The new report by Expert Market Research titled, ‘Global Nicotine Replacement Therapy Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global nicotine replacement therapy market share, assessing the market based on its segments like products, distribution channels, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2020): USD 44.7 Billion
- Forecast CAGR (2021-2026): 16.36%
- Forecast Market Size (2026): USD 109.2 Billion
The nicotine replacement therapy industry is being driven by the growing incidences of health-related issues, as a result of rising nicotine intake. The surge in cardiovascular diseases among cigarette smokers is also increasing the demand for nicotine replacement therapy, which is augmenting the growth of the market. As the demand for nicotine gums is surging, the market for nicotine replacement therapy is fuelling the industry growth.
The increasing innovations for the development of innovative nicotine gums with enhanced taste are positively impacting the market for nicotine replacement therapy. Moreover, the surging use of nicotine gums with innovative flavours such as fruit, mint, and cinnamon, among others, is providing further impetus to the growth of the market.
Industry Definition and Major Segments
Nicotine replacement therapy refers to a treatment that is used to treat the addiction of tobacco and nicotine by providing small quantities of nicotine. It prevents the emergence of withdrawal symptoms and enhances the success rate of quitting nicotine. Nicotine replacement therapy is crucial in preventing deaths and health-related issues resulting from nicotine intake.
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The market, based on product, is divided into:
- Nicotine Replacement Therapy (NRT)
- Transdermal Patches
- Sublingual Tablets
- Heat-not-burn Tobacco Products
By distribution channels, the market is bifurcated into:
The major regional markets for nicotine replacement therapy are:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The market for nicotine replacement therapy is being aided by the growing use of e-cigarettes, especially in developed countries, owing to their minimal exposure to nicotine. The increasing availability of diverse devices for vaping is enhancing the overall experience of smokers, thereby driving the growth of the nicotine replacement industry.
The increasing approvals of e-cigarettes by government organisations like the Food and Drug Administration (FDA) of the United States is expected to further propel the market growth. The initiation of various research activities to determine the effectiveness of e-cigarettes as a nicotine replacement therapy is expected to surge their use, which is anticipated to bolster the growth of the market.
Key Market Players
The major players in the market are Cipla Inc., Pfizer Inc., Glenmark Pharmaceuticals Limited, Fertin Pharma A/S, Philip Morris International Inc., British American Tobacco plc, Imperial Brands plc, Japan Tobacco Inc., and Johnson and Johnson Private Limited, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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