Press release
Nicotine Replacement Therapy Global Market Report 2024 - By Drivers, Share, Size, Growth, Forecast To 2033
Nicotine Replacement Therapy Market
The Business Research Company presents an extensive market research report on the Nicotine Replacement Therapy Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The nicotine replacement therapy market size has grown strongly in recent years. It will grow from $2.99 billion in 2023 to $3.22 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to public health initiatives, changing lifestyles, physician recommendations, market competition, consumer awareness.
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.
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Key Market Players:
Major companies operating in the nicotine replacement therapy market report are Pfizer Inc., Johnson & Johnson, Philip Morris International Inc., Bayer AG, Sanofi S.A., Abbott Laboratories, Novartis International AG, Imperial Brands, GlaxoSmithKline plc, Takeda Pharmaceutical Company Limited, Haleon Group of Companies, Perrigo Company plc, Reynolds American Inc., Cipla Limited, Swedish Match AB, Lucy Goods, Fertin Pharma Limited, Innokin Technology Co. Ltd., 22nd Century Group, Fontem Ventures, PAX Labs, Zydus Cadila, Gamucci Electronic Cigarettes, Revolymer plc
Market Drivers:
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.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/nicotine-replacement-therapy-global-market-report
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
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