Nicotine Replacement Therapy Market Size| 2021 Covid-19 Impact On Healthcare Industry Global Analysis By Size, Trends, Growth, Share, Business, Key Players, Merger, Statistics, Competitive Landscape, And Regional Forecast latest study published by Fortune Business Insights. The global “Nicotine Replacement Therapy Market” is expected to gain momentum by exhibiting a CAGR of 4.2% between 2020 and 2027. This is attributable to increasing incidence of chronic disease such as lung cancer, strokes, and respiratory ailments. Additionally, introduction of innovative products by major companies will favor market growth. This information is published by Fortune Business Insights, in its latest report, titled, “Nicotine Replacement Therapy (NRT) Market Size, Share &COVID-19 Impact Analysis, By Type (Gums, Patches, Lozenges, Inhalers, and Others), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy), and Regional Forecast, 2020-2027.”The report further observes that the market was valued at USD 2.55 billion in 2019 and is projected to reach USD 3.54 billion by 2027.
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This report focuses on Nicotine Replacement Therapy Market, especially in North America, Europe and Asia-Pacific, South America, Middle East and Africa. This report categorizes the market based on manufacturers, regions, type and application. Regional analysis is another highly comprehensive part of the research and analysis study of the global market presented in the report. This section sheds light on the sales growth of different regional and country-level markets. For the historical and forecast period to 2028, it provides detailed and accurate country-wise volume analysis and region-wise market size analysis of the global market.
The COVID-19 pandemic has had a seismic effect on several economies across the globe. To curb the pandemic spread, the governments of several countries have ordered complete lockdown of industrial and human activities. This is expected to have a significant impact on the market in 2021. However, proactive steps by the industry leaders to revive the Healthcare industry will bode well for the growth of the market in the near future.
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DRIVING FACTORS
Increasing Incidence of Chronic Disease to Bolster Growth
According to the Center for Disease Control and Prevention (CDC), smoking cigarettes leads to over 80% to 90% of lung cancer deaths every year in the United States. Tobacco smoke consists of over 7000 chemicals, with over 70 chemicals known to cause cancer in humans. Furthermore, the increasing incidence of chronic ailments is propelling the major companies to introduce innovative nicotine replacement therapy products that aid in to curb the urge to smoke in the people. The growing tobacco addiction in the youth is further driving the demand for the NTR products that will bode well for the growth of the global nicotine replacement therapy market during the forecast period.
REGIONAL INSIGHTS
Growing Smoking Cessation Cases in North America to Propel Demand
Among all regions, North America was worth USD 1.18 billion in 2019 and is expected to hold the highest position in the global nicotine replacement therapy market share during the forecast period. This is attributable to the increasing number of people that desire to quit smoking in the US. For instance, according to the US National Institute of Health, around 70% of the total 46 million Americans smoke, desire to quit smoking. On the other hand, Europe is expected to hold the second position in the market owing to increasing government initiatives to promote anti-smoking campaigns and activities that are expected to drive the demand for nicotine replacement therapy products between 2020 and 2027.
COMPETITIVE LANDSCAPE
Product Launches by Major Companies to Strengthen Market Position
The global nicotine replacement therapy market report observes that major companies such as GlaxoSmithKline plc and Johnson & Johnson Inc hold over 80% of the total share and are constantly focusing on consolidating their positions by introducing novel nicotine replacement therapy products in the global marketplace. Additionally, other players in the market are striving to strengthen their position by adopting strategies such as collaboration, merger and acquisition, and introduction of new products during the forecast period.
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Industry Development :
- June 2020: Taat Herb Co., a flagship brand of Taat Lifestyles, announced the launch of its new hemp cigarettes from the Taat stable. According to the company, the new product dramatically replicates the exact experience of smoking a traditional cigarette and contains 50mg of cannabidiol(CBD) that is effective in reducing tobacco dependency.
