Smoking Cessation and Nicotine De-addiction Products Market | Advanced technologies & growth opportunities in global Industry by 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.
“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.
Repercussions of Smoking Prompt Demand for Smoking Cessation Products
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.
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Poor Awareness in Developing Countries Creates Challenge
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.
Products with Minimum Side Effects to Gain Prominence
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.
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