Overview and Scope
Nicotine replacement therapy is a medical approach designed to help individuals quit smoking or reduce their dependence on nicotine by providing controlled doses of nicotine without the harmful effects of tobacco smoke. It aims to alleviate withdrawal symptoms and cravings associated with quitting smoking, making the process more manageable and increasing the likelihood of long-term success.
Sizing and Forecast
The nicotine replacement therapy market size has grown strongly in recent years. It will grow from $2.99 billion in 2023 to $3.22 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to public health initiatives, changing lifestyles, physician recommendations, market competition, consumer awareness.
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Segmentation & Regional Insights
The nicotine replacement therapy market covered in this report is segmented –
1) By Product Type: Patch, Gum, Lozenge, Inhaler, Spray, Other Products
2) By Distribution Channel: Hospital Pharmacy, Retail Pharmacy, Online Pharmacy
3) By Location: Hospitals And Deaddiction Centers, Home
Asia-Pacific was the largest region in the nicotine replacement therapy market in 2023. It is expected to be the fastest-growing region in the forecast period. The regions covered in the nicotine replacement therapy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising incidence of smoking-related diseases is expected to propel the growth of the nicotine replacement therapy market going forward. Smoking-related diseases refer to health conditions and disorders that are directly caused by the consumption of tobacco products, particularly through smoking. Nicotine replacement therapy (NRT) is primarily used as a tool to help people quit smoking, thereby reducing the risk of smoking-related diseases and helping with counseling, support, and a commitment to lifestyle changes. For instance, in December 2023, according to the report published by the National Health Service (NHS), a UK-based publicly funded healthcare system, the number of hospital admissions due to smoking-related diseases increased to an estimated 408,700 admissions in 2022-23 from 389,800 in 2021–22, representing an increase of 4.8%. Therefore, the rising incidence of smoking-related diseases is driving the growth of the nicotine replacement therapy market.
Key Industry Players
Major companies operating in the nicotine replacement therapy market report are Pfizer Inc., Johnson & Johnson, Philip Morris International Inc., Bayer AG, Sanofi S.A., Abbott Laboratories, Novartis International AG, Imperial Brands, GlaxoSmithKline plc, Takeda Pharmaceutical Company Limited, Haleon Group of Companies, Perrigo Company plc, Reynolds American Inc., Cipla Limited, Swedish Match AB, Lucy Goods, Fertin Pharma Limited, Innokin Technology Co. Ltd., 22nd Century Group, Fontem Ventures, PAX Labs, Zydus Cadila, Gamucci Electronic Cigarettes, Revolymer plc
The nicotine replacement therapy market report table of contents includes:
- Executive Summary
- Nicotine Replacement Therapy Market Characteristics
- Nicotine Replacement Therapy Market Trends And Strategies
- Nicotine Replacement Therapy Market – Macro Economic Scenario
- Global Nicotine Replacement Therapy Market Size and Growth
- Nicotine Replacement Therapy Market Segmentation
- Nicotine Replacement Therapy Market Regional And Country Analysis
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- Key Mergers And Acquisitions In The Nicotine Replacement Therapy Market
- Nicotine Replacement Therapy Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Nicotine Replacement Therapy Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Nicotine Replacement Therapy Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Nicotine Replacement Therapy Market, Segmentation By Location, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 74: Pfizer Inc. Financial Performance
Table 75: Johnson & Johnson Financial Performance
Table 76: Philip Morris International Inc. Financial Performance
Table 77: Bayer AG Financial Performance
Table 78: Sanofi S.A. Financial Performance
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