Growing Number of Cigarette Smokers Boosts Global Smoking Cessation and Nicotine De-addiction Products Market22 Feb 2016
The global smoking cessation and nicotine de-addiction products market is growing rapidly, exhibiting a CAGR of 13.70% between 2015 and 2023. The market is expected to reach US$20.5 bn by 2023. It was valued at US$6.5 bn in 2014. The key players in the global smoking cessation and nicotine de-addiction products market are Nicotek LLC, Lorillard, Inc., VMR Products LLC, and NJOY in terms of e-cigarettes, and Pfizer, GSK, and Johnson & Johnson for NRT products. The drug therapy segment has consistently been dominated by Pfizer and GSK.
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Growing Issues Related to Smoking Boost Global Market for Smoking Cessation
Smoking is considered to be the most widely performed lifestyle choice that can cause physical harm including death and disability. Smoking is the foremost contributor to cancer and heart disease, along with a host of respiratory illnesses, chalking up to be the cause of almost 70% deaths across the world. The CDC had previously released a report, which stated that nearly 44 mn adults had become addicted to nicotine in 2011 in the U.S., and the majority of these addicts came from low-income classes.
As such, the primary growth factor for the global smoking cessation and nicotine de-addiction products market has been the high number of smokers for a long time already. Market players have put higher focus on revealing the negative impact that smoking and nicotine products can have on health as well as the economy. And while the products offered can help a person quit smoking, withdrawal symptoms may yet cause the person to return to smoking.
E-cigarette Segment Growing the Fastest
In terms of type, the global smoking cessation and nicotine de-addiction products market can be classified into drug therapy, e-cigarettes, and NRT products. Of these, e-cigarettes are showing the fastest growth rate over the coming years. While not completely harmless, e-cigarettes provide a much safer alternative to actual cigarettes. This segment is, however, restrained due to it being banned in parts of Southeast Asia and Europe. When it comes to nicotine replacement therapies, the market includes sublingual tablets, inhalers, gums, patches, and mouth sprays. The global smoking cessation and nicotine de-addiction products market is being led by lozenges, patches, and gums within the NRT segment.
North America Leads Global Smoking Cessation and Nicotine De-addiction Products Market
North America led the global smoking cessation and nicotine de-addiction products market in 2014, with Europe following, owing to the large population of smokers and the high market penetration of cessation products. The growth rate of the global smoking cessation and nicotine de-addiction products market in the near future will be governed by Asia Pacific, which is showing a high growth rate till 2023, along with additional market scope added by Africa, Latin America, and the Middle East.
Although smokers can quit without using cessation products, it is usually done under the counselling of a physician, as withdrawal symptoms may vary from patient to patient.
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