The Insight Partners Latest Research on Report “Smoking Cessation Aids Market Forecast to 2028″ Includes COVID-19 Impact and Global Analysis By Product (Nicotine Replacement Therapy, Drugs, Electronic Cigarettes, and Others) and End-User (Hospital Pharmacies, Online Channel, Retail Pharmacies, and Other End Users)
“Smoking Cessation Aids Market is expected to reach US$ 64,032.30 million in 2028 from US$ 23,413.08 million in 2021. The market is estimated to grow with a CAGR of 15.5% from 2021-2028. Key factors that are driving the growth of this market are rising addiction toward tobacco smoking, increasing number of campaigns to reduce smoking and tobacco dependence. However, steeping costs for development of nicotine replacement therapies are likely to restrain the market growth in the future years to some extent.
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Smoking cessation lowers the risk of cancer and other serious health problems. Some products contain nicotine as an active ingredient and others do not. Counseling, behavior therapy, medicines, and nicotine-containing products, such as nicotine patches, gum, lozenges, inhalers, and nasal sprays, may be used to help a person quit smoking. They are regulated through the FDA’s Center for Drug Evaluation and Research, which ensures that the products are safe and effective and that their benefits outweigh any known associated risks.
Industry Players Analysis:
Market leaders operating in the market have undertaken various organic growth strategies in the Smoking cessation aids market. The Smoking cessation aids market majorly consists of the players Pfizer Inc., GlaxoSmithKline plc., Dr. Reddy’s Laboratories, Johnson and Johnson Services, Inc., Cipla Inc., Perrigo Company plc, Bausch Health Companies Inc., Glenmark, NJOY, Juul Labs among others. The companies have been implementing various strategies that have helped the growth of the company and in turn have brought about various changes in the market. The companies have utilized organic strategies such as launches, expansion, and product approvals. Moreover, the companies have utilized inorganic strategies including mergers & acquisitions, partnership, and collaborations.
Below is the list of the growth strategies done by the players operating in the Smoking cessation aids market:
Jul-20: Dr Reddy’s Laboratories launched of over-the-counter Nicotine Polacrilex lozenges in the American market in the strengths of 2 mg and 4 mg.
Nov-20: Perrigo Company plc completed its the fourth year of its “Quitting is Better” campaign in partnership with the American Cancer Society (ACS).
Sept-19: An independent expert panel to the U.S. Food and Drug Administration recommended approval of GlaxoSmithKline Plc’s over-the-counter nicotine oral spray which aims to help smokers quit their addiction
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COVID-19 outbreak was first observed in December 2019 in Wuhan (China), and it has spread to more than 100 countries across the world, with the World Health Organization (WHO) stating it as a public health emergency. The global impacts of COVID-19 are being felt across several markets. The findings show that e-cigarette usage and dual use of e-cigarettes and cigarettes are important underlying risk factors for COVID-19 that have previously not been established. As per the researchers, smoking is a risk factor for influenza, patients who smoke are immunosuppressed to some degree, and they make more mucus.
Based on end-user, the smoking cessation aids market is segmented into hospital pharmacies, online channel, retail pharmacies, and other end users. The retail pharmacies segment is likely to hold the largest share of the market in 2021, however the online channel segment is anticipated to register the highest CAGR of the market during the forecast period.
Based on product, the smoking cessation aids market is segmented into nicotine replacement therapy, drugs, electronic cigarettes, and others. E-cigarettes are considered as a healthy alternative to tobacco cigarettes and is estimated to be the fastest growing segment over the forecast period. E-cigarettes are an effective alternative for reducing health conditions associated with tobacco, while nicotine replacement therapies work best for smoking cessation. E-cigarettes are a potential threat to tobacco-based cigarettes. In addition, Consumption of e-cigarettes are less harmful compared to the regular cigarettes, no smoke and no risk of passive smoking, allowed to use even in no-smoking places, varying nicotine levels, and availability in various flavors are some of the major driving factors for the e-cigarettes market. in addition, the increasing popularity of e-cigarettes backed by its electronic feature is the major factor contributing towards its increasing demand.
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