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Nicotine Replacement Therapy Market 2021 Latest Trends, Demand, Growth, COVID-19 Impact, Opportunities & Outlook till 2028

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Daniel Boards
Nicotine Replacement Therapy Market 2021 Latest Trends, Demand, Growth, COVID-19 Impact, Opportunities & Outlook till 2028

The global nicotine replacement therapy market size was valued at USD 44.2 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 16.3% from 2021 to 2028. The growth can be attributed to the growing number of technological advancements and the increasing number of people undergoing nicotine replacement therapy (NRT). Increasing awareness about the ill-effects of smoking is expected to be a key factor driving the market. 

 

May 31st is celebrated as the No Tobacco Day and organizations such as the American Lung Association and the CDC work toward increasing awareness about the medical conditions that arise due to smoking. As per the NHS, 70% cases of lung cancer cases are a result of smoking. Furthermore, smokers are more prone to getting heart attacks. Annually, 480,000 people in the U.S. die because of smoking. The CDC runs a paid national campaign called the Tips From Former Smokers (Tips) to encourage healthcare providers to tell patients about the effects of smoking and support them in quitting smoking in safe ways.

 

Key Player Mentioned:

 

·       Philip Morris Products S.A. (Altria Group)

·       British American Tobacco p.l.c.

·       Japan Tobacco, Inc.

·       Imperial Brands

·       Glenmark

·       Fertin Pharma

·       Cipla Inc.

·       Pfizer Inc.

·       Johnson & Johnson Services, Inc.

To identify the key drivers and the competitors’ insights, Request a Sample @:

https://www.grandviewresearch.com/industry-analysis/nicotine-replacement-therapy-market/request/rs1

Product Segment Analysis:

·        Nicotine Replacement Therapy

o   Inhalers

o   Gum

o   Transdermal Patches

o   Sublingual Tablets

o   Lozenges

o   Others

·        E-cigarettes

Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.

Technological advancements in the nicotine replacement therapy segment are ongoing, which has led to a rise in the number of people switching to advanced products. Advancements like heat-not-burn products flavored chewing gums, and lozenges are expected to drive the adoption of NRT. The tobacco giants like British American Tobacco have come up with alternatives that are smokeless and less harmful. These advancements have a variable range of effectiveness and are accepted in society when compared to traditional cigarettes, thus driving their adoption and boosting the market growth.

Access Press Release: https://www.grandviewresearch.com/press-release/global-nicotine-replacement-therapy-market

However, the ban on e-cigarettes is one of the most crucial factors hindering the growth of the market. For instance, in September 2019, the Indian government banned the import, production, and sale of e-cigarettes. India is a nation with over 100 million smokers, and this could have been a great opportunity for market growth. In addition, other nations such as Mexico, Brazil, Malaysia, and Thailand have banned the use, import, and production of e-cigarettes in their countries. As of 2020, there are over 20 nations that have banned the use of e-cigarettes. This is expected to have a negative impact on the market growth.

Why Purchase this Report?

·        A strong research methodology was followed to collect data for the report. The data collected in this way are subjected to several quality checks to provide the best quality.

·        The report provides a holistic view of the competitive scenario of the Nicotine Replacement Therapy market.

·        The latest product launches, along with technological changes and developments, are included in the report.

·        The data analysis in the report will help you understand the Nicotine Replacement Therapy market dynamics projected from 2021 to 2026.

·        The Report has a vast data store, so it can accommodate your custom needs as well.

About Us:

Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. Grand View Research database is used by the world's renowned academic institutions and Fortune 500 companies to understand the global and regional business environment. Our database features thousands of statistics and in-depth analysis on 46 industries in 25 major countries worldwide.

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