Global Nicotine Patch Market - 2022-2029

Global Nicotine Patch Market - 2022-2029

Market Overview

Nicotine Patch Market size was valued at US$ YY million in 2021 and is estimated to reach US$ YY million by 2029, growing at a CAGR of 7% during the forecast period (2022-2029).

A nicotine patch is a device that delivers nicotine into the body through the skin. This patch is usually used to help prevent nicotine cravings that smokers experience when trying to quit smoking. A nicotine patch is a nicotine replacement therapy (NRT) product. These transdermal patches are exclusively used for smoking cessation. This patch is stuck on the body, where nicotine is released from the patch and absorbed by the skin. Released nicotine binds to nicotine receptors in the body by reducing cravings and symptoms related to smoking cessation. It helps people stop smoking cigarettes. The nicotine patches such as NicoDerm CQ are used. It releases controlled and low quantities of nicotine without releasing harmful ingredients found in tobacco, such as carbon monoxide and tar.

Market Dynamics

The nicotine patch market is primarily driven due to rising awareness amongst the population regarding smoking health hazards, increasing cases of lung cancer and oral cancer and increasing research and development.

The increasing number of lung and oral cancer cases and awareness propel the growth of the nicotine patch global market.

According to the global cancer observatory, lung cancer in 2020 accounted for 2206771 new cases and 1796144 deaths. Also, as per World Cancer Research Fund International, cancers of the lip and oral cavity are the most common, with more than 377,700 cases worldwide in 2020; Lip and oral cavity cancers are the 16th most common cancers overall, the 11th most common cancers in men and the 18th most common cancers in women. Furthermore, the increasing tobacco consumption is fueling the global market growth; for instance, according to the WHO, 8 million people die each year because of tobacco; in 2020, 22.3% of the global population used tobacco, 36.7% of all men and 7.8% of the world's women. In addition, the steps taken by governments and non-government to stop tobacco consumption are driving global market growth. Such as, World Health Organization (WHO) resolved on May 15, 1987, and declared April 7, 1988, to be the first world no smoking day. On May 17, 1988, the WHO passed a resolution appointing May 31 as the annual ""World No Tobacco Day,"" is observed every year since 1988.

The side effects of nicotine patches restrain the global Nicotine Patch market growth.

On the other hand, the factor restraining overall market growth is the side effects of the nicotine patch. The nicotine patch is easy to use and gives you Nicotine all day (although it releases Nicotine a bit slower than the mouth spray, lozenge, gum or inhalator). After putting the patch on, it can take hours to absorb the Nicotine and get to a comfortable level.

Industry analysis

The global nicotine patch market report will provide an in-depth analysis of the market based on various industry factors such as porter`s five forces, innovations, new product launches, pricing, pipeline analysis, Etc.

Segment Analysis

The gastrointestinal cancer application of the nicotine patch is assumed to command the global market throughout the forecast period (2022-2029).

The 24-hour nicotine patch dominated the market in 2021 and is estimated to dominate throughout the forecast period (2022-2029). Both the 16-hours and 24- hours patches decreased morning smoking urges, although results are significantly superior for the 24-hr patch. Furthermore, the 24-hr patch is more effective than the 16-hr patch in reducing the positive reinforcing dimension of smoking urges. The 24-hr nicotine patch formulation is more effective than the 16-hr formulation in alleviating morning smoking urges and, more specifically, the decisive reinforcing factor. Moreover, the increasing awareness contributes to the dominance of the 24-hours nicotine patch over the global market.

Geographical Analysis

The North America and Europe region holds the largest market share of the global nicotine patch market.

North America and Europe held most of the market share in 2021 and will likely retain their dominance over the estimated period (2022-2029). Globally, the production and consumption of nicotine patches have also increased significantly in the last five years. Tobacco use is the leading cause of disability, death, and preventable disease in the U.S. as to the Centers for Disease Control and Prevention (CDC), Cigarette smoking is the leading cause of avertible disease, disability, and death; reason for more than 480,000 deaths every year, or about 1 in 5 deaths. About 30.8 million U.S. adults smoke cigarettes, and more than 16 million Americans live with a smoking-related disease. In the fiscal year 2020, states collected $27.2 billion from tobacco taxes and settlements in court and spent $740 million in the same year. The global nicotine patches market is expected to be driven by increased awareness among people regarding conditions and side effects caused by smoking and increased government initiatives and new policies for developing health care infrastructure. For instance, the U.S. Department of Health and Human Services runs a Fresh Empire campaign. It is the FDA’s first public education campaign designed to reduce and prevent tobacco usage among at-risk youth between the ages of 12 and17 years who identify with hip-hop culture, specifically Asian American/Pacific Islander, Hispanic, and African American youth.

Competitive Landscape

Key players are adopting strategies such as mergers and acquisitions, partnerships, regional expansion, and product launches to stand out as strong competitors in the market. The global nicotine patch Market is concentrated with a few global and local players. Creating consumer awareness through aggressive marketing strategies and greater visibility of products across retail space, are other steps market participants take to generate demand. Intense rivalry among top players in the market has started the fierce competition at various levels for developing a new product, setting a low price, driving aggressive marketing strategies and new product launches according to consumers’ preferences. Major players in the market are Dr. Reddy’s Laboratories Ltd., British American Tobacco Plc, Cardinal Health Inc., GlaxoSmithKline plc., Johnson & Johnson Services, Inc., Novartis AG, Perrigo Company plc. Other key players in the market are Cipla, Revolymer, Walgreens, and Cigna. For instance, on 16 August 2022, GSK acquired Affinivax, Inc., a clinical-stage biopharmaceutical company.

GlaxoSmithKline plc.

Overview:

GSK is a global biopharma company dealing with prescription and nonprescription products. GSK was founded on 27 December 2000 and had headquarters in Brentford, United Kingdom. GSK has 45+ subsidiaries which create its global presence.

Product Portfolio:

The product portfolio of GlaxoSmithKline plc. for nicotine patches has a Nicotinell 24-hour transdermal patch.

The global Nicotine Patch market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.