Global Nicotine Replacement Therapy Market is Anticipated to Grow at a CAGR Value of 15.1% By 2028

The global nicotine replacement therapy market size was worth USD 44.5 billion in 2021 and is estimated to grow to USD 103.4 billion by 2028, with a compound annual growth rate (CAGR) of approximately 15.1% over the forecast period. The report analyzes the nicotine replacement therapy market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the nicotine replacement therapy market.

Nicotine, a nitrogen-containing substance, is often obtained from the tobacco plant. Natural alkaloid nicotine is the key ingredient in cigarettes. Approximately 0.6 to 3.0% of tobacco's dry weight is nicotine. Long-term tobacco usage leads to addiction and results in severe illnesses. People who want to stop smoking are treated with nicotine replacement therapy. It reduces tobacco use while helping the user overcome physiological and psychomotor withdrawal symptoms. Contrary to cigarettes, which contain large amounts of nicotine that in turn cause lung cancer, asthma, and other chronic disorders, nicotine replacement treatment uses medications that provide nicotine at a low dose.

The increase in smoking cessation programs by businesses, the government, and non-governmental organizations (NGOs) to raise awareness of the harmful effects of smoking is anticipated to result in significant growth for the global nicotine replacement therapy market in the upcoming years. The market expansion will be driven by nicotine replacement therapy since increased public awareness of the adverse effects of smoking has made individuals more receptive to it. In addition, people have started using nicotine replacement therapy due to government policies, the anticipated rise in cigarette taxes & other regulations, and the rising incidence of diseases like lung cancer, asthma, and chronic obstructive pulmonary disease (COPD). As a result, the market for nicotine replacement therapy appears to be expanding significantly. The effectiveness of nicotine replacement therapy is still in doubt, which may prevent the market for this product from expanding.

The global nicotine replacement therapy market is segregated based on product, distribution channel, and region. Based on product, the market is divided into inhalers, gum, transdermal patches, sublingual tablets, lozenges, e-cigarettes, and heat-not-burn tobacco products. In 2021, e-cigarettes had the biggest market share of 52.1%. Based on the distribution channel, the market is categorized into offline and online. In 2021, the offline segment's revenue share was 83.9 percent, which was the highest.

The global nicotine replacement therapy market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. In terms of market share and revenue, North America now dominates the market for nicotine replacement treatment and will maintain this dominance over the projection period. This is because e-cigarette and heated tobacco use are increasing. In addition, rising healthcare costs will further accelerate the market's growth rate in this region. The rise in the incidence of diseases linked to smoking as well as the number of supportive government efforts, further boost the market's growth rate in this region. 

With the fiercer competition among the major tobacco businesses in the region, Asia-Pacific is anticipated to experience the quickest growth over the forecast period. Additionally, the expansion of the healthcare sector's infrastructure and the rising need for NRT goods will accelerate the market's expansion in this area.

Key players in the global nicotine replacement therapy market include Cipla Inc., Pfizer Inc., Johnson & Johnson Services Inc., British American Tobacco p.l.c., Philip Morris Products S.A. (Altria Group), Imperial Brands, Glenmark, and Japan Tobacco Inc.

Recent Development:

• In June 2020, Taat Herb Co. announced the release of its innovative hemp cigarettes. The new product contains 50mg of cannabidiol (CBD), which is helpful in easing tobacco dependence, and the company claims that it closely mimics the sensation of smoking a conventional cigarette.
• In May 2020, Nicotex, a brand of Cipla Health that helps people quit smoking, established a partnership with the governments of Goa and Karnataka to offer front-line workers nicotine replacement treatment. According to WHO, the delivery of over 40,000 Nicotex packs to over 10,000 healthcare staff will benefit smokers, gutka, and other smokeless tobacco users by lowering cravings, anxiety, irritability, and other withdrawal symptoms associated with smoking cessation.

Browse the full “Nicotine Replacement Therapy Market By Product (Inhalers, Gum, Transdermal Patches, Sublingual Tablets, Lozenges, E-Cigarettes, and Heat-not-burn Tobacco Products), By Distribution Channel (Offline and Online), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/nicotine-replacement-therapy-market

Global Nicotine Replacement Therapy Market is segmented as follows:

By Product  

• Nicotine Replacement Therapy
• E-cigarettes
• Heat-not-burn Tobacco Products

By Distribution Channel

• Offline
• Online

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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