June 18, 2024
Global Nicotine Replacement Therapy Market

Global Nicotine Replacement Therapy Is Estimated To Witness High Growth Owing To Growing Number Of Tobacco Users

Nicotine replacement therapy products including gums, patches, lozenges, inhalers, and sprays help reduce nicotine cravings and withdrawal symptoms when someone is trying to quit smoking or other forms of tobacco use. These products deliver nicotine to the body without the other toxic chemicals found in tobacco smoke. The global nicotine replacement therapy market is driven by the rising prevalence of tobacco dependence and nicotine addiction.

The Global Nicotine Replacement Therapy Market is estimated to be valued at US$ 53.47 BN in 2024 and is expected to exhibit a CAGR of 10.% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the global nicotine replacement therapy market are Johnson & Johnson Inc., Haleon Group of Companies, Imperial Brands plc, Cipla Inc., Pfizer Inc., GLENMARK PHARMACEUTICALS LTD, Fertin Pharma, Philip Morris Products S.A., British American Tobacco plc, Japan Tobacco Inc., Habitrol., Perrigo Company plc, Die betapharm Arzneimittel GmbH, ITC Limited, Sparsha Pharma International Pvt Ltd, and Alkalon A/S. Increasing public awareness initiatives about ill effects of smoking and benefits of nicotine gums and patches by governments and health organizations are offering ample opportunities for players in the global market. Moreover, rising inclination towards smokeless nicotine consumption through innovative products like e-cigarettes and heat-not-burn devices is expected to accelerate the global expansion of nicotine replacement therapy market during the forecast period.

Market Drivers

Growing number of tobacco users across both developed and developing nations due to increased social acceptance and marketing campaigns by tobacco companies is one of the key drivers of the global nicotine replacement therapy market. According to WHO, over 1.3 billion people use tobacco worldwide with use being highest among low and middle-income countries. Successful marketing research campaigns and increased affordability have boosted nicotine addiction rates globally, thereby accelerating demand for quitting aids such as nicotine gums and patches. This is expected to significantly boost the global nicotine replacement therapy market during the forecast period.

PEST Analysis

Political: Regulations on sale and marketing of smoking cessation products influence the market. Several countries have implemented regulations to promote NRT products as an alternative to smoking.

Economic: Higher prevalence of smoking and smoking-related diseases have increased healthcare costs, driving demand for affordable smoking cessation options like NRT products. Availability of health insurance coverage also impacts market growth.

Social: Growing health awareness and initiatives by health organizations to reduce smoking rates create social acceptance for NRT products to help people quit smoking. Changing attitudes towards protecting public health from secondhand smoke further boost the market.

Technological: Advancements in delivery forms like patches, gums, lozenges, and innovative product features help improve treatment effectiveness and consumer convenience, encouraging wider adoption. Digital tools also assist remote smoking cessation programs.

The market in terms of value Global Nicotine Replacement Therapy Market Growth is concentrated in regions with high smoking rates and strict regulations on tobacco products. North America and Europe account for substantial shares due to growing health awareness, established healthcare systems, and strong regulatory push for smoking alternatives in countries like the US, Germany, UK, and France.

In terms of growth rate, the Asia Pacific region shows highest potential supported by the large population, increasing disposable incomes, and initiatives to reduce smoking prevalence in developing countries like China and India through promotion of affordable NRT products. Regulations are also being strengthened to discourage tobacco use and encourage people to gradually quit smoking.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it