Nicotine Patch Market: Current Analysis and Forecast (2022-2028)

Nicotine Patch Market: Current Analysis and Forecast (2022-2028)

Global Nicotine Patch Market is expected to grow at a significant rate of around 7% during the forecast period. This growth can be due to growing awareness among the population regarding the benefits of using the nicotine patch over gums or lozenges. Nicotine patches can provide a steady level of nicotine in the body which helps in reducing smoking withdrawal as compared to gum or lozenge can be used to relieve cravings more quickly as they happen. Furthermore, growing anti-smoking government & international organization initiatives, increased adoption of nicotine patches for smoking cessation, and the launch of new products in the market by the industry players are some of the prominent factors contributing to the growth of the market globally. For example, in January 2018, Cipla Health, an arm of Cipla with a focus on consumer healthcare products, launched Nicotex Nicotine patches to help smokers kick the habit in 12 weeks. Nicotex Nicotine patch is a skin/transdermal patch that works on the proven principle of nicotine replacement therapy.

GlaxoSmithKline plc, Novartis AG, Dr. Reddy’s Laboratories Ltd., Perrigo Company plc, Johnson & Johnson Services, Inc., Cipla Health Ltd., Cigna, Habitrol, CVS Health Corp, Rusan Pharma Ltd. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with nicotine patch.
 
Insights Presented in the Report
"Amongst product, 24-hour nicotine patch category to witness higher CAGR during the forecast period”

Based on the product, the nicotine patch market is segmented into 24-hour nicotine patch and 16-hour nicotine patch. The 24-hour nicotine patch segment accounted for a significant market share in 2020 and it is estimated that it will grow rapidly during the projected timeframe owing to rising demand for these patches in different variants such as 7mg, 14 mg, and 21 mg. Furthermore, the 24-hour nicotine patch are more effective than 16-hour nicotine patch in reducing the positive reinforcing dimension of smoking urges which is also driving the growth of this segment.
"Amongst distribution channels, the offline segment to hold a significant share in the market in 2020”

On the basis of distribution channels, the market is fragmented into online and offline. Among these, the offline segment held a significant share in the market in 2020. This is mainly due to the wide availability of nicotine patches in various retail chains and the increasing preference of smokers to buy them from retail stores. However, the online segment is expected to witness significant growth owing to the rise in the number of internet users globally and the buy-it-now attitude of users.
"North America to hold a significant share in the market”

For a better understanding of the market adoption of the nicotine patch industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. The major factors such as well-established healthcare infrastructure and the rising burden of diseases caused due to smoking such as lung diseases, cancer, stroke, and heart diseases, among others. For instance, according to the American Lung Association, almost 37 million Americans live with chronic lung diseases like asthma and COPD, which include emphysema and chronic bronchitis. Furthermore, an increase in government initiatives and the growing adoption of these patches are also driving the market.

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