Global Value of Smoking Cessation Products Market Is Estimated To Be Worth over USD 24 Bn In 2022
The market
for smoking cessation products is expected to reach USD 24 billion in 2022 and
USD 57 billion by 2032, growing at a CAGR of 9.2% between 2022 and 2032.
In 2022, the
market
for smoking cessation products will represent 3% of the overall smoking
market. During the assessment period of 2022–2032, the market for products to
help smokers quit is predicted to have an absolute dollar opportunity of USD 33
billion.
The report
predicts that developing countries will continue to have lower nicotine and
smoking cessation product demand than developed countries. According to the
study, developed nations were more willing to spend money on nicotine
replacement therapy and smoking cessation aids than developing nations.
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Report Attributes
Details
Base Year
Value (2021A)
USD 22
Billion
Estimated
Year Value (2022E)
USD 24
Billion
Projected
Year Value (2032F)
USD 57
Billion
Global
Growth Rate (2022-2032)
9.2%
North
America Market Share in 2021
23.9%
North
America Growth Rate in 2021
10.9%
Collective
Value Share (US, China, India) 2022: Top 3 Countries
~31%
Top 5
Companies Market Share
~22%
How much money is generated in the market
for smoking cessation products by developed regions?
Although
smoking cessation products are used widely around the world, the Fact.MR study
found that North America and Europe account for more than 80% of global sales
of these products.
Due to the
alarmingly high rates of tobacco product adoption among youth and adult
populations, tobacco smoking has reached new highs in the United States and
Europe. North America and Europe will contribute roughly 23.9% and 21.5%,
respectively, to the market for smoking cessation products in 2021, despite the
fact that the regions are seeing an increase in quitting.
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Top Companies in the Smoking Cessation
Products Market: Competitive Landscape
Due to the
presence of numerous domestic and regional players, the global market for
smoking cessation products is highly fragmented and competitive. Key players
use a variety of marketing tactics, including mergers and acquisitions,
expansions, collaborations, and partnerships.
Additionally,
the top businesses use new product development as a strategic approach to
enhance their market presence among consumers. Modern smoking cessation
products have been incorporated as a result of these strategies.
For illustration:
·
In 2020, Dr. Reddy's Laboratories introduced OTC
Nicotine Polacrilex Lozenges in the United States. The product is a supplement
to nicotine replacement therapy that lessens withdrawal symptoms like nicotine
cravings (NRT).
Key Companies Profiled
·
Johnson & Johnson Inc.
·
GlaxoSmithKline plc
·
Pfizer Inc.
·
Perrigo Company plc
·
Cipla Ltd
·
ITC Limited
·
Reynolds American Inc.
·
Imperial Tobacco Ltd.
·
Fertin Pharma
·
Alkalon A/S
·
Fontem Ventures
·
Nicotek LLC
·
Novartis
·
British American Tobacco PLC
·
Smoke Away
·
The Harvard Drug Group
·
VMR Products LLC
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Global Smoking Cessation products Market by
Category
By
Product Type :
Chewing Gum
Patches
Inhalers
Lozenges
Nasal Sprays
By
Therapy :
Nicotine Replacement
Therapy (NRT)
Non-NRT Therapy
E-Cigarettes
By
Sales Channel :
Hospital Pharmacies
Drug Stores
Retail Stores
Online Stores
By
Region :
North America
Latin America
Europe
East Asia
South Asia
Oceania
MEA
* This article was originally published here
* This article was originally published here
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