Rockville, MD -- (SBWire) -- 07/03/2019 --Government policies and schemes to increase the taxes on cigarette products and such other norms has led people to use nicotine replacement therapy and also the rising prevalence of chronic obstructive pulmonary disease (COPD), asthma, lung cancer and others has led to the proliferation of nicotine replacement therapy and thus the market seems to have considerable growth. The effectiveness from nicotine replacement therapy is still questionable and this may hinder the growth of the nicotine replacement therapy market. Moreover the products used in nicotine replacement therapy has many side effects which is another restraining factor for the Nicotine Replacement Therapy Market.
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Nicotine is a chemical containing nitrogen which is generally derived from tobacco plant. Nicotine is a natural alkaloid and is a major component of cigarettes. Nicotine constitutes of approximately 0.6 to 3.0% dry weight of tobacco. Use of tobacco causes serious diseases. Nicotine act as the main ingredient in products containing tobacco and use of tobacco in long run makes individual addicted to tobacco. Nicotine replacement therapy is a treatment given to people for cessation of cigarette. It aims to minimize the consumption of tobacco and makes the individual get rid of psychomotor withdrawal and physiological symptoms. Nicotine replacement therapy uses products that supply nicotine at its low dose unlike cigarette that contains high amount of nicotine which as a result causes lung cancer, asthma and other chronic diseases. Nicotine replacement therapy helps to reduce or avoid consumption of tobacco, minimizing craving frequency and intensity. Clinical trials on nicotine replacement therapy showed that it is effective and increases the chance of avoiding smoke by 50% to 70%. Addiction to nicotine is the second deadliest cause worldwide. According to the Centers for Disease Control and Prevention, prevalence of smoked cigarettes by adults of aged 18 years or older was accounted to be 14% in US which implies an estimate of 34.3 million adults currently smoke cigarettes in which 15.8% are men and 12.2 % are women.
The global nicotine replacement therapy market is expected to have substantial growth in coming years owing to increase in smoking cessation campaigns by companies, government and NGO's in bringing awareness of the deadly effects of smoking. Awareness about the health hazards of smoking has motivate people to become more prone to nicotine replacement therapy and thus as a result nicotine replacement therapy will drive the market growth.
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Geographically, nicotine replacement therapy market is categorized into five key regions: North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to have substantial growth in nicotine replacement therapy due to high availability of nicotine replacement therapy products and increase in prevalence of smoking cigarette in adults which may generate increase in revenue for nicotine replacement therapy market. Followed by North America, Europe is expected to show equal contribution towards nicotine replacement therapy market owing to increase in lung cancer and increase of smokers in the region is prevailing the growth of nicotine replacement therapy market. Asia Pacific anticipate to account potential revenue generation in nicotine replacement therapy due to increase in population of smokers and also rising government reforms in spreading awareness among people will foster the growth of nicotine replacement therapy market. Middle East and Africa has mild growth in nicotine replacement therapy market due to less availability of nicotine replacement therapy products and less awareness among people about nicotine replacement therapy which may impact the market.
Some of the key players leading in nicotine replacement therapy market are: Pfizer, Inc., Novartis International AG, Takeda pharmaceutical Company Ltd., Cipla Ltd., McNeil AB, Revolymer PLC, NJOY, Inc., VMR products, LLC., Imperial Tobacco Ltd., GlaxoSmithKline plc, Fertin Pharma, Glenmark Pharmaceuticals Limited
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Nicotine Replacement Therapy Market Key Opportunities Prioritized and Share by Application Till 2028
Nicotine is a chemical containing nitrogen which is generally derived from tobacco plant. Nicotine is a natural alkaloid and is a major component of cigarettes.