New York, July 04, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Quit Smoking Drugs Global Market Report 2023" - https://www.reportlinker.com/p06457401/?utm_source=GNW
, Philip Morris International, Laboratoires Pierre Fabre, Takeda Pharmaceutical Company, Glenmark Pharmaceuticals Limited, Zydus Cadila, Rusan Pharma Ltd., and Axsome Therapeutics.
The global quit smoking drugs market is expected to grow from $8.39 billion in 2022 to $9.10 billion in 2023 at a compound annual growth rate (CAGR) of 8.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The quit smoking drugs market is expected to grow to $12.40 billion in 2027 at a CAGR of 8.0%.
The quit smoking drugs market consists of sales of AXS-05, cytisincline, nadolol, and liraglutide.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Quit smoking drugs are special drugs that individuals use in quitting smoking and that decreases craving and other nicotine withdrawal symptoms. It is used to deliver nicotine in an alternate form, like chewing gum or patches, for a brief period of time, which lessens the withdrawal symptoms from nicotine and the urge to smoke.
North America was the largest region in the quit smoking drugs market in 2022. The regions covered in the quit smoking drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The major products of quit smoking drugs are drug therapy, electronic cigarettes, nicotine inhalers, nicotine replacement therapies, and nicotine sublingual tablets.Drug therapy refers to the administration of drugs to treat or prevent disease.
Drugs such as Varenicline (Chantix), Bupropion (Zyban) and others are available in drug stores, online pharmacies, and retail pharmacies.
The growing prevalence of numerous diseases due to smoking is expected to propel the growth of the quit-smoking drug market going forward. smoking is the practice of inhaling and exhaling burning plant material vapors such as marijuana and hashish, tobacco, and others. Quit smoking drugs are used to reduce the urge of smoking by hampering the craving for tobacco in an individual, where it is used as a prescription medication to control nicotine withdrawal symptoms to aid in quitting smoking effectively. For instance, in May 2022, according to the World Health Organization (WHO), a Switzerland-based international public health organization, more than 8 million people will be killed each year by tobacco. Around 1.2 millions of those fatalities are caused by non-smokers being exposed to secondhand smoke, while more than 7 million are caused by direct tobacco use. Furthermore, according to the American Cancer Society, a US-based organization for cancer, in October 2020, smoking will be responsible for 30% of all cancer fatalities and 20% of all cancer cases in the USA. Moreover, approximately 80% of lung cancer cases and 80% of lung cancer fatalities are brought on by smoking. Therefore, the growing prevalence of numerous diseases due to smoking is driving the growth of the quit-smoking drug market.
Product innovations are a key trend in gaining popularity in the quit smoking drugs.Major companies operating in the quit-smoking drug market are focused on innovating products to strengthen their position in the market.
For instance, in August 2022, Swedish Match AB, a Sweden-based tobacco company, launched ZYN Tobacco Gold, a tobacco flavored, nicotine pouch in travel retail.Tobacco Gold is available in medium (3 mg) and strong (6 mg) strengths.
The pouches’ sweet tobacco flavor, which is reminiscent of dried fruit, wood, and caramel, satisfies consumer desires since tobacco has emerged as the most popular flavor to help consumers opt for reduced-risk alternatives that are both tobacco-free and smoke-free. It provides a solution for cigarette smokers who not only want to prevent the consumption of tobacco but also enjoy a nicotine kick in smoke-free environments.
In September 2021, Philip Morris International Inc., a US-based tobacco company, acquired Fertin Pharma for a value of $820 million. Through this acquisition, Philip Morris International Inc. aims to generate over 50% of its total net revenues from smoke-free products and a minimum of $1 billion in net revenues from products other than nicotine by using Fertin Pharma’s potential technologies, robust expertise, and skilled personnel. Fertin Pharma is a Denmark-based pharmaceutical and nutraceutical product manufacturer, including quit-smoking products.
The countries covered in the quit smoking drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The quit smoking drugs market research report is one of a series of new reports that provides quit smoking drugs market statistics, including quit smoking drugs industry global market size, regional shares, competitors with a quit smoking drugs market share, detailed quit smoking drugs market segments, market trends and opportunities, and any further data you may need to thrive in the quit smoking drugs industry. This quit smoking drugs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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