Category : Healthcare and Pharmaceuticals | Published at : December-2020 | Delivery Format : PDF | Status: Published | Pages : 190
The market for smoking cessation therapy is expected to grow at a CAGR of around 15.7% from 2020 to 2027 and expected to reach the market value of around US$ 43.6 Bn by 2027.
Smoking cessation therapy is the process of discontinuing tobacco smoking addiction. Tobacco smoke contains nicotine which is addictive, and sudden withdrawal from it can often make the process of smoking cessation therapy difficult. One of the major ways helps in smoking cessation include nicotine replacement therapy or the replacement of the nicotine consumption with other means like nicotine gum, lozenges, nasal sprays, or inhalers, that can avoid trigger situations like urge to smoke. Additionally, some of the major benefits associated with the smoking cessation include better health, betting family, and money saving among others. Moreover, the popularity of electronic cigarettes or e-cigarettes among the population as an alternative of smoking is supporting the smoking cessation initiatives.
Market Dynamics
The increasing government initiatives to implement the anti-smoking policy and to spread awareness regarding the health complications associated with smoking, The World Health Organization (WHO) has initiated a program named ‘Tobacco Free Initiative’, which includes the implementation of plain packaging, particularly to reduce the attractiveness of the product, additionally the screening of documentaries and videos to inform the public about the hazards of smoking. The use of tobacco can lead to tobacco/nicotine dependence and serious health problems. As tobacco smoke contains a deadly mix of more than 7,000 chemicals, hundreds of them are harmful, and about 70 can cause cancer. Whereas, quitting smoking reduces the risk of developing smoking-related diseases. The Food and Drug Administration (US) has launched an adult smoking cessation therapy education campaign in 2017 aimed at encouraging cigarette smokers to stop smoking. According to the Centers for Disease Control and Prevention (CDC), in 2017, 14 of every 100 US adults aged 18 years or older (14.0%) smoke cigarettes.
On the other hand, the strong dependency of smokers on smoking cravings and side effects associate with smoking cessation like headaches, nausea, tingling in hands and feet, irritability, frustration, anger, and constipation are restraining the growth in the market.
Segment Instance
North America registered maximum revenue share in the Smoking cessation therapy Market
In 2019, North America accounted for the maximum revenue share (%), and the region is also projected to maintain its dominance over the forecast period from 2020 to 2027. The increasing initiatives for spreading awareness about stopping smoking by the major authorities like FDA and WHO are supporting the regional market value. The large percentage of people in US is involved in smoking is the factor supporting the regional market value. According to the 2019 data of U.S. Department of Health & Human Services, around 34.1 million adults in the United States smoke cigarettes and more than 16 million Americans live with a smoking-related disease. Furthermore, Asia Pacific is projected to exhibit the fastest growth (%) over the forecast period from 2020 to 2027. The developing economies including China and India are supporting the regional market growth during the estimated period.
Key Market Players
The players profiled in the report include Bayer AG (Germany), Cipla Ltd (India), F. Hoffmann-La Roche AG (Switzerland), GlaxoSmithKline plc (UK), Imperial Tobacco Ltd. (UK), Johnson and Johnson (US), NJOY (US), Novartis AG (Switzerland), Pfizer, Inc. (US), Reckitt Benckiser Plc (UK), Revolymer plc, Takeda Pharmaceutical Company Ltd. (Japan), VMR Products, LLC. (US), and others.
Market Segmentation
Market By Product
Nicotine Replacement Therapy
- NRT Gum
- NRT lozenges
- NRT Inhalers
- NRT Patches
- Sprays
Drugs
Electronic Cigarettes
Others
Market By Sales Channel
Hospital Pharmacies
Online Channel
Retail Pharmacies
Other Sales Channel
Market By Geography
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
The market for smoking cessation therapy is expected to reach a market value of around US$ 43.6 Bn by 2027.
The smoking cessation therapy market is expected to grow at a CAGR of around 15.7% from 2020 to 2027.
Electronic Cigarettes is the fastest growing segment by product in the smoking cessation therapy market
The increasing government initiatives to implement the anti-smoking policy, ‘Tobacco Free Initiative’ by WHO, which includes the implementation of plain packaging, particularly to reduce the attractiveness of the product, use of tobacco can lead to tobacco/nicotine dependence and serious health problems are the factors driving the market growth.
Bayer AG (Germany), Cipla Ltd (India), F. Hoffmann-La Roche AG (Switzerland), GlaxoSmithKline plc (UK), Imperial Tobacco Ltd. (UK), Johnson and Johnson (US), NJOY (US), Novartis AG (Switzerland), Pfizer, Inc. (US), Reckitt Benckiser Plc (UK), Revolymer plc, Takeda Pharmaceutical Company Ltd. (Japan), and VMR Products, LLC.(US) are some of the prominent players in the smoking cessation therapy market.
North America held the highest market share in the smoking cessation therapy market
Asia Pacific is expected to be the fastest growing market over the forecast period
