In a recent research report by Maximize Market Research, the Global Nicotine Replacement Therapy Market is expected to surpass US$ 148 Billion by the year 2027, from US$ 51.2 Billion in 2020.
Tobacco use is a leading cause of lung cancer, as well as other respiratory and cardiovascular illnesses. Smokers who are aware of these health risks are more likely to try smoking cessation therapy. Addicts have been encouraged to attempt NRT therapy after seeing positive outcomes in the early phases. Campaigns to encourage people to quit smoking have proven to be a major driver of the nicotine replacement treatment business. Government measures such as boosting cigarette costs, prohibiting smoking in public places, and other changes have had a significant impact on the nicotine replacement treatment industry. In the Netherlands, smoking is prohibited in pubs, clubs, and restaurants under the Tobacco Act. These laws were enacted to assist smokers to quit and to protect non-smokers from passive smoking. Other nations, such as the United States, the United Kingdom, Germany, and Poland, have enacted similar legislation to limit cigarette smoking.
The American Lung Association and the Centers for Disease Control and Prevention strive to raise awareness about the medical issues caused by smoking and celebrate 31st May as No Tabaco Day. According to the NHS, smoking is responsible for 71 % of lung cancer deaths. Smokers are also more prone to suffer from heart attacks. In the U. S., smoking kills 480,000 Americans each year. The Centers for Disease Control and Prevention (CDC) operates a sponsored nationwide campaign called Tips from Former Smokers (Tips) to motivate healthcare practitioners to educate users about the dangers of smoking and to help them stop safely.
Asia Pacific is expected to be the fastest-growing regional Nicotine Replacement Therapy (NRT) market throughout the projected period with a revenue share of 41.3% in 2020. This is due to strong demand for such goods, expanding market prospects, and increased rivalry among the major tobacco firms, particularly in Japan, which makes the industry extremely active. Despite a huge decline in the sales of products during the initial phase of pandemic spread and lockdown restrictions all over the region, the market is observed to pick up a quick pace for registering a CAGR of almost more than 16.3%, during the tenure of 2021 – 2027.
The report published by Maximize encompasses the market dynamics, which could affect the market growth of Nicotine Replacement Therapy in the region, the Value – Chain Analysis, and the PORTER’s analysis for the Nicotine Replacement Therapy market at a global level the study is associated based on major segments and further into sub-segments, by Product Type (Nicotine Replacement Therapy, E-cigarettes, Heat-not-burn Tobacco Products) and Distribution channel (online and offline) to forecast the market size by value; also includes the analysis of past market dynamics from 2016 – 2020, considering 2020 as the base year.
Lastly, the market research report provides a regional comparison and a complete country- Cipla Inc.; Pfizer Inc.; Johnson & Johnson Services, Inc.; Philip Morris Products S.A. (Altria Group); British American Tobacco p.l.c.; Japan Tobacco, Inc.; Imperial Brands; Glenmark, GlaxoSmithKline plc, McNeil AB, NJOY, Inc., Novartis International AG, Pfizer, Inc., Revolymer PLC, and Takeda Pharmaceutical Co., Ltd., Perrigo company Plc., Pierre Fabre SA.
You can browse the market data Tables and Figures spread through a comprehensive research report and in-depth TOC on the “Global Nicotine Replacement Therapy Market.”
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