Nicotine Replacement Therapy (NRT) Market 2020 Size, Trends, Potential Growth Global Key Factors

(MENAFN- The Express Wire) Nicotine Replacement Therapy (NRT) Market 2020 Size, Trends, Potential Growth Global Key Factors

Posted on Oct 22 2020 5:00 AM

"The Nicotine Replacement Therapy (NRT) Market report offers insights into the latest trends. It summarizes key aspects of the market, with focus on leading key players, areas that have witnessed the highest demand, leading regions, and applications. "

The global ' nicotine replacement therapy market Size ' is expected to gain momentum by exhibiting a CAGR of 4.2% between 2020 and 2027. This is attributable to increasing incidence of chronic disease such as lung cancer, strokes, and respiratory ailments. Additionally, introduction of innovative products by major companies will favor market growth. This information is published by Fortune Business Insights, in its latest report, titled, 'Nicotine Replacement Therapy (NRT) Market Size, Share & COVID-19 Impact Analysis, By Type (Gums, Patches, Lozenges, Inhalers, and Others), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy), and Regional Forecast, 2020-2027.The report further observes that the market was valued at USD 2.55 billion in 2019 and is projected to reach USD 3.54 billion by 2027.

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REGIONAL INSIGHTS

Growing Smoking Cessation Cases in North America to Propel Demand

Among all regions, North America was worth USD 1.18 billion in 2019 and is expected to hold the highest position in the global nicotine replacement therapy market share during the forecast period. This is attributable to the increasing number of people that desire to quit smoking in the US. For instance, according to the US National Institute of Health, around 70% of the total 46 million Americans smoke, desire to quit smoking. On the other hand, Europe is expected to hold the second position in the market owing to increasing government initiatives to promote anti-smoking campaigns and activities that are expected to drive the demand for nicotine replacement therapy products between 2020 and 2027.

Frequently Ask Question :

• How much is the nicotine replacement therapy market worth?

Fortune Business Insights says that the global nicotine replacement therapy market size was USD 2.55 billion in 2019 and is projected to reach USD 3.54 billion by 2027.

• What was the value of the market in North America in 2019?

In 2019, the North America market value stood at USD 1.18 billion.

• At what CAGR is the market projected to grow in the forecast period (2020-2027)?

Growing at a CAGR of 4.2%, the market will exhibit steady growth in the forecast period (2020-2027).

What does the Report Include?

The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers the different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves leading companies and adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.

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DRIVING FACTORS

Increasing Incidence of Chronic Disease to Bolster Growth

According to the Center for Disease Control and Prevention (CDC), smoking cigarettes leads to over 80% to 90% of lung cancer deaths every year in the United States. Tobacco smoke consists of over 7000 chemicals, with over 70 chemicals known to cause cancer in humans. Furthermore, the increasing incidence of chronic ailments is propelling the major companies to introduce innovative nicotine replacement therapy products that aid in to curb the urge to smoke in the people. The growing tobacco addiction in the youth is further driving the demand for the NTR products that will bode well for the growth of the global nicotine replacement therapy market during the forecast period.

An Overview of the Impact of COVID-19 on this Market :

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of corona virus outbreak across industries to help you prepare for the future.

COMPETITIVE LANDSCAPE

Product Launches by Major Companies to Strengthen Market Position

The global nicotine replacement therapy market report observes that major companies such as GlaxoSmithKline plc and Johnson & Johnson Inc hold over 80% of the total share and are constantly focusing on consolidating their positions by introducing novel nicotine replacement therapy products in the global marketplace. Additionally, other players in the market are striving to strengthen their position by adopting strategies such as collaboration, merger and acquisition, and introduction of new products during the forecast period.

Table Of Content :

• Market Scope
• Market Segmentation
• Market Methodology
• Definitions and Assumptions

• Market Drivers
• Market Restraints
• Market Opportunities

• Overview: Guidelines for Prescription of NRT Types
• Snapshot of Smoking Statistics
• Prevalence of Tobacco Related Cancer
• Key Industry Developments - Mergers, Acquisitions, and Partnerships

• Key Findings / Summary
• Market Analysis, Insights and Forecast  By Type
• Gums
• Patches
• Lozenges
• Inhalers
• Others
• Market Analysis, Insights and Forecast  By Distribution Channel
• Hospitals Pharmacy
• Retail Pharmacy
• Online Pharmacy
• Market Analysis, Insights and Forecast  By Geography
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Continue…

INDUSTRY DEVELOPMENT:

• June 2020:  Taat Herb Co., a flagship brand of Taat Lifestyles, announced the launch of its new hemp cigarettes from the Taat stable. According to the company, the new product dramatically replicates the exact experience of smoking a traditional cigarette and contains 50mg of cannabidiol(CBD) that is effective in reducing tobacco dependency.

List of the Companies Operating in the Market:

• GlaxoSmithKline plc (U.K, Europe)
• Johnson & Johnson Inc (New Jersey, U.S)
• Perrigo Company plc (Ireland, Europe)
• Pierre Fabre SA, Laboratories (France, Europe)
• Pfizer Inc. (New York, United States)
• Cipla Limited (Mumbai, India)
• British American Tobacco Plc (U.K, Europe)
• Other Players

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Global Nicotine Replacement Therapy (NRT) Market Segmentation :

By Type

• Gums
• Patches
• Lozenges
• Inhalers
• Others

By Distribution Channel

• Hospital Pharmacy
• Retail Pharmacy
• Online Pharmacy

By Geography

• North America
• By Type
• By Distribution Channel
• By Country

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