Global Smoking Cessation Aids Market Forecast to 2028 - COVID-19 Impact and Analysis - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Smoking Cessation Aids Market Forecast to 2028 - COVID-19 Impact and Global Analysis by\ Product (Nicotine Replacement Therapy, Drugs, Electronic Cigarettes, and Others) and End-User (Hospital Pharmacies, Online Channel, Retail Pharmacies, and Other End Users)" report has been added to ResearchAndMarkets.com's offering.
According to this report the market is expected to reach US$ 64,032.30 million in 2028 from US$ 23,413.08 million in 2021. The market is estimated to grow with a CAGR of 15.5% from 2021-2028. Key factors that are driving the growth of this market are rising addiction toward tobacco smoking, increasing number of campaigns to reduce smoking and tobacco dependence. However, steeping costs for development of nicotine replacement therapies are likely to restrain the market growth in the future years to some extent.
Based on end-user, the smoking cessation aids market is segmented into hospital pharmacies, online channel, retail pharmacies, and other end users. The retail pharmacies segment is likely to hold the largest share of the market in 2021, however the online channel segment is anticipated to register the highest CAGR of the market during the forecast period.
The substance and tobacco abuse treatment industry is getting competitive every consecutive year with the introduction of new and innovative therapies by the smoking cessation aids market players. For instance, in July 2020, Dr Reddy's Laboratories announced the launch of over-the-counter Nicotine Polacrilex lozenges in the American market. The company launched Nicotine Polacrilex lozenges in the strengths of 2 mg and 4 mg in the US. Furthermore, the top players in the market are also collaborating with third parties to improve their existing product range of smoking cessation aids. For instance, in March 2016, GlaxoSmithKline partnered with a digital smoking cessation company 2Morrow to offer the GSK's Nicoderm CQ Patch to smokers who complete 2morrow's cessation program.
In addition, medical devices such as nicotine-free e-cigarettes and vapes are being launched by market players at local and regional levels. For instance, the US based electronic cigarette company Juul Labs announced to launch its products in India by the end of 2019. In December 2018, the British American Tobacco (BAT) introduced two new e-cigarettes named Vype iSwitch Maxx and Vype iSwitch in five of BAT's VIP stores in London. Thus, the consistent launch of new and innovative smoking cessation aids would become a prevalent trend in the smoking cessation aids market in the coming years.
COVID-19 outbreak was first observed in December 2019 in Wuhan (China), and it has spread to more than 100 countries across the world, with the World Health Organization (WHO) stating it as a public health emergency. The global impacts of COVID-19 are being felt across several markets. The findings show that e-cigarette usage and dual use of e-cigarettes and cigarettes are important underlying risk factors for COVID-19 that have previously not been established. As per the researchers, smoking is a risk factor for influenza, patients who smoke are immunosuppressed to some degree, and they make more mucus.
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- Rising Addiction of Tobacco Smoking
- Increasing Awareness Activities and Campaigns to Reduce Tobacco Usage and Dependence
- Steeping Costs for Development of Nicotine Replacement Therapies
- E-cigarette Epidemic Among Youth
- Introduction of New Smoking Cessation Aids
- Pfizer Inc.
- GlaxoSmithKline plc.
- Dr. Reddy's Laboratories
- Johnson and Johnson Services, Inc.
- Cipla Inc.
- Perrigo Company plc
- Bausch Health Companies Inc.
- Juul Labs
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