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Smoking Cessation and Nicotine De-Addiction Products Market Revenue Predicted To Go Up by 2021
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Some of the nicotine replacement therapy products are nicotine gums, nicotine lozenges, nicotine transdermal patches, and nicotine sprays. Some of the commonly used drugs in drug therapy for smoking cessation and nicotine de-addiction are bupropion and varenicline. The global market for smoking cessation and nicotine de-addiction products is increasing at a significant rate due to increasing awareness about the health complications associated with smoking and increasing adoption rate of smoking cessation and nicotine de-addiction products.
North America dominates the global market for smoking cessation and nicotine de-addiction products due to increasing prevalence of number of smokers in the region. Moreover, increased awareness about health hazards associated with smoking is driving the market for smoking cessation and nicotine de-addiction products in this region. The market in Asia is expected to experience a high growth rate, followed by that in Europe over the next few years.
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China and India are expected to be the fastest growing smoking cessation and nicotine de-addiction products markets in the Asia. This is due to the large population base and increasing prevalence of health complications due to smoking in these countries. Some of the key driving factors of the smoking cessation and nicotine de-addiction products market in developing countries are increasing awareness about different smoking cessation and nicotine de-addiction products in these regions.
Factors such as increased awareness about smoking health hazards and smoking cessation therapy and introduction of new products with better efficiency and lesser side effects are driving the global smoking cessation and nicotine de-addiction products market. Moreover, government initiatives by distribution of products smoking cessation and nicotine de-addiction; and strict laws for smoking are driving the market for smoking cessation and nicotine de-addiction products. However, factors such as lack of awareness and reluctance in adoption of smoking cessation and nicotine de-addiction products in some developing regions are restraining the growth of the market.
Growing demographics and economies in the developing countries such as India and China are expected to offer good opportunities for the global smoking cessation and nicotine de-addiction products market. Innovation of some new products with better efficacy is expected to offer growth opportunities for the global smoking cessation and nicotine de-addiction products market. Rising number of mergers and acquisitions, new product launches, and increasing number of collaborations and partnerships are some of the latest trends in the market.
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Some of the major companies involved in the global market for smoking cessation and nicotine de-addiction products market are Johnson & Johnson Limited, GlaxoSmithKline plc, Novartis International AG, Pfizer, Inc., and Cipla Ltd. Some other companies having significant presence in the smoking cessation and nicotine de-addiction products market are Takeda Pharmaceuticals Co. Ltd., NJOY, Inc., Imperial Tobacco Company of India Limited, McNeil AB, and Revolymer Limited.
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