Smoking Cessation And Nicotine De-Addiction Products Market to Inspire a Growth up to US$ 95,412.69 Million | 17.8% CAGR By 2027 – Global Trends, Size, Share Investment, Growth Rate, Latest Technology
Global Smoking Cessation and Nicotine De-addiction Products Market – Insights
Cigarette packs mandatorily carry a statutory warning sign stating that ‘Smoking is injurious to Health’, while some countries have resorted to even more graphic visuals of victims of smoking. However, this has done precious little to encourage smoking cessation. The most effective ways is the awareness created by NGOs and global healthcare organizations such as WHO to endorse smoking cessation Moreover, companies are introducing therapies for smoking cessation has led to development of various alternative therapies in the global smoking cessation and nicotine de-addiction products market. Nicotex, Nicogum, Smokefree, and KwikNic are some of the major nicotine replacement therapy (NRT) brands available in the market that help to reduce the addiction of nicotine.
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Nicotine replacement therapies (NRTs) were the first U.S Food and Drug Administration (FDA) approved products for smoking cessation treatment. Buproprion (Zyban) and Varenicline (Chantix) are the two non-nicotine U.S. FDA approved products intended for smoking cessation. E-cigarettes are other emerging products aiding in nicotine de-addiction, e-cigarettes can be nicotine-based or non-nicotine based.
The global smoking cessation and nicotine de-addiction products market size was valued at US$ 17,396.6 million in 2018, and is expected to witness a CAGR of 17.8% over the forecast period (2019 – 2027).
Market Dynamics- Drivers
Increasing demand of e-cigarettes and nicotine de-addiction products is expected to drive growth of the global smoking cessation and nicotine de-addiction products market
Growing demand for nicotine de-addiction products and e-cigarettes is expected to drive growth of the global smoking cessation and nicotine de-addiction products market during the forecast period. E-cigarette is an electronic nicotine delivery system (ENDS) that is regulated by the U.S. FDA. E-cigarettes are effective in reducing tobacco related health conditions, while NRTs work best for smoking cessation. Although e-cigarettes are threat to tobacco-based cigarettes, they pose excellent growth opportunities to tobacco companies to enter a new market that will cater the smoking population. Companies such as BAT, Lorillard, Japan Tobacco International, and Philip Morris International (PMI) collaborated with/acquired smaller firms that developed e-cigarettes. For instance, in April 2015, Japan Tobacco International announced the group has completed the acquisition of Logic Technology Development LLC (“Logic”), one of the leading U.S. e-cigarette brands.
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This provides major companies in the cigarettes market to compensate for their on-going downward sales of cigarettes. This would give a major boost to the overall smoking cessation and nicotine de-addiction products market. Furthermore, the consideration that e-cigarettes are less harmful than regular cigarettes, varying nicotine levels and availability in various flavors are some of the major driving factors for e-cigarettes market.
Market Dynamics- Restraints
Product recalls by the manufacturer and companies, owing to increasing technical faults, health hazards associated with devices, and others is expected to restrain growth of the global smoking cessation and nicotine de-nicotine products market during the forecast period. For instance, in June 2019, Sainsbury’s Argos (a chain of supermarkets in the U.K.) initiated a product recall of eight e-cigarettes as the external batteries supplied with the product were not compatible with the e-cigarettes and could overheat if used, potentially resulting in a fire or burn injury.
Furthermore, in April 2018, R.J. Reynolds Vapor Co. issued a nationwide safety recall in the U.S. of all Vuse Vibe power units for 2.6 million e-cigarettes after consumer reports that batteries malfunctioned and caused the units to overheat and create a fire risk. Moreover, increasing health hazards such as seizures and abnormal brain activities are other key factors that may hamper growth of the smoking cessation and nicotine de-addiction products market.
On the basis of region, the global smoking cessation and nicotine de-addiction products market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Among regions, North America is expected to hold a dominant position in the global smoking cessation and nicotine de-addiction products market during the forecast period. This is owing to high demand of e-cigarette products in the region. For instance, according to the U.S.FDA, among middle and high school students, 3.62 million were current users of e-cigarettes in 2018. Moreover, e-cigarette use, from 2017 to 2018, increased 78% among high school students (11.7% to 20.8%) and 48% among middle school students (3.3% to 4.9%).
Moreover, World Health Organization reported in 2015, over 1.1 billion people smoked tobacco worldwide, with the number increasing in Africa and in certain countries of Europe. Therefore, this could be a potential market for the manufacturers in the global smoking cessation and nicotine de-addiction products market.
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Key players operating in the global smoking cessation and nicotine de-addiction products market include, Pfizer, Inc., GlaxoSmithKline Plc., Johnson & Johnson Limited, Cipla Limited, Perrigo Company Plc, Dr. Reddy’s Laboratories Limited, Imperial Brands Plc., NJOY, Inc., British American Tobacco P.L.C, and Japan Tobacco Inc.About Us:
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