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. The growing demand for nicotine replacement therapy among people who wish to quit smoking is the major driving factor responsible for the market growth. The market was valued at 15.77 billion in 2018.
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The global nicotine cessation market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa, out of which, the market in North America held the largest share in 2018. This can be attributed to the presence of major players in the market in North America, mainly in the United States. Moreover, the growing awareness about risks of tobacco consumption is responsible for the market growth as well.
The second largest share in the market is predicted to be held by the market in Europe on account of increasing adoption of healthy lifestyles among the population and growing demand for nicotine replacement therapy. Furthermore, the market in Asia Pacific region is anticipated to witness significant growth in the upcoming years as a result of rising demand for products for nicotine cessation such as nicotine gum, tablets and transdermal patches.
Rising Awareness among People about Health Risks Associated With Smoking to Drive the Market Growth
The growing prevalence of health related risks and disorders among people who smoke is projected to be the primary reason resulting in the market growth. The various diseases include infertility, lung cancer and other lung diseases which can be prevented by switching over to substitute methods for smoking. This creates a growing awareness among people which further leads to the development of products and devices for nicotine cessation. 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.
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