April 23, 2024
Smoking Cessation and Nicotine De-addiction Products Market

Smoking Cessation And Nicotine De-Addiction Products Market Is Driven By Rising Healthcare Concerns

The global smoking cessation and nicotine de-addiction products market comprises various products that help reduce the effects of smoking and nicotine addiction including nicotine replacement therapy products like patches, gums, lozenges, inhalers and nasal sprays. These products deliver a controlled dose of nicotine to relieve nicotine cravings without the user having to smoke. With rising health awareness about the harmful effects of smoking and the benefits of quitting smoking, there has been a surge in demand for smoking cessation and nicotine de-addiction products.

The global smoking cessation and nicotine de-addiction products market is estimated to be valued at US$ 25438.01 Mn in 2024.

Market key trends:

One of the key trends in the Global Smoking Cessation And Nicotine De-Addiction Products Market Size is the growing demand for e-cigarettes and other electronic nicotine delivery systems (ENDS). These novel products such as e-shishas or e-hookahs heat a solution containing nicotine to produce an aerosol that can be inhaled without the tar and combustion byproducts of regular cigarettes. As these products help reduce health risks associated with smoking and provide the hand-to-mouth action and sensory stimulation of smoking, they have gained significant popularity as alternatives to traditional smoking cessation products. Manufacturers are launching innovative e-cigarette models with advanced functionalities and features to capture more market share in this growing segment. However, the long-term health effects of these novel products are still being studied.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as it requires significant capital to enter the market and gain brand recognition. However, barriers to entry are somewhat low due to low differentiation in products.

Bargaining power of buyers: The bargaining power of buyers is high given the availability of alternative smoking cessation products. Buyers can easily switch between brands based on price and promotions.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many raw material suppliers and manufacturers in the market. However, suppliers of innovative ingredients and technologies have some control over prices.

Threat of new substitutes: The threat of new substitutes is high with the availability of various nicotine replacement therapies and other alternative treatment options. Development of novel products further increases substitution threats.

Competitive rivalry: The competitive rivalry is high among existing players given the large number of companies offering similar products. Companies compete based on pricing, marketing campaigns, and new product innovation.

Key Takeaways

The global Smoking Cessation and Nicotine De-addiction Products Market is expected to witness high growth over the forecast period. The global smoking cessation and nicotine de-addiction products market is estimated to be valued at US$ 25438.01 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031.

Regional analysis: North America accounts for the largest share in the global market primarily due to rising smoking cessation rates and increasing availability of nicotine replacement products in the region. The Europe market is driven by supportive government initiatives to curb smoking rates and focus on nicotine de-addiction programs. The Asia Pacific region is projected to exhibit the fastest growth over the forecast period on the back of expanding smoker population, large health expenditures, and development of novel products.

Key players: Key players operating in the Smoking Cessation and Nicotine De-addiction Products Market are AudioCodes Ltd., ADTRAN, Inc., Avaya Inc., Cisco Systems, Inc., Ribbon Communications, Ingate Systems AB, Oracle Corporation, Patton Electronics Co., Anixter Inc., Nokia, Advantech Co., Ltd, Sangoma Technologies. Leading companies are focusing on new product launches, acquisitions, and strategic collaborations to strengthen their market position.

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