Research Nester released a report titled “Nicotine Cessation Market: Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the global nicotine cessation market in terms of market segmentation by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The market for nicotine cessation is anticipated to grow by a CAGR of 14.37% during the forecast period, i.e., 2020-2027. This exuberant market growth can be attributed to the launch of various products and devices used in the form of nicotine replacement therapy. The rising awareness among the population about the health risks that occur as a result of smoking and using other tobacco products is leading to the growing demand for nicotine cessation products in the market.
The global nicotine cessation market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa. Out of these, the market in North America region held the largest share in 2018. This can be attributed to the presence of key market players in the region, especially in the United States. Moreover, the development of innovative products such as electronic cigarettes as a replacement for tobacco-containing cigarettes is another factor contributing towards the market growth. The market in Europe is predicted to hold the second largest share in the market, following the market in North America. The adoption of healthy lifestyles by the population in this region along with requirement for products for smoking cessation is estimated to result in growth of this market. Further, the market in Asia Pacific is anticipated to observe highest growth during the forecast period on account of rising demand for products for nicotine cessation such as nicotine gum, tablets and transdermal patches.
Growing Demand for Substitute Products for Smoking to Support the Market Growth
The increasing health issues as a result of smoking conventional tobacco-containing cigarettes have led to the development of various chronic diseases such as infertility, lung cancer and other lung diseases. In order to prevent this, the demand for electronic cigarettes and other such products that cause much less harm to the lungs and thus help in quitting to smoke is significantly growing. On the other hand, the side effects of nicotine cessation products might cause irritation and discomfort which is anticipated to restrict the market growth during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global nicotine cessation market which includes company profiling of GSK (GSK), Johnson & Johnson (JNJ), Pfizer (PFE), Novartis (NOVN), Niconovum, Boots (BOOT) and Cipla (CIPLA). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global nicotine cessation market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.