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  • Nicotine Replacement Therapy (NRT) Products Market Analysis | 2021-2026

    Nicotine Replacement Therapy (NRT) Products Market Analysis | 2021-2026

    Nicotine Replacement Therapy (NRT) Products Market Analysis | 2021-2026
    Report code - SR1453 Delivery - 2 Weeks
    Nicotine Replacement Therapy (NRT) Products Market Growth, Trends, Dynamics & Market I See more...

    Market Insights

    "The nicotine replacement therapy (NRT) products market is likely to grow at a healthy CAGR of 16.1% during the forecast period."

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    What is Nicotine Replacement Therapy (NRT)?

    Nicotine replacement therapy is a type of therapy used to treat people with tobacco use disorder by taking nicotine by means other than tobacco. This therapy helps with quitting smoking or stopping chewing tobacco. It increases the chance of quitting tobacco smoking by about 55%. The different nicotine replacement therapy products include sprays, inhalers, chewing gums, and transdermal patches among others.

    Nicotine Replacement Therapy Products Market Report Overview

    Market Growth (2021-2026)

    CAGR of 16.1%

    Base Year of Study

    2020

    Trend Period

    2016-2019

    Forecast Period

    2021-2026

    Market Drivers

    The growth of the global nicotine replacement therapy (NRT) products market is driven by a host of factors, some of which are noted below:

    • Increasing awareness among consumers about the ill effects of smoking.
    • The rising number of smokers across geographies
    • In addition to this, increasing government initiatives aimed at creating awareness about the adverse impact of smoking on health is likely to create lucrative opportunities for the players operating.

    COVID-19 Impact

    The outbreak of the COVID-19 virus has affected the growth of the tobacco industry significantly. Stringent lockdown measures and restricted movement of people affected the product supply for a short period.

    Opportunities:

    The Nicotine Replacement Therapy (NRT) products market presents a multitude of growth prospects, propelled by evolving consumer preferences, heightened awareness of smoking-related health risks, and a growing focus on smoking cessation. Here, we outline some notable avenues for advancement in this market:

    Supporting Smoking Cessation Initiatives: Governments and healthcare institutions worldwide are intensifying their endeavors to diminish smoking rates. These endeavors encompass funding for smoking cessation programs and advocacy for the use of NRT products. Companies operating in the NRT sector can collaborate with public health campaigns to extend their influence.

    Fostering Product Advancements: Opportunities for innovation abound in the realm of NRT products. Pioneering novel delivery mechanisms, such as digital therapeutics or personalized NRT solutions, can resonate with consumers seeking more efficacious methods to break free from smoking.

    Addressing E-cigarette Transitions: A subset of smokers is transitioning from conventional cigarettes to e-cigarettes or vape products. Tailoring NRT offerings to cater to this transitioning demographic can carve out a lucrative niche in the market.

    Harnessing E-commerce: The ascension of e-commerce has forged pathways for the online retailing of NRT products. Enterprises can harness digital marketing strategies and e-commerce platforms to widen their consumer base and accessibility.

    Venturing into Emerging Markets: Expanding into emerging markets where smoking rates remain high and support for smoking cessation is limited provides a ripe opportunity for growth in the NRT sector.

    Exploring Combination Therapies: The development of combination therapies amalgamating various forms of NRT, such as patches and gum, can proffer a more comprehensive approach to smoking cessation and enhance product diversity.

    Offering Tailored Solutions: Tailoring NRT regimens to individual smoking habits and preferences can elevate success rates in smoking cessation efforts.

    Integrating with Telehealth: The integration of NRT support into telehealth services and mobile applications can enhance accessibility and convenience for individuals striving to quit smoking.

    Promoting Awareness: Investments in educational campaigns elucidating the advantages of NRT and elucidating the perils of smoking can cultivate a more informed consumer base and stimulate demand.

    Forging Collaborations and Partnerships: Collaborating with healthcare providers, pharmacies, and smoking cessation clinics can broaden distribution channels and augment the availability of NRT products.

    Key Players

    Key players operating in the global nicotine replacement therapy (NRT) products market are:

    Segment Analysis

    Application Trends

    "The home segment accounted for the largest market share."

    The market has been bifurcated into homes and hospitals. Under these, the home segment accounted for the largest market share in 2020 and is projected to register significant growth during the review period. The segment growth can be attributed to the increasing consumption of nicotine replacement therapy products across households.

    Regional Insights

    "Asia-Pacific accounted for the largest market share."

    The market in Asia-Pacific accounted for the largest market share in 2020 and is projected to grow at a significant CAGR during the assessment period. The segment growth is primarily attributed to the presence of a large number of smokers coupled with the presence of various tobacco manufacturers. The market growth in the North American region is expected to be driven by the increasing prevalence of smoking-related health disorders.

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    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.

    What deliverables will you get in this report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth analysis of the Nicotine Replacement Therapy (NRT) Products Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional and country level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

     

    Target Audience

    Here is the list of the group of customers that the market hopes to have the greatest opportunity to convert:

    • Distributors
    • Suppliers
    • Manufacturers
    • Logistics organizations
    • Government bodies

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tool. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with companies across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Recent News & Developments

    In September 2023: E-cigarettes, Varenicline, and Cytisine were found to be the most effective stop-smoking aids.

    A comprehensive recent study has determined that nicotine e-cigarettes, varenicline, and cytisine represent the most effective choices presently accessible for aiding smokers in achieving long-term cessation, defined as abstaining from smoking for a duration of at least six months.

    In August 2023: The realm of smoking cessation undergoes a revitalization as Blip enters the scene, reshaping the concept of nicotine cessation for contemporary smokers and vapers. Blip introduces FDA-approved nicotine replacement therapy (NRT) solutions that have the potential to increase the likelihood of successful quitting twofold. Additionally, Blip fosters a supportive community for individuals at any stage of their cessation journey, firmly convinced that human connections play a pivotal role in the journey toward achieving and maintaining a nicotine-free life.

    Frequently Asked Questions (FAQs)

    Nicotine replacement therapy is a type of therapy used to treat people with tobacco use disorder by taking nicotine by means other than tobacco. This therapy helps with quitting smoking or stopping chewing tobacco. It increases the chance of quitting tobacco smoking by about 55%. The different nicotine replacement therapy products include sprays, inhalers, chewing gums, and transdermal patches among others.

    The market is expected to witness an impressive growth of 16.1% CAGR in the coming years.

    Pfizer Inc. (US), Cipla Limited (India), Novartis International AG (Switzerland), GlaxoSmithKline plc (UK), The Takeda Pharmaceutical Company Limited (Japan), McNeil (US), Revolymer (UK), Imperial Brands plc (UK) and VMR Products (India) are among the key players in the market.

    The home segment is expected to register significant growth in the market in the coming years.

    Increasing awareness among consumers about the ill effects of smoking is the prime factor driving the growth of the market.

    Nicotine replacement therapy (NRT) products distributors, suppliers, manufacturers, logistics organizations, and government bodies are the target audience in the market.