Smoking Cessation and Nicotine De-addiction Products Market
Smoking cessation and nicotine de-addiction products help smokers quit
the addiction of smoking and embrace a healthy lifestyle. These products
include nicotine gums, nicotine patches, nicotine lozenges, electronic
cigarettes, nicotine inhalers, and nicotine nasal spray. They release nicotine
into the body and help reduce cravings and nicotine withdrawal symptoms. The
growing number of government initiatives to control smoking and promote public
health have raised awareness about the detrimental health impacts of smoking and
second-hand smoke exposure.
The Global Smoking Cessation and Nicotine De-addiction Products Market is
estimated to be valued at US$ 25438.01
Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Smoking Cessation and Nicotine De-addiction
Products are AudioCodes Ltd., ADTRAN, Inc., Avaya Inc., Cisco Systems, Inc.,
Ribbon Communications, Ingate Systems AB, Oracle Corporation, Patton
Electronics Co., Anixter Inc., Nokia, Advantech Co., Ltd, Sangoma Technologies.
These companies are adopting various organic and inorganic growth strategies
like new product launches, mergers & acquisitions, collaborations and
partnerships to strengthen their market presence.
The increasing adoption of digital platforms for Smoking
Cessation And Nicotine De-Addiction Products Market programs along with
the emergence of novel technologies using nanotechnology and biotechnology for
developing advanced smoking cessation products create lucrative opportunities
for market players. Moreover, growing health awareness among the population
belonging to developing economies provides a high growth environment to
introduce innovative smoking cessation solutions.
The key players are expanding their geographical presence by setting up
manufacturing and distribution facilities across North America, Europe, Asia
Pacific, Latin America, and the Middle East & Africa. Strategic
collaborations with regional players allow better market penetration in
untapped markets. Favorable government policies in many countries promoting
public health also encourage global expansion of smoking cessation product
offerings.
Market Drivers
The growing burden of smoking-related diseases like lung cancer, emphysema,
heart disease, and strokes has increased the need to curb smoking. According to
the World Health Organization (WHO), over 8 million deaths occur every year due
to tobacco consumption and exposure to secondhand smoke globally. This has been
a major driver for the market growth.
Market Restraints
High pricing of smoking cessation therapeutics and products act as a
significant barrier, limiting their adoption, especially in price-sensitive
developing markets. This has restrained the overall market expansion to some
extent despite growing public health awareness.
Segment Analysis
Smoking cessation and nicotine de-addiction products market is dominated by
nicotine replacements sub-segment. Nicotine replacements products include
nicotine gums, nicotine patches, nicotine lozenges, e-cigarettes and
vaporizers. These products provide nicotine to the body without smoke which
helps people give up smoking habits. The nicotine replacements sub-segment
holds more than 65% share of the overall market as these products are
considered safer and more effective option compared to other FDA approved
prescription drugs and counseling/therapy options.
Global Analysis
North America regional market holds the largest share in the global smoking
cessation and nicotine de-addiction products market owing to increasing number
of smoker population, rising health awareness among people regarding health
hazards of smoking, and supportive initiatives by governments and healthcare
organizations in the region to curb smoking. The North America market for
smoking cessation and nicotine de-addiction products is estimated to reach a
value of around US$ 10 billion by 2031, Growing at a CAGR of 6% during the
forecast period. Asia Pacific regional market is projected to be the fastest
growing market during the forecast period due to large consumer base, improving
healthcare infrastructure and growing middle class population in developing
economies like China and India.
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Cessation and Nicotine De-addiction Products Market
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