Nicotine Replacement Therapy Market By Product (Gums, Lozenges, Patches, Others), By Sales Channel (Online, Offline), By Location (Hospitals and Deaddiction centers, Home): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global nicotine replacement therapy market was valued at $2,659.0 million in 2021, and is projected to reach $5,955.95 million by 2031, registering a CAGR of 8.3% from 2022 to 2031.
Nicotine replacement therapy is a medically approved way to treat people with tobacco use disorder by taking nicotine by means other than tobacco. The nicotine replacement products such as nicotine gum and patches work by providing nicotine to the body to decrease the withdrawal symptoms experienced when smoking is stopped and as a substitute oral activity to reduce the urge to smoke.
The increase in prevalence of tobacco cancer owing to high cigarette smoking rate in urban cities drives the growth of the nicotine replacement therapy market. In addition, there is high tobacco chewing rate in rural area in both males and females, which further increases the risk of cancer. For instance, according to the report of American Cancer Society (ACS) published in October 2020, tobacco use remains the leading preventable cause of death in the U.S., accounting for about 1 in 5 deaths each year. From the same source, smoking causes about 20% of all cancers and about 30% of all cancer deaths in the U.S.
Furthermore, rise in awareness about cancer and increase in initiatives by respective governments to promote awareness about the risk associated with tobacco consumption contributes to the growth of the market. In addition, various non-government and non-profit organizations operate to promote awareness about hazardous effects of smoking, which further boosts the demand for nicotine replacement therapy.
The rise in demand for smoking cessation aids such as nicotine gums and patches owing to social media awareness campaigns and government awareness programs motivating people to quit smoking, provides ample opportunities for the market growth. Nicotine replacement therapy reduces the withdrawal symptoms and helps to control the drive to smoke tobacco.
Moreover, the increase in R&D activities for development of advanced nicotine replacement therapy, product approvals, and novel product launches by key players boost the market growth. The patient centric products development such as nicotine gums and lozenges propels the demand for nicotine replacement products. However, strict government regulations and ban of e cigarettes in many countries may hinder the growth of the market.
The nicotine replacement therapy market is segmented based on product, sales channel, location, and region. By product, the market is classified into gums, lozenges, patches, and others. Depending on sales channel, it is divided into online and offline. As per location, it is categorized into hospitals & deaddiction centers and home. The hospitals & deaddiction centers is further divided into male and female. The home segment is further bifurcated into male and female. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in the report include Cipla Limited, Fertin Pharma Ltd., GlaxoSmithKline plc, Johnson & Johnson Inc., Lucy Goods, Inc., Pfizer Inc., PL Developments, Rubicon Research Pvt. Ltd., Sparsha Pharma International Pvt. Ltd., and Zydus Cadila.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the nicotine replacement therapy market analysis from 2021 to 2031 to identify the prevailing nicotine replacement therapy market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the nicotine replacement therapy market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global nicotine replacement therapy market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product
Gums
Lozenges
Patches
Others
By Sales Channel
Online
Offline
By Location
Hospitals and Deaddiction centers
Gender
Male
Female
Home
Gender
Male
Female
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest Of Europe
Asia-Pacific
Japan
China
Australia
India
South Korea
Rest Of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest Of LAMEA
Key Market Players
Cipla Ltd
Fertin Pharma Limited
GlaxoSmithKline plc
Johnson & Johnson Inc
Lucy Goods Inc
Pfizer Inc
PL Developments
Rubicon Research Pvt Ltd
Sparsha Pharma International Pvt. Ltd.
Zydus Cadila
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