Global Nicotine Replacement Therapy (NRT) Market Segmentation :
By Type
- Gums
- Patches
- Lozenges
- Inhalers
- Others
By Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
By Geography
- North America
- By Type
- By Distribution Channel
- By Country
List of the Companies Operating in the Market:
- GlaxoSmithKline plc (U.K, Europe)
- Johnson & Johnson Inc (New Jersey, U.S)
- Perrigo Company plc (Ireland, Europe)
- Pierre Fabre SA, Laboratories (France, Europe)
- Pfizer Inc. (New York, United States)
- Cipla Limited (Mumbai, India)
- British American Tobacco Plc (U.K, Europe)
- Other Players
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Table of Content:
1 Nicotine Replacement Therapy Market Overview
1.1 Nicotine Replacement Therapy Product Overview
1.2 Nicotine Replacement Therapy Market Segment by Type
1.3 Global Nicotine Replacement Therapy Market Size by Type (2015-2027)
1.3.1 Global Nicotine Replacement Therapy Market Size Overview by Type (2015-2027)
1.3.2 Global Nicotine Replacement Therapy Historic Market Size Review by Type (2015-2021)
1.3.2.1 Global Nicotine Replacement Therapy Sales Market Share Breakdown by Type (2015-2027)
1.3.2.2 Global Nicotine Replacement Therapy Market Share Breakdown by Type (2015-2027)
1.3.2.3 Global Nicotine Replacement Therapy Average Selling Price (ASP) by Type (2015-2027)
1.3.3 Global Nicotine Replacement Therapy Market Size Forecast by Type (2021-2027)
1.3.3.1 Global Nicotine Replacement Therapy Sales Market Share Breakdown by Application (2021-2027)
1.3.3.2 Global Nicotine Replacement Therapy Revenue Market Share Breakdown by Application (2021-2027)
1.3.3.3 Global Nicotine Replacement Therapy Average Selling Price (ASP) by Application (2021-2027)
1.4 Key Regions Market Size Segment by Type (2015-2021)
1.4.1 North America Nicotine Replacement Therapy Sales Breakdown by Type (2015-2027)
1.4.2 Europe Nicotine Replacement Therapy Sales Breakdown by Type (2015-2027)
1.4.3 Asia-Pacific Nicotine Replacement Therapy Sales Breakdown by Type (2015-2027)
1.4.4 Latin America Nicotine Replacement Therapy Sales Breakdown by Type (2015-2027)
1.4.5 Middle East and Africa Nicotine Replacement Therapy Sales Breakdown by Type (2015-2027)
2 Global Nicotine Replacement Therapy Market Competition by Company
2.1 Global Top Players by Nicotine Replacement Therapy Sales (2015-2021)
2.2 Global Top Players by Nicotine Replacement Therapy Revenue (2015-2021)
2.3 Global Top Players Nicotine Replacement Therapy Average Selling Price (ASP) (2015-2021)
2.4 Global Top Company Nicotine Replacement Therapy Manufacturing Base Distribution, Sales Area, Product Type
2.5 Nicotine Replacement Therapy Market Competitive Situation and Trends
2.5.1 Nicotine Replacement Therapy Market Growth Rate (2015-2021)
2.5.2 Global 5 and 10 Largest Company by Nicotine Replacement Therapy Sales and Revenue in 2019
2.6 Global Top Company by Company Type (Tier 1, Tier 2 and Tier 3) (based on the Revenue in Nicotine Replacement Therapy as of 2019)
2.7 Date of Key Company Enter into Nicotine Replacement Therapy Market
2.8 Key Company Nicotine Replacement Therapy Product Offered
2.9 Mergers and Acquisitions, Expansion
3 Global Nicotine Replacement Therapy Status and Outlook by Region (2015-2027)
3.1 Global Nicotine Replacement Therapy Market Size and CAGR by Region: 2015 VS 2021 VS 2027
3.2 Global Nicotine Replacement Therapy Market Size Market Share by Region (2015-2021)
