Global Smoking Cessation and Nicotine De-addiction Products Market: Snapshot
The Centers for Disease Control and Prevention (CDC) reported that there were 44 million adults addicted to smoking in 2011 in the U.S. The majority of these addicts belonged to the low-income groups in the country. On a similar note, the World Health Organization stated that Europe has the biggest pool of smokers, while Asia Pacific has a high percentage of cigarette smokers in comparison to North America and Europe. These dismaying facts and figures are only expected to rise in the near future, which will snowball into a range of medical conditions, some life-changing while some that will meet the fatal end.
This grim reality has forced governments across the globe, non-profit organizations, and the vast pharmaceutical industry to take strict measures to help nicotine addicts. These reasons have collectively triggered a huge demand for smoking cessation aids that mainly include nicotine replacement therapy (NRT) products. Transparency Market Research reports that the opportunities in the global smoking cessation and nicotine de-addiction products market will be worth US$20.5 bn by 2023 from US$9.3 bn in 2017, as the market progresses at a robust CAGR of 14% between 2017 and 2023.
Rising Number of Smokers in the U.S. Make North America Leading Market for Smoking Cessation and Nicotine De-addiction Products
The majority of the countries across the globe are enforcing smoking cessation measures, with North America leading the way. North America was the key regional contributor to the overall market. Its revenue in the market was valued at US$4.1 bn in 2017 and is expected to reach US$8.59 bn by 2023.
The increasing number of smokers is expected to fuel smoking cessation and nicotine de-addiction products market in North America. Out of all the products, e-cigarettes will do well in the region as they offer convenient usage in no-smoking areas. Furthermore, their cost-effectiveness and their increasing acceptance over conventional tobacco cigarettes will also boost their demand in the near future.
E-cigarettes outpace Other Products due to their Convenience
Out of the variety of smoking cessation aids and nicotine de-addiction products available in the market, e-cigarettes are being popularly used. This product operates on a battery to provide the user minimum amount of nicotine through heating and vaporizing. The increasing sales of this specific product are attributable its unique ability to provide the same feeling as smoking a cigarette at a minimal risk to user’s health and wealth.
The next emerging product segment in the global smoking cessation and nicotine de-addiction products market is Champix, which is also known as Chantix. This is a prescription drug that helps the smokers to curb their urge to smoke.
Some of the leading players dictating the vendor landscape of the global smoking cessation and nicotine de-addiction products market are NJOY, Johnson & Johnson, GSK, Pfizer, VMR Products LLC, Nicotek LLC., and Lorillard, Inc. These players are making significant investments in conducting clinical trials to assess the safety and efficacy to the products. Furthermore, companies are also strengthening their distribution channels to widen the geographical reach of their products.
Global Smoking Cessation and Nicotine De-addiction Products Market: Overview
The smoking cessation and nicotine de-addiction products market report is a veritable guide for its offerings. The report includes detailed insights into growth indices and development trends in the smoking cessation and nicotine de-addiction products market for the 2017-2023 forecast time frame by segmenting in terms of drug type and geography. For the study, 2016 is considered as the base year and 2015 values have been provided for historical reference. The report provides revenues estimations in US$ Mn and volume estimations in Kilo tons for the 2017-2023 forecast period.
The executive summary section begins with an outline of definitions, notations, and conventions that are relevant to smoking cessation market. This is followed by detailed insights into large smoking cessation programs and rehabilitation programs that have been organized globally by welfare bodies. Details about different smoking cessation programs along with de-addiction products used are also provided herein.
The section continues with a discussion on vital market indicators such as demand drivers and opportunities that are likely to come to the fore in the smoking cessation and nicotine de-addiction products market. Following this, the qualitative and quantitative aspects of some other growth indicators such as investments and price trends that are likely to impact the smoking cessation and nicotine de-addiction products market have been discussed at length. Insights into distribution and trade scenario, company market share, Porter’s five forces analysis, value chain analysis, and attractiveness analysis for key end users are some other highlights of this report.
Global Smoking Cessation and Nicotine De-addiction Products Market: Research Methodology
The report is a perfect example of combination of primary and secondary research methodologies. Analysts employed standard industry-best analytical tools and proven research methodologies in the making of the report. Using this approach analysts calculated revenue estimates and market share estimates of key product and application segments over the forecast period. Analysts reached out to industry experts and key opinion leaders in the primary research phase via e-mail, telephonic interviews, and face-to-face interviews. Analysts interacted with industry experts on an ongoing basis to endorse data and analysis.
Secondary research sources reached out include annual reports, financial reports, company websites, investor presentations, broker reports, and SEC filings. In addition, some other secondary sources include pertinent licensed and regulatory databases, market reports, internal and external proprietary databases, news articles, trade journals, business publications, government documents, press releases, and webcasts specifically created for companies.
Following an extensive primary and secondary research phase, growth trends that are expected to come to the fore through 2024 are based on the following assumptions;
The study is limited to demand for smoking cessation and nicotine de-addiction products for key applications in key regions
- Market projections have been provided with the assumption that there would not be serious political disturbances or environmental calamities that could impact the growth of smoking cessation and nicotine de-addiction products market
- Overall revenue estimate of smoking cessation and nicotine de-addiction products market has been provided aggregating the revenue contribution of key drug types in key regions