The global smoking cessation products market is estimated at USD 24 Billion in 2022 and is forecast to surpass USD 57 Billion by 2032, growing at a CAGR of 9.2% during 2022-2032.
The market is expected to show positive growth rate due to smoke-free air laws which are aimed at restricting exposure of minors to smoking products and protect consumers from second-hand smoking. These laws are imposed by various organizations and governments of particular countries. For instance, United States banned smoking in most public places under the Department of Health Functions Clarification Amendment Act of 2006.
For more insights into the Market, Request a Sample of this Report:
https://www.factmr.com/connectus/sample?flag=S&rep_id=2372
The Global Smoking Epidemic:
Smoking has long been recognized as a major public health concern. According to the World Health Organization (WHO), tobacco use is responsible for nearly 8 million deaths annually, with more than 7 million of those deaths being attributed to direct tobacco use and approximately 1.2 million to secondhand smoke exposure. This alarming statistic has prompted governments, healthcare organizations, and individuals to take action.
Market Trends and Dynamics:
The smoking cessation products market is continually evolving to meet the diverse needs of those looking to quit smoking. Several key trends and dynamics are shaping the market:
- Rise in E-Cigarettes and Vaping: While e-cigarettes and vaping have faced controversy due to potential health risks, they have gained popularity as an alternative to traditional smoking. Some smokers have successfully transitioned to vaping as a smoking cessation aid.
- Pharmaceutical Interventions: Nicotine replacement therapy (NRT) products such as nicotine gum, patches, and lozenges continue to be popular options for smokers looking to quit. Prescription medications like Chantix and Zyban also play a significant role in the market.
- Behavioral Support and Counseling: Recognizing that smoking is not just a physical addiction but also a behavioral one, many cessation programs now incorporate counseling and support groups to address psychological aspects of quitting.
- Mobile Apps and Online Resources: The digital age has brought forth a plethora of smoking cessation apps and online resources that offer personalized plans, progress tracking, and motivation for users.
- Alternative Therapies: Some individuals turn to alternative therapies such as acupuncture, hypnotherapy, and herbal remedies to aid in their smoking cessation journey.
Competitive landscape:
The global smoking cessation products market is highly fragmented and competitive owing to the existence of many domestic and regional players. Various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations and partnerships.
Also, new product development as a strategic approach is adopted by the leading companies to upscale their market presence among consumers. These strategies have resulted in the incorporation of advanced smoking cessation products.
Fact.MR has provided detailed information about price points of top manufacturers of smoking cessation products positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.
For instance: Dr. Reddy’s Laboratories in 2020, launched Over-the-counter (OTC) Nicotine Polacrilex Lozenges in United States. The product offering reduces withdrawal symptoms like nicotine cravings and is an addition of Nicotine Replacement Therapy (NRT).
Global Smoking Cessation products Market by Category
· By Product Type :
- Chewing Gum
- Patches
- Inhalers
- Lozenges
- Nasal Sprays
· By Therapy :
- Nicotine Replacement Therapy (NRT)
- Non-NRT Therapy
- E-Cigarettes
· By Sales Channel :
- Hospital Pharmacies
- Drug Stores
- Retail Stores
- Online Stores
· By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
For in-depth competitive analysis, Buy Now:
https://www.factmr.com/checkout/2372
Questionnaire answered in the Market outlook Report of Smoking Cessation Products include:
- What is the key strategy deployed by large players to maximize Smoking Cessation Products Market growth?
- What are the main challenges faced by players in the Smoking Cessation Products market Demand?
- With the advent of technological advancement, how will the Smoking Cessation Products market landscape change over the forecast period?
- What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Smoking Cessation Products market size?
Contact:
US Sales Office :
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
E-Mail: [email protected]