Smoking Cessation and Nicotine De-addiction Products Market Research Report Forecast to 2023
Additionally, players are also investing in developing vaccinations for smoking cessation. For instance, Pfizer, Inc.'s study is in Phase 1 of the clinical trial and it aims to deliver a vaccine to help people to quit smoking. This unique stance will help companies gain a competitive edge.
This 82 page report gives readers a comprehensive overview of the Smoking Cessation and Nicotine De-addiction Products Market. Unlock the hidden opportunities in this market: http://www.transparencymarketresearch.com/smoking-cessation-nicotine-de-addiction-products.html
“Seeking approvals commercializing smoking cessation aids that include a range of nicotine replacement therapy (NRT) products will prove to be a critical business strategy for players in the market,” reports the leading author of this report. Investing in studies to assess the safety and efficacy of smoking cessation products is also expected to be a key step forward for companies to prove their products and the related benefits to lure more customers.
The growing awareness amongst smokers about the health hazards of nicotine such as lung cancer, cardiac diseases, and other respiratory problems has triggered a market for smoking cessation and nicotine de-addiction products. The initiatives taken by governments to raise awareness about effects of smoking through television advertisements, information brochures, newspapers, and discouraging imagery and warning labels on cigarette packages are also driving this market. Furthermore, availability of various NRT products through e-commerce and retail is also propelling the market.
This awareness is being supplemented by help centers and de-addiction camps that use smoking cessation and nicotine de-addiction products to help smokers in the long run. Retailing of these products has also proven to be an effective strategy towards helping the masses and earning sizeable profits. The introduction of new products is not only driving the market but also motivating addicts to quit smoking. For instance, the introduction of e-cigarettes has revolutionized the outlook towards de-addiction amongst several smokers.
Get accurate market forecast and analysis on the Smoking Cessation and Nicotine De-addiction Products Market. Request a sample to stay abreast on the key trends impacting this market: http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1849
In contrast, lack of awareness about smoking cessation products in developing economies of countries such as Russia, China, and India are acting as a significant impediment to the market. For instance, the Nicorette gums in India was only as recent as 2010. Additionally, the penetration of products such as inhalers, patches, and lozenges is also considerably low.
However, a high percentage of nicotine addicts in the developing countries are likely to offer new growth opportunities to the product manufacturers operating in the market. Development of products that have minimum side effects will also gain prominence amongst users who make sincere efforts to reduce their dependency on nicotine.
The report suggests that the opportunity in the global smoking cessation and nicotine de-addiction products market will be US$20.55 bn by the end of 2023 from US$6.50 bn in 2014. The market is expected to exhibit a robust CAGR of 13.7% during the forecast period of 2015 to 2023. The forecast period will see a rise in the sale of e-cigarette as consumers opt for this therapy to quit smoking or reduce the dependency on nicotine. Therefore, this product segment will surge at the fastest CAGR of 20.5%. Geographically, North America will lead the overall market as the opportunities in this regional segment reach US$8.59 bn.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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