Nicotine Replacement Therapy (NRT) Market Growth, Future Prospects And Competitive Analysis to 2027 | Fortune Business Insights
The global 'nicotine replacement therapy market' is expected to gain momentum by exhibiting a CAGR of 4.2% between 2020 and 2027. This is attributable to increasing incidence of chronic disease such as lung cancer, strokes, and respiratory ailments. Additionally, introduction of innovative products by major companies will favor market growth. This information is published by Fortune Business Insights, in its latest report, titled, “Nicotine Replacement Therapy (NRT) Market Size, Share &COVID-19 Impact Analysis, By Type (Gums, Patches, Lozenges, Inhalers, and Others), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy), and Regional Forecast, 2020-2027.”The report further observes that the market was valued at USD 2.55 billion in 2019 and is projected to reach USD 3.54 billion by 2027.
REGIONAL INSIGHTS
Growing Smoking Cessation Cases in North America to Propel Demand
Among
all regions, North America was worth USD 1.18 billion in 2019 and is expected
to hold the highest position in the global nicotine replacement therapy market
share during the forecast period. This is attributable to the increasing number
of people that desire to quit smoking in the US. For instance, according to the
US National Institute of Health, around 70% of the total 46 million Americans
smoke, desire to quit smoking. On the other hand, Europe is expected to hold
the second position in the market owing to increasing government initiatives to
promote anti-smoking campaigns and activities that are expected to drive the
demand for nicotine replacement therapy products between 2020 and 2027.
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What does the Report Include?
The
market report includes quantitative and qualitative analysis of several factors
such as the key drivers and restraints that will impact growth. Additionally,
the report provides insights into the regional analysis that covers the
different regions, which are contributing to the growth of the market. It
includes the competitive landscape that involves leading companies and adoption
of strategies by them to introduce new products, announce partnerships, and
collaboration that will contribute to the growth of the market between 2020 and
2027. Moreover, the research analyst has adopted several research methodologies
such as PESTEL and SWOT analysis to extract information about the current
trends and industry developments that will drive the market growth in the
forthcoming years.
DRIVING FACTORS
Increasing Incidence of Chronic Disease to Bolster Growth
According
to the Center for Disease Control and Prevention (CDC), smoking cigarettes leads
to over 80% to 90% of lung cancer deaths every year in the United States.
Tobacco smoke consists of over 7000 chemicals, with over 70 chemicals known to
cause cancer in humans. Furthermore, the increasing incidence of chronic
ailments is propelling the major companies to introduce innovative nicotine
replacement therapy products that aid in to curb the urge to smoke in the
people. The growing tobacco addiction in the youth is further driving the
demand for the NTR products that will bode well for the growth of the global
nicotine replacement therapy market during the forecast period.
For more information visit : https://www.fortunebusinessinsights.com/nicotine-replacement-therapy-nrt-market-103362
COMPETITIVE LANDSCAPE
Product Launches by Major Companies to Strengthen Market Position
The
global nicotine replacement therapy market report observes that major companies
such as GlaxoSmithKline plc and Johnson & Johnson Inc hold over 80% of the
total share and are constantly focusing on consolidating their positions by
introducing novel nicotine replacement therapy products in the global
marketplace. Additionally, other players in the market are striving to strengthen
their position by adopting strategies such as collaboration, merger and
acquisition, and introduction of new products during the forecast period.
INDUSTRY DEVELOPMENT:
- June 2020: Taat Herb Co., a
flagship brand of Taat Lifestyles, announced the launch of its new hemp
cigarettes from the Taat stable. According to the company, the new product
dramatically replicates the exact experience of smoking a traditional
cigarette and contains 50mg of cannabidiol(CBD) that is effective in
reducing tobacco dependency.
List of the Companies Operating in the Market:
- GlaxoSmithKline
plc (U.K, Europe)
- Johnson &
Johnson Inc (New Jersey, U.S)
- Perrigo Company
plc (Ireland, Europe)
- Pierre Fabre SA,
Laboratories (France, Europe)
- Pfizer Inc. (New
York, United States)
- Cipla Limited
(Mumbai, India)
- British American
Tobacco Plc (U.K, Europe)
- Other Players
Have Any Query? Ask Our Experts:
By Type
- Gums
- Patches
- Lozenges
- Inhalers
- Others
By Distribution Channel
- Hospital
Pharmacy
- Retail Pharmacy
- Online Pharmacy
By Geography
- North America
- By Type
- By Distribution
Channel
- By Country
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