kwitz 4 mg as a prescription medicine for smokingmore than 20 cigarettes per day.
• In June, 2015, Perrigo Company plc disclosed that it has entered into a deal to buy a portfolio of over— the-counter from GlaxoSmithKline Consumer Healthcare ("GSK") in compliance with GSK's undertakings with the European Commission and other authorities to divest thesefirms in the light of the establishment of a joint venture between Novartis International AG ("Novartis") and GSK.Perrigo will acquire GSK's Nicotine Replacement Therapy ("NRT"), mainly in the Brazil and European Economic Area ("EEA"), andNovartis's legacy Australian NRT business, comprising theNicotinell brand.
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The chewing gums segmentled the nicotine replacement products market with a market share of around 42.13% and a market value of around USD 0.89 billion in 2020
The type segment is divided intochewing gums, lozenges, patches, others. In addition to their therapeutic effects, the chewing gums are accessible at a cost-effective price, thereby leading to the growing acceptance of these products. In addition, the manufacture of flavor-induced gums also increases the demand for such products. Thus, thechewing gums segment emerged as the leader in the global nicotine replacement products market with a market share of around 42.13% and a market value of around USD 0.89 billion in 2020.
The online segment is anticipated to record a significant growth over the forecast period
The application segment includes supermarket and hypermarket, pharmacies and online.The increasing ease of access, 24/7 availability, fast-paced lifestyle, internet users, accessibility and various choices to choose from are some of the factors anticipated to drive demand for nicotine replacement products from online media. Therefore, the online segment is anticipated to record significant growth over the forecast period. Also, the pharmacies segment is projected to grow at a considerable CAGR over the forecast period because this distribution channel offers strong assurance of quality standards and customer trust.
Regional Segment Analysis of the Nicotine Replacement Products Market
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• North America (U.S. , Canada, Mexico)
• South America (Brazil and Rest of South America)
• Asia-Pacific (China, Japan India, Rest of APAC)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
Due to rising awareness of smoking risks and the high availability of therapy products, North America region led the global nicotine replacement productsmarket with a market share of 34.53% and a revenue of USD 0.73 billion in 2020.As the demand for lifestyle-related drugs is rising increasingly owing, to factors such as expanded health awareness, demographic growth and the expansion of public health care systems, the Asia Pacific is anticipated to be the fastest-growing region over the forecast period.
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About the report:
The global nicotine replacement products market is analysed based on value (USD billion).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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