44 million adults succumbed to smoking nicotine and being addicted to it in 2011 in the U.S. alone, states the Centers for Disease Control and Prevention (CDC). Another alarming statistic revealed by the World Health Organization (WHO) shows that Europe has maximum number of smokers with Asia Pacific recording a high percentage of cigarette smokers. As these numbers and cases continue to be the rise, they are likely to result into a huge pool a chronic medical conditions, raising the demand for smoking cessation and nicotine de-addiction products.
In the wake of this lifestyle change, the global market for smoking cessation and nicotine de-addiction is expected to pace ahead at a CAGR of 13.7% between 2015 and 2023.
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Q. How is the global market for smoking cessation and nicotine de-addiction products likely to find a steady ground for growth?
The growing government initiatives to raise awareness about harmful effects of addiction is expected to bolster the growth of the overall market. Additionally, introduction of easy to use products and affordable access to them has also propelled the market’s revenue in the past few years. The emergence trend of e-cigarettes in the global smoking cessation and nicotine de-addiction products market is expected to be a turning point. This product segment is anticipated to surge at a CAGR of 20.5% between the forecast period of 2015 and 2023. E-cigarettes operate on batteries and ensure minimal intake of nicotine through vaporizing and heating. The sale of e-cigarettes is expected to remain high during the forecast period as it not only reduces the risk to owner’s life, but also offers a wide range of flavors, which has been enticement for several users.
Q. Which regional markets will lead the global smoking cessation and nicotine de-addiction products market?
The global smoking cessation and nicotine de-addiction products market is segmented into North America, Asia Pacific, Europe, and Rest of the World. Presently, North America is leading the way for the overall market with a strict regulations governing the problem for addiction in the region. The regional market is projected to progress at a CAGR of 12.9% between 2015 and 2023. The market is likely to be fueled by growing number of smokers and a strong presence of affordable nicotine replacement products and drug therapies.
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Q. What is the toughest challenge for the growth of the global smoking cessation and nicotine de-addiction products market?
Despite the intensifying issue of addiction to nicotine and excessive smoking amongst both the young and the adults, the global market faces some hurdles. Presently, the market is struggling to create awareness about ill-effects of both the activities and the availability of alternatives to overcome it. Developing countries such as India, China, and Russia lack education about these products and therapies, which has been the greatest impediment for the overall market. Furthermore, the expensive nature of these products in the emerging economies has also complicated the chances of growth for the smoking cessation and nicotine de-addiction products.
The increasing tax on the sale of cigarettes are expected to boost the global smoking cessation and nicotine de-addiction products market. Levying of tax on cigarettes on developing and developed countries has been landmark move on the behalf of governments across the world to avert the young and the low-income earners to purchase cigarettes. These initiatives can be seen in South Asian countries and the U.S. along with Turkey, Estonia, Chile, Slovakia, and others. Such strategies to motive people to quit smoking is expected to favor market’s growth during the forecast period.
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