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Varenicline Market Report 2024 - Varenicline Market Share And Trends
Varenicline Market
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According to The Business Research Company's, The varenicline market size has grown strongly in recent years. It will grow from $1.6 billion in 2023 to $1.7 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to rising smoking cessation initiatives, regulatory approvals and recommendations, effectiveness and safety profiles, increased research and development, and the growing prevalence of smoking-related diseases.
The varenicline market size is expected to see strong growth in the next few years. It will grow to $2.17 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to advancements in smoking cessation research, expansion into emerging markets, integration with digital health solutions, government support and subsidies, and an increased focus on personalized medicine. Major trends in the forecast period include integration with digital health technologies, the development of combination therapies, personalized smoking cessation plans, government expansion, and insurance coverage.
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Market Drivers and Trends:
The rising prevalence of smoking addiction is expected to propel the growth of the varenicline market going forward. The easy access to cigarettes and other tobacco products, along with social influences and peer pressure, especially among individuals, contributes to increasing smoking rates. Varenicline is a prescription medication that helps people quit smoking by reducing cravings and withdrawal symptoms while also blocking the pleasurable effects of nicotine. For instance, in July 2022, according to Statistics Canada, a Canada-based government agency, cigarette production increased by 5.8% compared to June 2021. Also, the total number of cigarettes sold rose by 1.3% from May 2022, reaching 1.4 billion in June 2022. Therefore, the rising prevalence of smoking addiction will drive the growth of the varenicline market.
Major companies operating in the varenicline market are focusing on developing new formulations and delivery methods, such as generic tablets, to expand market leadership across regions and gain a competitive edge. Generic varenicline tablets are non-branded versions of the medication containing varenicline tartrate, which is bioequivalent to the original branded product and used for smoking cessation therapy. For instance, in January 2024, Lupin Limited, an India-based pharmaceutical company, launched new Varenicline tablets in the United States, available in 0.5 mg and 1 mg strengths. These tablets are the generic versions of Chantix tablets (0.5 mg and 1 mg) from P.F. Prism C.V. and are used to assist in smoking cessation treatment.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Pfizer Inc., Biocon Limited, Oyster Point Pharma Inc., Viatris Inc., Teva Pharmaceutical Industries Ltd., Sandoz International GmbH, Nanjing Clasien Pharmaceutical & Chemical Co. Ltd., Hetero Drugs Limited, Sun Pharmaceutical Industries Ltd, Aurobindo Pharma Limited, Dr. Reddy's Laboratories Ltd., Cipla Limited, Apotex Inc, Amneal Pharmaceuticals LLC, Lupin Limited, Alkem Laboratories Ltd, Glenmark Pharmaceuticals Limited, Jubilant Life Sciences Limited, Alembic Pharmaceuticals Limited, Torrent Pharmaceuticals Ltd., Medley Pharmaceuticals Ltd, Wockhardt Ltd, Par Pharmaceutical Inc, Torrent Pharmaceuticals Ltd, Cadila Healthcare Limited (Zydus Cadila), Lee Pharma Limited, Viwit Pharmaceuticals Limited, Leading Pharma LLC
Varenicline Market 2024 Key Insights:
• The varenicline market size is expected to see strong growth in the next few years. It will grow to $2.17 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Surge In Smoking Addiction To Drive Growth In Varenicline Market
• Advancements In Varenicline Formulations For Smoking Cessation
• North America was the largest region in the varenicline market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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