Wilmington, Delaware, United States, Aug. 16, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global nicotine replacement therapy market is projected to flourish at a CAGR of 7.7% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 52.1 billion is anticipated for the market in 2031. As of 2023, the market for nicotine replacement therapy is expected to close at US$ 29.0 billion.
Increasing awareness of the health risks associated with smoking, such as lung cancer, heart disease, and respiratory issues, prompts individuals to seek methods to quit smoking, are nicotine replacement therapy market. Increasing awareness of the health risks associated with smoking, including respiratory diseases and cancer, encourages individuals to seek effective smoking cessation solutions.
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Competitive Landscape
The nicotine replacement therapy market is highly consolidated with the presence of a few market players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global nicotine replacement therapy market report
Haleon Group of Companies, Perrigo Company plc, SAABI NZ PTY Limited, Pfizer, Inc., PL Developments, Philip Morris International, Inc., Cipla Limited, JUUL Labs, Inc., JT International SA, Imperial Brands plc, Pierre Fabre S.A., Sparsha Pharma International Pvt. Ltd., Rubicon Research Pvt. Ltd., Lucy Goods, McNeil AB (Johnson & Johnson), BAT plc., and Fontem Holdings 4 B.V. are the prominent players in the market.
Key Developments in the Nicotine Replacement Therapy Market
- Lucy Goods is a nicotine alternative company that provides superior nicotine products to eliminate tobacco-related harm to zero. They provide next-generation nicotine products, with just pure nicotine and food-grade ingredients. The company provides a cleaner convenient alternative to the products on the market.
- In Jun 2023 - Imperial Brands, announces the acquisition of a range of nicotine pouches from TJP Labs in order to facilitate its entry into the US modern oral market.
- In June 2021 - Rubicon Research Private Limited, announced it has entered into a licensing and supply partnership with Wellesta Holdings to expand its global presence in the Asia Pacific region.
Government policies and schemes to increase the taxes on cigarette products and other norms are expected to boost the nicotine replacement therapy market. The surge in demand for nicotine replacement therapy in both emerging and developed markets offers lucrative opportunities to market players.
Increasing awareness of the deadly effects of smoking and an increasing number of smoking cessation campaign by government & NGOs is likely to propel the global nicotine replacement therapy market.
Key Takeaways from the Market Study
- As of 2022, the nicotine replacement therapy market was valued at US$ 27.0 billion
- By product type, vaping system segment to enjoy high demand, accumulating a high revenue share during the forecast period
- Based on distribution channel, the retail pharmacies segment accounts for the highest market share as several NRT products are available over-the-counter at retail pharmacies, without the need of a prescription.
Nicotine Replacement Therapy Market: Key Trends and Opportunistic Frontiers
- The increasing prevalence of chronic obstructive pulmonary disease (COPD), asthma, lung cancer, and others has led to the proliferation of nicotine replacement therapy.
- Manufacturers are focusing on potential alternatives, such as e-cigarettes and heat-not-burn tobacco products, which are gaining acceptance among the youth.
- Research and development efforts lead to the introduction of newer and more effective NRT products with improved delivery mechanisms and formulations.
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Nicotine Replacement Therapy Market – Regional Analysis
- North America, is expected to dominate the nicotine replacement therapy market owing to the increase in lung cancer and the increasing number of smokers in the region is prevailing the growth of the nicotine replacement therapy market. Increasing adoption of e-cigarettes and heated tobacco is expected to positively impact the growth of the North American market.
- Asia Pacific is anticipated to account for the significant share in nicotine replacement therapy due to the increase in the population of smokers and also rising government reforms in spreading awareness among people will foster the growth of the nicotine replacement therapy market.
Nicotine Replacement Therapy Market
Product Type
- Smoking Cessation Aids
- Nicotine Inhalers
- Nicotine Gums
- Nicotine Lozenges
- Nicotine Patches
- Others (nicotine tablets, nicotine spray, etc.)
- Vaping System
- E-cigarettes
- Heat-not-burn Tobacco Products
Distribution Channel
- Retail Pharmacies
- Hospital Pharmacies
- Online Stores
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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