Smoking Cessation and Nicotine De-Addiction Products Market to Reach USD 54.7 Billion, Globally, by 2031 at 10.6% CAGR: Allied Market Research

Various initiatives taken by the government to increase awareness about the diseases related to smoking and various anti-smoking campaigns organized by leading organizations drive the growth of the global smoking cessation and nicotine de-addiction products market.

PORTLAND, Ore., october 27, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Smoking Cessation and Nicotine De-Addiction Products Market by Product (Nicotine Replacement Therapy Products, Drug Therapy, E-cigarettes), by Form (Gum, Inhaler, Tablet, Others ), by Distribution Channel (Hospital Pharmacies, Online Providers, Drug stores and Retail Pharmacies): Global Opportunity Analysis and Industry Forecast, 2022- 2031”. According to the report, the global smoking cessation and nicotine de-addiction products industry generated $20.0 billion in 2021, and is anticipated to generate $54.7 billion by 2031, witnessing a CAGR of 10.6% from 2022 to 2031.

Allied_Market_Research_Logo

Allied_Market_Research_Logo

Download Free Sample Report https://www.alliedmarketresearch.com/request-sample/469

Prime determinants of growth

Various initiatives taken by the government to increase awareness about the diseases related to smoking and various anti-smoking campaigns organized by leading organizations drive the growth of the global smoking cessation and nicotine de-addiction products market. However, high cost of smoking cessation therapies lead to the decrease in the purchase of these products which ultimately hinder the growth of the market to some extent. Conversely, the invention of various advanced smoking cessation products presents new opportunities in the coming years.

Covid-19 scenario

  • The outbreak of the Covid-19 pandemic changed the patterns of smoking, other substance use and health related behaviors of the smokers. Smokers in several nations increased their tobacco consumption since the epidemic.

  • On the other hand, there has also been a surge in interest in stopping, quit attempts, and successful cessation rates which further impacted the growth of the smoking cessation and nicotine de-addiction products market positively.

  • According to WHO, as smoking is associated with increased severity of disease and death in hospitalized COVID-19 patients, a large number of population quit smoking and this created a growth opportunity for the smoking cessation and nicotine de-addiction products market.

the e-cigarettes segment to maintain its leadership status throughout the forecast period

Based on product, the e-cigarettes segment held the highest market share in 2021, accounting for more than four-fifths of the global smoking cessation and nicotine de-addiction products market, and is estimated to maintain its leadership status throughout the forecast period, owing to the growth in number of smoking population, and awareness about the lower health risks associated with e-cigarettes. Moreover, the Nicotine Replacement Therapy Products segment is projected to manifest the highest CAGR of 16.7% from 2022 to 2031, owing to rise in adoption of quit smoking challenges by large population, cost-effectiveness, improved innovation, and various product launches.

The gum segment to maintain its lead position during the forecast period

Based on form, the gum segment accounted for the largest share in 2021, contributing to more than half of the global smoking cessation and nicotine de-addiction products market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 11.5% from 2022 to 2031, owing to the rise in demand for nicotine replacement therapy products, innovations by key market players, and rising awareness about quitting smoking disorders among the growing population.

The drug stores & retail pharmacies segment to maintain its lead position during the forecast period

Based on distribution channels, the drug stores & retail pharmacies segment accounted for the largest share in 2021, contributing to more than half of the global smoking cessation and nicotine de-addiction products market, and is projected to maintain its lead position during the forecast period , owing to the easy accessibility anywhere any time. They also offer precise drugs according to the status of the disease of the patient. Moreover, the online providers segment is expected to portray the largest CAGR of 12.2% from 2022 to 2031, owing to rise in digitalization, ease of purchase, faster delivery of products and accessibility of smartphones.

For Purchase Inquiry- https://www.alliedmarketresearch.com/purchase-enquiry/469

NorthAmerica to maintain its dominance by 2031

based on region NorthAmerica held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global smoking cessation and nicotine de-addiction products market, and is likely to dominate the market during the forecast period, owing to the increase in awareness regarding harmful effects of smoking that forced many people in the region to quit smoking and advancement in the therapy products. Moreover, the Asia Pacific region is expected to witness the fastest CAGR of 12.5% ​​from 2022 to 2031, owing to large prevalence of tobacco users in this region and rising rate of users to quit tobacco and smoking.

Leading Market Players: –

  • British American Tobacco Inc.

  • 22nd Century Group Inc.

  • Cipla Ltd.

  • dr Reddy’s Laboratories Ltd.

  • GlaxoSmithKline PLC (Haleon)

  • Imperial Brands Plc. (Font Ventures)

  • Johnson and Johnson (McNeil Consumer Health)

  • Njoy Company

  • Pfizer Inc.

  • Perrigo Company Plc.

  • Rusan Pharma Ltd.

  • Zydus Cadila

Similar Research Reports for Information, Communication and Technology:

Internet of Things in Healthcare Market- Global Opportunity Analysis and Industry Forecast, 2021-2030

Medical Tourism Market- Global Opportunity Analysis and Industry Forecast, 2021-2030

3D Cell Culture Market- Global Opportunity Analysis and Industry Forecast, 2021-2030

Neurovascular Devices Market- Global Opportunity Analysis and Industry Forecast, 2021-2030

Viral Vector and Plasmid DNA Manufacturing Market- Global Opportunity Analysis and Industry Forecast, 2021-2030

AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model):

AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.

Get access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access

About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
[email protected]
Web: https://www.alliedmarketresearch.com

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg

surgery

surgery

View original content:https://www.prnewswire.com/news-releases/smoking-cessation-and-nicotine-de-addiction-products-market-to-reach-usd-54-7-billion-globally-by- 2031-at-10-6-cagr-allied-market-research-301660221.html

SOURCE Allied Market Research

Leave a Comment