This grim reality has forced governments across the globe, non-profit organizations, and the vast pharmaceutical industry to take strict measures to help nicotine addicts. These reasons have collectively triggered a huge demand for smoking cessation aids that mainly include nicotine replacement therapy (NRT) products. Transparency Market Research reports that the opportunities in the global smoking cessation and nicotine de-addiction products market will be worth US$20.5 bn by 2023 from US$6.5 bn in 2014, as the market progresses at a robust CAGR of 13.7% between 2015 and 2023.
Rising Number of Smokers in the U.S. Make North America Leading Market for Smoking Cessation and Nicotine De-addiction Products
The majority of the countries across the globe are enforcing smoking cessation measures, with North America leading the way. North America was the key regional contributor to the overall market. Its revenue in the market was valued at US$3.25 bn in 2015 and is expected to reach US$8.59 bn by 2023, as it expands at a CAGR of 12.9% between 2015 and 2023.
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The increasing number of smokers is expected to fuel smoking cessation and nicotine de-addiction products market in North America. Out of all the products, e-cigarettes will do well in the region as they offer convenient usage in no-smoking areas. Furthermore, their cost-effectiveness and their increasing acceptance over conventional tobacco cigarettes will also boost their demand in the near future.
E-cigarettes Outpace Other Products due to their Convenience
Out of the variety of smoking cessation aids and nicotine de-addiction products available in the market, e-cigarettes are being popularly used. This product segment will witness a strong rise in the global market at robust CAGR of 20.5% between 2015 and 2023. This product operates on a battery to provide the user minimum amount of nicotine through heating and vaporizing. The increasing sales of this specific product are attributable its unique ability to provide the same feeling as smoking a cigarette at a minimal risk to user’s health and wealth.
The next emerging product segment in the global smoking cessation and nicotine de-addiction products market is Champix, which is also known as Chantix. This is a prescription drug that helps the smokers to curb their urge to smoke. This product segment is expected to expand at a CAGR of 14.8% between 2015 and 2023.
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Some of the leading players dictating the vendor landscape of the global smoking cessation and nicotine de-addiction products market are NJOY, Johnson & Johnson, GSK, Pfizer, VMR Products LLC, Nicotek LLC., and Lorillard, Inc. These players are making significant investments in conducting clinical trials to assess the safety and efficacy to the products. Furthermore, companies are also strengthening their distribution channels to widen the geographical reach of their products.
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