3.2.1 Global Nicotine Replacement Therapy Sales Market Share by Region (2015-2021)
3.2.2 Global Nicotine Replacement Therapy Revenue Market Share by Region (2015-2021)
3.2.3 Global Nicotine Replacement Therapy Sales, Revenue, Price and Gross Margin (2015-2021)
3.3 Global Nicotine Replacement Therapy Market Size Market Share by Region (2021-2027)
3.3.1 Global Nicotine Replacement Therapy Sales Market Share by Region (2021-2027)
3.3.2 Global Nicotine Replacement Therapy Revenue Market Share by Region (2021-2027)
3.3.3 Global Nicotine Replacement Therapy Sales, Revenue, Price and Gross Margin (2021-2027)
3.4 North America Nicotine Replacement Therapy Market Size By Growth (2015-2027)
3.4.1 North America Nicotine Replacement Therapy Revenue By Growth (2015-2027)
3.4.2 North America Nicotine Replacement Therapy Sales By Growth (2015-2027)
3.5 Asia-Pacific Nicotine Replacement Therapy Market Size By Growth (2015-2027)
3.5.1 Asia-Pacific Nicotine Replacement Therapy Revenue By Growth (2015-2027)
3.5.2 Asia-Pacific Nicotine Replacement Therapy Sales By Growth (2015-2027)
3.6 Europe Nicotine Replacement Therapy Market Size By Growth (2015-2027)
3.6.1 Europe Nicotine Replacement Therapy Revenue By Growth (2015-2027)
3.6.2 Europe Nicotine Replacement Therapy Sales By Growth (2015-2027)
3.7 Latin America Nicotine Replacement Therapy Market Size By Growth (2015-2027)
3.7.1 Latin America Nicotine Replacement Therapy Revenue By Growth (2015-2027)
3.7.2 Latin America Nicotine Replacement Therapy Sales By Growth (2015-2027)
3.8 Middle East and Africa Nicotine Replacement Therapy Market Size By Growth (2015-2027)
3.8.1 Middle East and Africa Nicotine Replacement Therapy Revenue By Growth (2015-2027)
3.8.2 Middle East and Africa Nicotine Replacement Therapy Sales By Growth (2015-2027)
4 Global Nicotine Replacement Therapy by Application
4.1 Nicotine Replacement Therapy Segment by Application
4.1.1 Residential
4.1.2 Commercial
4.2 Global Nicotine Replacement Therapy Sales by Application: 2015 VS 2021 VS 2027
4.3 Global Nicotine Replacement Therapy Historic Sales by Application (2015-2021)
4.4 Global Nicotine Replacement Therapy Forecasted Sales by Application (2021-2027)
4.5 Key Regions Nicotine Replacement Therapy Market Size by Application
4.5.1 North America Nicotine Replacement Therapy by Application
4.5.2 Europe Nicotine Replacement Therapy by Application
4.5.3 Asia-Pacific Nicotine Replacement Therapy by Application
4.5.4 Latin America Nicotine Replacement Therapy by Application
4.5.5 Middle East and Africa Nicotine Replacement Therapy by Application
5 North America Nicotine Replacement Therapy Market Size by Country (2015-2027)
5.1 North America Market Size Market Share by Country (2015-2021)
5.1.1 North America Nicotine Replacement Therapy Sales Market Share by Country (2015-2021)
5.1.2 North America Nicotine Replacement Therapy Revenue Market Share by Country (2015-2021)
5.2 North America Market Size Market Share by Country (2021-2027)
5.2.1 North America Nicotine Replacement Therapy Sales Market Share by Country (2021-2027)
5.2.2 North America Nicotine Replacement Therapy Revenue Market Share by Country (2021-2027)
5.3 North America Market Size By Growth by Country
5.3.1 U.S. Nicotine Replacement Therapy Market Size By Growth (2015-2027)
5.3.2 Canada Nicotine Replacement Therapy Market Size By Growth (2015-2027)
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