Nicotine Replacement Therapy Market Size 2021 | Is Projected to Reach USD 3.92 Billion by 2028, Exhibiting a CAGR of 4.3%

Pune, India, May 04, 2021 (GLOBE NEWSWIRE) -- The global nicotine replacement therapy market is expected to gain momentum by exhibiting a CAGR of 4.3% between 2021 and 2028. 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 Market, 2021-2028.” The report further observes that the market was USD 2.81 billion in 2020 and is projected to reach USD 3.92 billion by 2028.


Request a Sample Copy of the Research Report:

https://www.fortunebusinessinsights.com/enquiry/sample/nicotine-replacement-therapy-nrt-market-103362


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

COVID-19 Effect: Increasing Support for Smoking Cessation to Favor Growth

The entire globe is witnessing the devastating effects of the novel coronavirus. Millions of people have already lost their lives to this pandemic, and several others are battling the symptoms across the globe. The disease affecting the respiratory organs is deemed to be highly lethal for those who consume tobacco products largely. However, to mitigate the impact on smokers, several government agencies are coming forward to promote anti-smoking campaigns and recommending nicotine replacement therapy to the smoking addicts.

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


Click here to get the short-term and long-term impact of COVID-19 on this Market.

For more information visit : https://www.fortunebusinessinsights.com/nicotine-replacement-therapy-nrt-market-103362


Nicotine replacement therapy is a treatment that involves administering the smoking addicts with nicotine in the form of patches, inhalers, gums, sprays, and lozenges that does not contain harmful chemicals compared to tobacco. Often consumption of tobacco leads to nicotine dependency and its withdrawal can result in unpleasant situations for the smoker. NRT mainly focuses on the psychological aspect of quitting, while helping to relieve the physical withdrawal symptoms of the smokers.

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 2021 and 2028. 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.

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 NRT 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 global nicotine replacement therapy market growth during the forecast period.


Quick Buy -  Nicotine Replacement Therapy Market Research Report:

https://www.fortunebusinessinsights.com/checkout-page/103362


Gums Segment Held a Share of 56.5% in the U.S.

The segment gums, based on type, held a market share of 56.5% in the U.S. in 2020 and is expected to showcase augmented growth owing to large availability of gums at the over-the-counter stores in the country.

In terms of the distribution channel, the market is classified into hospital pharmacy, retail pharmacy, and online pharmacy.

Geographically, the NRT market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Growing Smoking Cessation Cases in North America to Propel Demand

Among all regions, North America was worth USD 1.32 billion in 2020 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 NRT products between 2021 and 2028.

Product Launches by Major Companies to Strengthen their 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.


Have Any Query? Ask Our Experts:

https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/nicotine-replacement-therapy-nrt-market-103362


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.

Table Of Content:

  • Introduction
    • Market Scope
    • Market Segmentation
    • Market Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Overview: Guidelines for Prescription of NRT Product Types
    • Snapshot of Smoking Statistics
    • Prevalence of Tobacco Related Cancer
    • Impact of COVID-19 on the Global Market
    • Key Industry Developments - Mergers, Acquisitions, and Partnerships
  • Global Nicotine Replacement Therapy Market Analysis, Insights and Forecast, 2017-2028
    • 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
  • North America Nicotine Replacement Therapy Market Analysis, Insights and Forecast, 2017-2028
    • 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 Country
      • U.S.
        •  By Type
          • Gums
          •  Patches
          •  Lozenges
          •  Inhalers
          •  Others
      • Canada
        • By Type
          • Gums
          •  Patches
          •  Lozenges
          •  Inhalers
          •  Others

Toc Continue..


Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/customization/nicotine-replacement-therapy-nrt-market-103362


SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:

  • Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
  • Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
  • Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
  • Number of procedures and average price of procedures
  • Replacement rate and pricing of capital equipment
  • Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
  • Market & technological trends, new product developments, product pipeline.


Have a Look at Related Reports:

Orthopedic Implants Market Share & Industry Analysis, By Product (Joint Reconstruction; Spinal Implants; Trauma Implants, Dental Implants; Orthobiologics, and Others) End-user (Hospitals, Orthopedic Clinics, Ambulatory Surgical Centers, and Others) and Regional Forecast, 2019-2026

Medical X-ray Market Size, Share & Covid-19 Impact Analysis, By Product Type (Static and Dynamic), By Technology Type (Analog and Digital), By Application (Dental, Veterinary, Cardiovascular Oncology, and Others), By End-User (Hospitals & Clinics, Diagnostic Centers, and Others), and Regional Forecast, 2021-2028

North America Osteoporosis Treatment Market Size, Share & COVID-19 Impact Analysis, By Drug Class (Bisphosphonate, Hormone Replacement Therapy, Selective Estrogen Receptor Modulator (SERMs), RANK ligand (RANKL) Inhibitor, and Others), By Route of Administration (Oral, and Parenteral); By Distribution Channel (Hospital Pharmacies, Retail Pharmacies & Stores, and Online Pharmacies) and Forecast, 2020-2027

Point of care Ultrasound Market Size, Share & COVID-19 Impact Analysis, By Product (Cart-based, and Hand-held), By End User (Hospitals, Clinics, and Others), and Regional Forecast, 2020-2026

Immunomodulators Market Size, Share & COVID-19 Impact Analysis, By Product Type (Immunosuppressant, Immunostimulants), By Application (Oncology, Respiratory, Multiple Sclerosis, and Others), and Regional Forecast, 2020-2027


About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.


Contact Us:

Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.

Phone:
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: sales@fortunebusinessinsights.com
Fortune Business Insights™
LinkedIn | Twitter | Blogs


Press Release: https://www.fortunebusinessinsights.com/press-release/global-nicotine-replacement-therapy-nrt-market-10138


Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.