DUBLIN–(BUSINESS WIRE)–The “Nicotine Replacement Therapy Market Size, Share & Trends Analysis Report by Product (Nicotine Replacement Therapy, E-cigarettes, Heat-not-burn Tobacco Products), by Distribution Channel, and Segment Forecasts, 2021-2028” report has been added to ResearchAndMarkets.com’s offering.
The global nicotine replacement therapy market size is expected to reach USD 147.9 billion by 2028. It is expected to expand at a CAGR of 16.3% from 2021 to 2028.
The growth of the market is largely attributed to increasing government initiatives to promote nicotine replacement therapy (NRT) products for reducing mortality due to smoking and diseases associated with it.
Smoking cessation campaigns are also playing a crucial role in increasing awareness about diseases that are caused because of smoking. These campaigns are run by regional governments as well as multinational companies, such as Philip Morris International and Altria. Global organizations like the WHO are also working toward creating awareness by running online campaigns.
There has been an exponential increase in the usage of NRT products. The young population is the largest consumer of advanced NRT products, like heat-not-burn tobacco and e-cigarettes. However, middle-aged patients’ interest in smoking cessation has led to a rise in the usage of e-cigarettes. For instance, the use of e-cigarettes for smoking cessation increased to 20% in 2018 from 13% in 2016 among people aged 45 to 54 years.
Furthermore, researchers found that 5% to 9% of smokers tend to use nicotine patches even after the therapeutic period of 12 weeks. The passive approach of combining nicotine patches with a gum, inhaler, or spray is found to be more effective, and quitting rate reaching 34% to 54%. NRT is only recognized as a way of curbing nicotine cravings and treatment by consumers.
With technological advancements, the players in this market are also developing products to suit the changing consumer preferences. For instance, the e-cigarette market is changing with newer innovations that are more efficient, have longer battery life, and are rechargeable. The existing innovations like sleek and easy-to-use socially acceptable e-cigarettes brought a revolution, which drove more people to shift to using NRTs without social stigma.
Various players such as Nicocigs Ltd.; Nicoventures Ltd.; Victory Electronic Cigarettes Corp.; DuraSmoke; AlternaCig; Shenzhen IVPS Technology CO. Limited; and Vapor Group, Inc. are launching e-cigarettes and related products. Although there are hundreds of companies selling e-cigarettes, their usage in NRT is disputed.
Nicotine Replacement Therapy Market Report Highlights
- By product, the e-cigarettes segment held the largest NRT market share in 2020 due to increasing investments and the rising focus of companies on developing value-added products. The heat-not-burn tobacco products segment is expected to grow at the fastest rate over the forecast period.
- The offline distribution channel segment dominated the market in 2020. Retail chains across the world are investing in advanced technologies and undertaking new initiatives in order to improve sales and attract more customers. The increasing sales of e-cigarettes through vape shops and retail stores is another factor augmenting the growth of this segment.
- Asia Pacific held the largest market share in 2020. Favorable government initiatives, coupled with an evolving reimbursement landscape for pharmaceutical products, are supporting continual growth.
- Technological Advancements
- Rise in awareness about ill-effects of smoking
- Rising number of people undergoing a smoking cessation
- Ban of e-cigarettes
- stringent regulatory framework
- Cipla Inc.
- Pfizer, Inc.
- Fertin Pharma
- PHILIP MORRIS PRODUCTS S.A.
- BRITISH AMERICAN TOBACCO p.l.c.
- JAPAN TOBACCO, INC.
- IMPERIAL BRANDS
- JOHNSON & JOHNSON SERVICES, INC.
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