Smoking Cessation and Nicotine De-Addiction Products Market to be worth US$ 46.0 Billion by 2024
The Global Smoking Cessation and Nicotine De-addiction Products Market was valued at US$ 11,285.7 million in 2015 and is projected to expand at a CAGR of 17.3% during the forecast period (2016–2024), as highlighted in a new report published by Coherent Market Insights. Rise in awareness regarding the hazardous effects of smoking and nicotine consumption is expected to fuel growth of smoking cessation and nicotine de-addiction products market in the near future.
Intervention for smoking cessation by the population is an urgent need, as the health hazards due to use of tobacco is increasing globally and is especially prevalent in emerging economies. There are different stages of smoking cessation such as pre-contemplation (the initial thought of quitting), contemplation (when a person decides it is time to quit smoking) and so on. Action is when the attempt is made at least for 24 hours and finally maintenance is when a person is smoke-free for over six months. According to The Indian Journal of Chest Diseases & Allied Sciences, published in 2014, the first-line of treatment part of smoking cessation consists of nicotine replacement therapy, bupropion and varinicline, and clonidine and nortriptalin as a second-line of treatment. Furthermore, in 2014, according to the World Health Organization (WHO), there were around 1,100 million smokers worldwide, which includes around one-third of the global population aged 15 years. The emerging economies accounted for around 70% of the global smoker population. Due to use of tobacco products, around three million deaths occur every year and two-thirds of these are recorded emerging economies. Increasing awareness among the populace is a key factor fueling growth of the smoking cessation and nicotine de-addiction products market over the forecast period. Also, various innovations in the field of drugs and therapies by various companies in the form of various nicotine gums and e-cigarettes is expected to favor growth for smoking cessation and nicotine de-addiction products in the near future. Changing lifestyle leading to high prevalence of anxiety and depression globally is leading to a high number of smokers worldwide, which in turn is expected to support growth in smoking cessation and nicotine de-addiction products in the near future.
There are various government programs in different regions that are responsible to create awareness about the hazards of smoking on the human body, this in turn is expected to favor the market for smoking cessation and nicotine de-addiction products in the near future. Lack of funding for tobacco-prevention and cessation programs has been a major factor curtailing market growth. According to Robert Wood Johnson Foundation, in 2007, there were only three states in the U.S. that met the level of funding for Centers for Disease Control and Prevention (CDC). This in turn hinders growth of the smoking cessation and nicotine de-addiction products market.
According to American Journal of Preventive Medicine, in 2010, among the 43.4 million smokers in the U.S., 70% wanted to quit smoking and around 40% made at least one serious quit attempt every year. As a result, rise in interest and increase in demand for tobacco and smoking cessation products and services creates significant opportunity to reduce tobacco use across all age groups. Governments are focused on accepting latest innovation in the field of smoking cessation products, for instance, in 2013, German Cancer Research Center, Heidelberg, and The European Commission revised the directive on tobacco products to include e-cigarettes in the tobacco products directive, as such products have been available in Europe since 2006 and were very inconsistently regulated across member states. The inclusion of novel products such as e-cigarettes and nicotine gum are projected to favor the smoking cessation and nicotine de-addiction products market over the forecast period.
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Key takeaways of the market:
The global smoking cessation and nicotine de-addiction products market is expected to expand at a CAGR of 17.3% during the forecast period (2016–2024). Depression and anxiety globally is expected to favor growth of the smoking cessation and nicotine de-addiction products market over the forecast period. The E-cigarettes segment in the global smoking cessation and nicotine de-addiction products market was estimated to be the largest in 2015 and is expected to dominate the market throughout the forecast period in terms of value owing to the rise in trend of the novel products among the population. In terms of E-cigarette sub-segment, the modular E-cigarette type, is expected to expand at a significant CAGR of 19.5% during the forecast period owing to rise in adoption rate by the college students and other chain smokers in the developing countries. The global smoking cessation and nicotine de-addiction products market is characterized by strategic research and development and advancements in the technology of nicotine and tobacco cessation products and services. Also, the rise in awareness of the effects of smoking in the developing countries is expected to favor the smoking cessation and nicotine de-addiction products market.
Some of the major players are Johnson & Johnson Limited, GlaxoSmithKline plc, Novartis International AG, Pfizer, Inc., Cipla Ltd., Takeda Pharmaceuticals Co. Ltd., NJOY, Inc., Imperial Tobacco Company of India Limited, McNeil AB, and Revolymer Limited
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