The rising adoption of technological advancements for diagnosis and therapeutics section is a key factor augmenting growth of the global nicotine replacement therapy market during the forecast period, 2020 to 2030. The rising awareness about the ill-effects of smoking is likely to ad boost to the growth of this market. As per the Center for Disease Control and Prevention (CDC), Most of the nicotine-addicted people in the US belong to the low or middle income class. Therefore, a majority of people are addicted to smoking due to which they are more prone to cardiac diseases due to the presence of high amount of nicotine, thereby driving the global nicotine replacement therapy in the future.
The global market for nicotine replacement therapy is classified on the basis of product, distribution channel, and region. In terms of product, the market is grouped into heat-not-burn tobacco products, e-cigarettes, and nicotine replacement therapy. Among these, the nicotine replacement therapy section is again classified into inhalers, gum, sublingual tablets, transdermal patches, and lozenges, among others. Based on distribution channel, the market is bifurcated into online and offline.
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Nicotine Replacement Therapy Market: Drivers and Challenges
Cigarette smoking is a constant medical issue across the globe. There has been expanded spotlight on the unfavorable financial and wellbeing impacts of smoking. Nicotine, present in tobacco is highly addictive, due to which tobacco smoking as a rule prompts nicotine dependence. Smoking discontinuance helps for the most part incorporate nicotine replacement therapy (NRT) items and medications, which might be combined with directing and psychotherapy. E-cigarettes furnish smokers with similar inclination as that of cigarettes; nonetheless, they are known to help in bringing down nicotine dependence; however some people consider it an apt alternative when they want to cut down their smoking habits.
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Nicotine Replacement Therapy Market: Competition
Companies are adopting new business strategies in order to gain an upper hand over the market competition. They include merger and acquisition, product launches, and joint ventures.
Some of the players functioning in the global nicotine replacement therapy market include;
- Glenmark
- Fertin Pharma
- Philip Morris Products S.A.
- Cipla Inc.
- Imperial Brands
- Johnson & Johnson Services, Inc.
Nicotine Replacement Therapy Market: Regional Insights
Regionwise, the global nicotine replacement therapy market is dominated by North America on account of the increasing awareness about smoking and diseases that occurs as a result of excessive or prolonged smoking. The easy accessibility of nicotine replacement therapy products such as patches, gums, and others are also expected to aid in expansion of the global nicotine replacement therapy market in the forecast period. Europe ranks second and is generating notable revenue on account of the imposition of smoking restrictions in public areas, coupled with the increased taxes imposed on smoking products. Along with this, European nations have organized mass educational campaigns on smoking hazards on schools and colleges with support from the mass media.
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