Feb 15, 2021   SOURCE: PR NewsWire

Nicotine Replacement Therapy Market Size Worth $147.9 Billion By 2028: Grand View Research, Inc.

SAN FRANCISCO, Feb. 15, 2021 /PRNewswire/ -- The global nicotine replacement therapy market size is expected to reach USD 147.9 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 16.3% from 2021 to 2028. The growth of the market is largely attributed to increasing government initiatives to promote nicotine replacement therapy (NRT) products for reducing mortality due to smoking and diseases associated with it.

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Key suggestions from the report: 

    --  By product, the e-cigarettes segment held the largest NRT market share
        in 2020 due to increasing investments and the rising focus of companies
        on developing value-added products. The heat-not-burn tobacco products
        segment is expected to grow at the fastest rate over the forecast period
    --  The offline distribution channel segment dominated the market in 2020.
        Retail chains across the world are investing in advanced technologies
        and undertaking new initiatives in order to improve sales and attract
        more customers. The increasing sales of e-cigarettes through vape shops
        and retail stores is another factor augmenting the growth of this
        segment
    --  Asia Pacific held the largest market share in 2020. Favorable government
        initiatives, coupled with an evolving reimbursement landscape for
        pharmaceutical products, are supporting continual growth

Read 120 page research report with ToC on "Nicotine Replacement Therapy Market Size, Share & Trends Analysis Report By Product (Nicotine Replacement Therapy, E-cigarettes, Heat-not-burn Tobacco Products), By Distribution Channel, And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/nicotine-replacement-therapy-market

Smoking cessation campaigns are also playing a crucial role in increasing awareness about diseases that are caused because of smoking. These campaigns are run by regional governments as well as multinational companies, such as Philip Morris International and Altria. Global organizations like the WHO are also working toward creating awareness by running online campaigns.

There has been an exponential increase in the usage of NRT products. The young population is the largest consumer of advanced NRT products, like heat-not-burn tobacco and e-cigarettes. However, middle-aged patients' interest in smoking cessation has led to a rise in the usage of e-cigarettes. For instance, the use of e-cigarettes for smoking cessation increased to 20% in 2018 from 13% in 2016 among people aged 45 to 54 years.

Furthermore, researchers found that 5% to 9% of smokers tend to use nicotine patches even after the therapeutic period of 12 weeks. The passive approach of combining nicotine patches with a gum, inhaler, or spray is found to be more effective, and quitting rate reaching 34% to 54%. NRT is only recognized as a way of curbing nicotine cravings and treatment by consumers.

With technological advancements, the players in this market are also developing products to suit the changing consumer preferences. For instance, the e-cigarette market is changing with newer innovations that are more efficient, have longer battery life, and are rechargeable. The existing innovations like sleek and easy-to-use socially acceptable e-cigarettes brought a revolution, which drove more people to shift to using NRTs without social stigma.

Various players such as Nicocigs Ltd.; Nicoventures Ltd.; Victory Electronic Cigarettes Corp.; DuraSmoke; AlternaCig; Shenzhen IVPS Technology CO. Limited; and Vapor Group, Inc. are launching e-cigarettes and related products. Although there are hundreds of companies selling e-cigarettes, their usage in NRT is disputed.

Grand View Research has segmented the global nicotine replacement therapy market on the basis of product, distribution channel, and region:

    --  Nicotine Replacement Therapy Product Outlook (Revenue, USD Billion, 2017
        - 2028)
        --  Nicotine Replacement Therapy
        --  Inhalers
        --  Gum
        --  Transdermal Patches
        --  Sublingual Tablets
        --  Lozenges
        --  Others
        --  E-cigarettes
        --  Heat-not-burn Tobacco Products
    --  Nicotine Replacement Therapy Distribution Channel Outlook (Revenue, USD
        Billion, 2017 - 2028)
        --  Offline
        --  Online
    --  Nicotine Replacement Therapy Regional Outlook (Revenue, USD Billion,
        2017 - 2028)
        --  North America
            --  U.S.
            --  Canada
        --  Europe
            --  Germany
            --  U.K.
            --  France
            --  Italy
            --  Spain
        --  Asia Pacific
            --  China
            --  Japan
            --  Australia
            --  South Korea
        --  Latin America
            --  Brazil
            --  Mexico
        --  Middle East & Africa
            --  South Africa
            --  UAE
            --  Saudi Arabia

List of Key Players of Nicotine Replacement Therapy Market

    --  Philip Morris Products S.A. (Altria Group)
    --  British American Tobacco p.l.c.
    --  Japan Tobacco, Inc.
    --  Imperial Brands
    --  Glenmark
    --  Fertin Pharma
    --  Cipla Inc.
    --  Pfizer Inc.
    --  Johnson & Johnson Services, Inc.

Find more research reports on Pharmaceuticals Industry, by Grand View Research:

    --  Heat-not-Burn Market - The global heat-not-burn market size was valued
        at USD 7.3 billion in 2019 and is projected to grow at a compound annual
        growth rate (CAGR) of 32.8% from 2020 to 2027.
    --  Smoking Cessation And Nicotine De-addiction Market - The global market
        for smoking cessation and the nicotine de-addiction market was valued at
        over USD 7.0 billion in 2015.
    --  E-cigarette And Vape Market - The global e-cigarette and vape market
        size was valued at USD 12.41 billion in 2019 and is expected to expand
        at a revenue-based CAGR of 23.8% from 2020 to 2027.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.