Albany, New York (PRWEB) May 16, 2014
Smoking Cessation and Nicotine De-addiction Products Market was valued at USD 5.1 billion in 2012 and is expected to grow at a CAGR of 18.7% from 2013 to 2019, to reach an estimated value of USD 16.02 billion in 2019.
Smoking cessation is a process of discontinuing smoking achieved by the use of medication. It may also be coupled with assistance of healthcare professionals, counselling and psychotherapy. The demand for smoking cessation products is high and is continuously rising as it caters to the needs of people addicted to nicotine and rising healthcare awareness amongst the smokers. The global smoking cessation and nicotine de-addiction products market is segmented on the basis of product types available in the market. These include nicotine replacement therapy (NRT) products, drug therapy and e-cigarettes. This market is sustained by large number of people wanting to quit smoking.
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NRT products for smoking cessation include nicotine containing gums, patches, lozenges, sublingual tablets, inhalers and mouth sprays. The market for NRT products is dominated by the revenue of nicotine gums, patches and lozenges. Nicotine gums are one of the most widely used NRT products, and the market for these was valued at USD 995.5 million in 2012. The nicotine patches and lozenges market is driven by its ease of use and non-prescription sale. Nicotine sprays and inhalers on the other hand are less preferred due to their high cost and less popularity. However, increased promotional activities and effective distribution is expected to boost their market growth in the near future. The major players in the NRT products market include Johnson and Johnson, GSK, Cipla and Novartis.
Smoking cessation drug therapy market is expected to witness a decline in revenue across the globe, by the end of the forecast period due to patent expiration of the key revenue generating drugs Zyban (bupropion) in 2013 and Chantix/Champix (varenicline) in 2018 (which will impede market growth toa lower extent). The loss of patent and marketing exclusivity will lead to a drastic reduction in revenue and in turn provide an opportunity to generic manufacturers to launch their own versions of these brands. The leading players in the drug therapy market are GSK and Pfizer.
The e-cigarettes segment is expected to witness the fastest growth, and thus, will boost growth of the global smoking cessation and nicotine de-addiction products market during the forecast period. E-cigarettes have proved to be a better alternative to cigarettes whose smoke contains various harmful gases and cause dreadful diseases such as cancer. With the exceptional growth and popularity among the younger population, the market has posed a challenge to other smoking cessation products as well as to the tobacco cigarette business. The global e-cigarettes market was worth USD 1,662.5 million in 2012. Lorillard, NJOY and VMR products LLC are some of the major players in the e-cigarettes market.
Geographically, North America dominates the global smoking cessation and nicotine de-addiction products market. The North American market for smoking cessation products was valued at USD 1,958.8 million in the year 2012. An increase in cigarette costs is expected to reduce smoking rates significantly, especially in adolescents. According to the CDC, a 10% rise in cigarettes cost can cut around 4% of young adults craving cigarette consumption. The European market held the second largest share worldwide, in 2012. WHO reports that European countries have widely adopted bans on tobacco advertising, promotion on national/international television and radio, billboards and outdoor advertising, local magazines and newspapers. However, some countries in Europe still lack in implementing measures of the WHO Framework Convention on Tobacco Control (FCTC).
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Raising taxes to increase the cost of cigarettes can reduce tobacco use, cut smoking rates, and ultimately save lives. Smoking prevalence has been varying across the globe with many developing countries witnessing rapid increase in the prevalence rate, which will create huge health problems for the future if left unchecked. Demand for lifestyle drugs in emerging countries is witnessing rapid growth due to factors including growing health awareness, increase in population, and development of public healthcare systems, among others. This is driving people towards quitting smoking by adopting smoking cessation products. A study in the Eastern Mediterranean Health Journal, published in 2012, reported that nicotine containing medications are not available in one third of the developing countries, which include the Middle East and Africa. Moreover, accessibility of non-nicotine containing medications such as bupropion and varenicline is also extremely low. Increased attention and resources are needed to address lack of smoking cessation services as well as access to nicotine containing medications in these regions.
The global smoking cessation and nicotine de-addiction products market is segmented as follows:
Smoking Cessation and Nicotine De-Addiction Products Market, by Product Type
Nicotine Replacement Therapy Products
Smoking Cessation and Nicotine De-Addiction Products Market, by Geography
Browse Global Smoking Cessation and Nicotine De-addiction Products Market Report with Full TOC: http://www.transparencymarketresearch.com/smoking-cessation-nicotine-de-addiction-products.html.