Global Smoking Cessation and Nicotine De-Addiction Products Market Will to Witness a Rise of US$ 46.0 Billion revenue by 2024

SEATTLE, WA, 2018-Mar-27 — /openPR/ —

Rise in depression and anxiety among the population globally is one of the major factors expected to favor market growth for smoking cessation and nicotine de-addiction products. Rising trend among teenagers for taking up smoking products and e-cigarettes due to increasing peer pressure are further favoring growth of the global smoking cessation and nicotine de-addiction products market. The market is estimated to witness considerable revenue traction over the forecast period, due to increasing lifestyle changes and government initiatives promoting smoking cessation and nicotine de-addiction products in Asia and European countries is in turn expected to support growth of the smoking cessation and nicotine de-addiction products market in the near future. According to Ministry of Health & Family Welfare (MoHFW), Government of India, every March 9, is celebrated as national no-smoking day, which in turn is expected to favor increase in awareness about smoking cessation and nicotine de-addiction products among the population. This is expected to favor growth of the smoking cessation and nicotine de-addiction products market over the forecast period

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E-cigarettes: An emerging segment in the smoking cessation and nicotine de-addiction products market

E-cigarette is an electronic nicotine delivery system (ENDS) that is regulated by FDA. E-cigarettes are effective in reducing tobacco related health conditions, while NRTs work best for smoking cessation. E-cigarettes are a potential threat to tobacco based cigarettes, at the same time an opportunity for tobacco manufacturers to enter the new emerging segment catering to the smoking population. Companies such as BAT, Lorillard, Japan Tobacco International, and Philip Morris International (PMI) collaborated with/acquired smaller firms who developed e-cigarettes. This provides major companies in the cigarettes market to compensate for their on-going downward sales of cigarettes. This would give a major boost to the overall smoking cessation and nicotine de-addiction products market. Furthermore, the consideration that e-cigarettes are less harmful than regular cigarettes, no smoke and thus no risk of passive smoking, allowed to use even in no-smoking places, varying nicotine levels and availability in various flavors are some of the major driving factors for e-cigarettes market.

High smoking rates and nicotine addiction

According to the World Health Organization (WHO), tobacco results in one premature death every six seconds globally. Moreover, in 2015, over 1.1 billion people smoked tobacco globally, with the rate increasing in Africa and Mediterranean Region. Also, tobacco smoking prevalence is the highest in Asia. Therefore, this could be a potential market for the manufacturers in the global smoking cessation and nicotine de-addiction products market. Nicotine being a major addictive component, is harmful to active and passive smokers. Furthermore, concerns regarding the uptake of e-cigarettes by non-smokers considering it as safe for smoking is deterring growth of e-cigarettes in unregulated markets such as India.

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Creating awareness about health impacts related to smoking to aid the growth of smoking cessation and nicotine de-addiction products market

Around 7 out of 10 of smokers in the U.S. reported the desire to quit smoking in 2015, as per results of a study by the Centers for Disease Control and Prevention (CDC). However, lack of motivation, support, and also proper therapy guidance is hindering uptake of smoking cessation and nicotine de-addiction products. Furthermore, use of e-cigarettes in unregulated markets such as India and Africa is under surveillance by regulatory authorities. The WHO has expressed concern over the sale of e-cigarettes in India openly through online marketplace and has advised companies to include health warnings when marketing the product, unless substantial evidences confirming its safety are found.

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