Theglobal 'nicotine replacementtherapy market Size' is expected to gain momentum by exhibiting a CAGR of 4.2%between 2020 and 2027. This is attributable to increasing incidence of chronicdisease such as lung cancer, strokes, and respiratory ailments. Additionally,introduction of innovative products by major companies will favor marketgrowth. This information is published by Fortune Business Insights, in itslatest report, titled, “Nicotine Replacement Therapy (NRT) Market Size, Share&COVID-19 Impact Analysis, By Type (Gums, Patches, Lozenges, Inhalers, andOthers), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, andOnline Pharmacy), and Regional Forecast, 2020-2027.”The report further observesthat the market was valued at USD 2.55 billion in 2019 and is projected toreach USD 3.54 billion by 2027.
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What does the Report Include?
Themarket report includes quantitative and qualitative analysis of several factorssuch as the key drivers and restraints that will impact growth. Additionally,the report provides insights into the regional analysis that covers thedifferent regions, which are contributing to the growth of the market. Itincludes the competitive landscape that involves leading companies and adoptionof strategies by them to introduce new products, announce partnerships, andcollaboration that will contribute to the growth of the market between 2020 and2027. Moreover, the research analyst has adopted several research methodologiessuch as PESTEL and SWOT analysis to extract information about the currenttrends and industry developments that will drive the market growth in theforthcoming years.
REGIONAL INSIGHTS
Growing Smoking Cessation Cases in North America to Propel Demand
Amongall regions, North America was worth USD 1.18 billion in 2019 and is expectedto hold the highest position in the global nicotine replacement therapy marketshare during the forecast period. This is attributable to the increasing numberof people that desire to quit smoking in the US. For instance, according to theUS National Institute of Health, around 70% of the total 46 million Americanssmoke, desire to quit smoking. On the other hand, Europe is expected to holdthe second position in the market owing to increasing government initiatives topromote anti-smoking campaigns and activities that are expected to drive thedemand for nicotine replacement therapy products between 2020 and 2027.
Frequently Ask Question :
1) How much is the nicotinereplacement therapy market worth?
Fortune Business Insightssays that the global nicotine replacement therapy market size was USD 2.55billion in 2019 and is projected to reach USD 3.54 billion by 2027.
2) What was the value of themarket in North America in 2019?
In 2019, the North Americamarket value stood at USD 1.18 billion.
3) At what CAGR is the marketprojected to grow in the forecast period (2020-2027)?
Growing at a CAGR of 4.2%, the marketwill exhibit steady growth in the forecast period (2020-2027).
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DRIVING FACTORS
Increasing Incidence of Chronic Disease to Bolster Growth
Accordingto the Center for Disease Control and Prevention (CDC), smoking cigarettesleads 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 tocause cancer in humans. Furthermore, the increasing incidence of chronicailments is propelling the major companies to introduce innovative nicotinereplacement therapy products that aid in to curb the urge to smoke in thepeople. The growing tobacco addiction in the youth is further driving thedemand for the NTR products that will bode well for the growth of the globalnicotine replacement therapy market during the forecast period.
An Overview of the Impact of COVID-19 on this Market :
Theemergence of COVID-19 has brought the world to a standstill. We understand thatthis health crisis has brought an unprecedented impact on businesses acrossindustries. However, this too shall pass. Rising support from governments andseveral companies can help in the fight against this highly contagious disease.There are some industries that are struggling and some are thriving. Overall,almost every sector is anticipated to be impacted by the pandemic.
Weare taking continuous efforts to help your business sustain and grow duringCOVID-19 pandemics. Based on our experience and expertise, we will offer you animpact analysis of corona virus outbreak across industries to help you preparefor the future.
COMPETITIVE LANDSCAPE
Product Launches by Major Companies to Strengthen Market Position
Theglobal nicotine replacement therapy market report observes that major companiessuch as GlaxoSmithKline plc and Johnson & Johnson Inc hold over 80% of thetotal share and are constantly focusing on consolidating their positions byintroducing novel nicotine replacement therapy products in the globalmarketplace. Additionally, other players in the market are striving tostrengthen their position by adopting strategies such as collaboration, mergerand acquisition, and introduction of new products during the forecast period.
Table Of Content :
- Introduction
- Market Scope
- Market Segmentation
- Market Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview: Guidelines for Prescription of NRT Types
- Snapshot of Smoking Statistics
- Prevalence of Tobacco Related Cancer
- Key Industry Developments - Mergers, Acquisitions, and Partnerships
- Global Nicotine Replacement Therapy Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Gums
- Patches
- Lozenges
- Inhalers
- Others
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospitals Pharmacy
- Retail Pharmacy
- Online Pharmacy
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Continue…
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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
Global Nicotine Replacement Therapy (NRT) Market Segmentation:
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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