The Nicotine Replacement Therapy Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Nicotine Replacement Therapy Global Market Report 2024, The nicotine replacement therapy market size is expected to see strong growth in the next few years. It will grow to $4.10 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to emerging markets, tailored therapies, government initiatives, increased healthcare access, changing demographics. Major trends in the forecast period include technological advancements, advancements in research, digital health solutions, digital therapeutics integration, corporate wellness programs.
The rising incidence of smoking-related diseases is expected to propel the growth of the nicotine replacement therapy market going forward. Smoking-related diseases refer to health conditions and disorders that are directly caused by the consumption of tobacco products, particularly through smoking. Nicotine replacement therapy (NRT) is primarily used as a tool to help people quit smoking, thereby reducing the risk of smoking-related diseases and helping with counseling, support, and a commitment to lifestyle changes. For instance, in December 2023, according to the report published by the National Health Service (NHS), a UK-based publicly funded healthcare system, the number of hospital admissions due to smoking-related diseases increased to an estimated 408,700 admissions in 2022-23 from 389,800 in 2021–22, representing an increase of 4.8%. Therefore, the rising incidence of smoking-related diseases is driving the growth of the nicotine replacement therapy market.
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The nicotine replacement therapy market covered in this report is segmented –
1) By Product Type: Patch, Gum, Lozenge, Inhaler, Spray, Other Products
2) By Distribution Channel: Hospital Pharmacy, Retail Pharmacy, Online Pharmacy
3) By Location: Hospitals And Deaddiction Centers, Home
Major companies operating in the nicotine replacement therapy market are focusing on innovative solutions, such as Cigibud smoking cessation filters, to address the significant health risks associated with smoking. A smoking cessation filter is a product designed to help individuals quit smoking by reducing the intake of harmful substances from cigarettes. For instance, in March 2023, Nanoclean Global Pvt. Ltd., an India-based nanotechnology startup company, launched Cigibud, the world's first smoking cessation filter. It is a scientifically proven therapy to quit smoking, developed with patented nanofiber technology. It is a filter that reduces the tar and nicotine from cigarettes, making it easier to quit smoking. The filter is biodegradable and biocompatible, and the holes inside it are so small that even the smallest particle cannot pass. It works by systematically reducing nicotine levels and is inspired by nicotine replacement therapy (NRT). Additionally, filters reduce the tar and nicotine from cigarettes, with the aim of helping individuals quit smoking.
The nicotine replacement therapy market report table of contents includes:
1. Executive Summary
2.Nicotine Replacement Therapy Market Characteristics
3.Nicotine Replacement Therapy Market Trends And Strategies
4.Nicotine Replacement Therapy Market analysis
5.Nicotine Replacement Therapy Market Size And Growth
6.Nicotine Replacement Therapy Segmentation
7.Nicotine Replacement Therapy Regional And Country Analysis
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27.Nicotine Replacement Therapy Competitive Landscape And Company Profiles
28.Nicotine Replacement Therapy Key Mergers And Acquisitions
29.Nicotine Replacement Therapy Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Pfizer Inc.
- Johnson & Johnson
- Philip Morris International Inc.
- Bayer AG
- Sanofi S.A.
- Abbott Laboratories
- Novartis International AG
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