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According to the US Agency for Healthcare Research and Quality, except for pregnant women and teenagers, nicotine replacement therapy (NRT) is safe for all adults who want to quit smoking. Nicotine replacement therapy (NRT) is a method of assisting people in quitting smoking. Nicotine is delivered in small doses in the form of inhalers, lozenges, patches, sprays, or gum, while other toxins contained in tobacco cigarettes are avoided. The fundamental goal of nicotine replacement therapy is to diminish nicotine cravings by easing nicotine withdrawal symptoms.
Data Bridge Market Research analyses that the nicotine replacement therapy market was valued at USD 2.92 billion in 2021 and is expected to reach USD 7.93 billion by 2029, registering a CAGR of 13.31% during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Nicotine Replacement Therapy Market Dynamics
Drivers
The surging prevalence of chronic diseases is a major factor driving the nicotine replacement therapy market’s growth rate during the forecast period of 2022-2029. The Centers for Disease Control and Prevention (CDC) estimates that smoking cigarettes cause approximately 80% to 90% of lung cancer deaths in the United States each year. Tobacco smoke contains more than 7000 compounds, with more than 70 of them known to cause cancer in humans. Furthermore, the rising prevalence of chronic illnesses is driving large corporations to develop breakthrough NRT solutions that help people resist the need to smoke. The rising prevalence of tobacco addiction among teenagers is fueling demand for NTR products, which will boost the worldwide nicotine replacement therapy market over the forecast period.
Another significant factor influencing the growth rate of nicotine replacement therapy market is the rising healthcare expenditure which helps in improving its infrastructure. Also, various government organizations aims to improve the healthcare infrastructure by increasing funding and this will further influence the market dynamics.
Growing public awareness of the harmful effects of smoking is projected to be a major driver of the market. Globally, the number of smokers has topped 1.1 billion. People are turning to smoking cessation therapies as a result of government initiatives such as the “affordable care act,” insurance regulations, and programs to raise awareness about the harmful effects of smoking on health through counseling. In 2018, 55 percent of the 34.2 million smokers in the United States attempted to quit.
Furthermore, sedentary lifestyle of people and surging geriatric population will result in the expansion of nicotine replacement therapy market. Along with this, favourable reimbursement policies will enhance the market’s growth rate.
Opportunities
Technological developments in the nicotine replacement therapy market are continuing, resulting in an increase in the number of people moving to advanced products. The acceptance of NRT is anticipated to be aided by innovations such as heat-not-burn products, flavoured chewing gums, and lozenges. Tobacco giants such as British American Tobacco have developed smokeless and less hazardous alternatives. When opposed to traditional cigarettes, these improvements have a variable range of effectiveness and are accepted in society, promoting their adoption and enhancing market growth. This will create new market opportunities in the coming years.
Major companies such as GlaxoSmithKline plc and Johnson & Johnson Inc hold over 80% of the total market share and are constantly consolidating their positions by introducing novel nicotine replacement therapy products in the global marketplace. Moreover, over the projected period, other market players are attempting to strengthen their positions by implementing strategies such as collaboration, merger and acquisition, and introducing new products. This will create new market opportunities.
Moreover, the market’s growth is fueled by an increase in the number of research and development activities. Nicotine replacement therapy has been shown to be effective in clinical trials, increasing the likelihood of quitting smoking by 50% to 70%. This will provide beneficial opportunities for the nicotine replacement therapy market growth.
Restraints/Challenges
One of the most important reasons impeding the market’s growth is the ban on e-cigarettes. For instance, the Indian government banned the import, manufacture, and sale of e-cigarettes in September 2019. With over 100 million smokers in India, this may have been a huge opportunity for market expansion. Other countries, including Mexico, Brazil, Malaysia, and Thailand, have prohibited the use, import, and manufacture of e-cigarettes. By 2020, over 20 countries will have outlawed the use of e-cigarettes. This is projected to stifle market expansion.
On the other hand, high cost factors and lack of awareness will obstruct the market’s growth rate. The lack of healthcare infrastructure in developing economies and dearth of skilled professionals will challenge the nicotine replacement therapy market. Additionally, side effects associated with nicotine replacement therapy such as headache, nausea and other digestive problem will act as restrain and further impede the growth rate of market during the forecast period of 2022-2029.
This nicotine replacement therapy market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the nicotine replacement therapy market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Patient Epidemiology Analysis
Nicotine replacement therapy market also provides you with detailed market analysis for patient analysis, prognosis and cures. Prevalence, incidence, mortality, adherence rates are some of the data variables that are available in the report. Direct or indirect impact analyses of epidemiology to market growth are analysed to create a more robust and cohort multivariate statistical model for forecasting the market in the growth period.
Global Nicotine Replacement Therapy Market Scope
The nicotine replacement therapy market is segmented on the basis of product type, end-users and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
End-Users
Distribution Channel
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Nicotine Replacement Therapy Market Regional Analysis/Insights
The nicotine replacement therapy market is analysed and market size insights and trends are provided by country, product type, end-users and distribution channel as referenced above.
The countries covered in the nicotine replacement therapy market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
North America dominates the nicotine replacement therapy market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the growing adoption rate of e-cigarette and heated tobacco and rising healthcare expenditure will further propel the market’s growth rate in this region. Additionally, the increase in the prevalence of diseases associated with smoking and the number of favourable government initiatives will further propel themarket’s growth rate in this region.
Asia-Pacific is expected to be the fastest-growing region during the forecast period of 2022-2029 due to surging rising competition between the big tobacco companies in this region. Also, the development of healthcare infrastructure and rising demand for NRT products will further propel themarket’s growth rate in this region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Nicotine Replacement Therapy Market Share Analysis
The nicotine replacement therapy market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to nicotine replacement therapy market.
Some of the major players operating in the nicotine replacement therapy market are:
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Why buy this report?
The report offers a comprehensive evaluation of the Global & Regional Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
The report includes an in-depth market analysis using Porter’s 5 forces model and the Ansoff Matrix. In addition, the impact of Covid-19 on the market is also featured in the report.
The report also includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
The report also contains the competitive analysis using Positioning Quadrants, the analyst’s Proprietary competitive positioning tool.
Market highlights:
Assessment of the market
Premium Insights
Competitive Landscape
COVID Impact Analysis
Historic Data, Estimates and Forecast
Company Profiles
Global and Regional Dynamics
Key Questions Answered in the Market Report
• How did the COVID-19 pandemic affect the reception of by different statistical surveying and life sciences organizations?
• What is the viewpoint for the effective market during the conjecture time frame?
• What are the key patterns affecting the effect market? How might they impact the market in short-, mid-, and long-haul length?
• What is the end client’s insight toward?
• What are the key variables affecting the effect market? What will be their effect in the short-, mid-, and long-haul term?
• What are the key open doors regions in the effect market? What is their possible in short-, mid-, and long haul length?
• What are the key systems taken on by organizations in the effect market?
• What are the key application regions of the effect market? Which application is supposed to hold the most noteworthy development potential during the gauge time frame?
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• Which territorial market is supposed to hold the most noteworthy development potential in the effect market during the conjecture time frame?
• Which are the central members in the effect market?
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