Smoking Cessation and Nicotine De-Addiction Products Market to Reach USD 54.7 Billion, Globally, by 2031 at 10.6% CAGR: Allied Market Research

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Oct 27, 2022, 03:30 ET

PORTLAND, Ore., Oct. 27, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Smoking Cessation and Nicotine De-Addiction Products Market by Product (Nicotine Replacement Therapy Products, Drug Therapy, E-cigarettes), by Form (Gum, Inhaler, Tablet, Others), by Distribution Channel (Hospital Pharmacies, Online Provider, Drug stores and Retail Pharmacies): Global Opportunity Analysis and Industry Forecast, 2022- 2031". According to the report, the global smoking cessation and nicotine de-addiction products industry generated $20.0 billion in 2021, and is anticipated to generate $54.7 billion by 2031, witnessing a CAGR of 10.6% from 2022 to 2031.

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Prime determinants of growth

Various initiatives taken by the government, increase in awareness about the diseases related to smoking and various anti-smoking campaigns organized by leading organizations drive the growth of the global smoking cessation and nicotine de-addiction products market. However, high cost of smoking cessation therapies lead to the decrease in the purchase of these products which ultimately hinder the growth of the market to some extent. Conversely, the invention of various advanced smoking cessation products presents new opportunities in the coming years.

Covid-19 Scenario

The outbreak of the Covid-19 pandemic changed the patterns of smoking, other substance use and health related behaviors of the smokers. Smokers in several nations increased their tobacco consumption since the epidemic.
On the other hand, there has also been a surge in interest in stopping, quit attempts, and successful cessation rates which further impacted the growth of the smoking cessation and nicotine de-addiction products market positively.
According to WHO, as smoking is associated with increased severity of disease and death in hospitalized COVID-19 patients, a large number of population quit smoking and this created a growth opportunity for the smoking cessation and nicotine de-addiction products market.

The e-cigarettes segment to maintain its leadership status throughout the forecast period

Based on product, the e-cigarettes segment held the highest market share in 2021, accounting for more than four-fifths of the global smoking cessation and nicotine de-addiction products market, and is estimated to maintain its leadership status throughout the forecast period, owing to the growth in number of smoking population, and awareness about the lower health risks associated with e-cigarettes. Moreover, the Nicotine Replacement Therapy Products segment is projected to manifest the highest CAGR of 16.7% from 2022 to 2031, owing to rise in adoption of quit smoking challenges by large population, cost-effectiveness, improved innovation, and various product launches.

The gum segment to maintain its lead position during the forecast period

Based on form, the gum segment accounted for the largest share in 2021, contributing to more than half of the global smoking cessation and nicotine de-addiction products market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 11.5% from 2022 to 2031, owing to the rise in demand for nicotine replacement therapy products, innovations by key market players, and rising awareness about quitting smoking disorders among the growing population.

The drug stores & retail pharmacies segment to maintain its lead position during the forecast period

Based on distribution channels, the drug stores & retail pharmacies segment accounted for the largest share in 2021, contributing to more than half of the global smoking cessation and nicotine de-addiction products market, and is projected to maintain its lead position during the forecast period, owing to the easy accessibility anywhere any time. They also offer precise drugs according to status of disease of patient. Moreover, the online providers segment is expected to portray the largest CAGR of 12.2% from 2022 to 2031, owing to rise in digitalization, ease of purchase, faster delivery of products and accessibility of smartphones.

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North America to maintain its dominance by 2031

Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global smoking cessation and nicotine de-addiction products market, and is likely to dominate the market during the forecast period, owing to the increase in awareness regarding harmful effects of smoking that forced many people in the region to quit smoking and advancement in the therapy products. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 12.5% from 2022 to 2031, owing to large prevalence of tobacco users in this region and rising rate of users to quit tobacco and smoking.

Leading Market Players: -

British American Tobacco Inc.
22nd Century group Inc.
Cipla Ltd.
Dr. Reddy's Laboratories Ltd.
GlaxoSmithKline PLC (Haleon)
Imperial Brands Plc. (Fontem Ventures)
Johnson and Johnson (McNeil Consumer Health)
Njoy Company
Pfizer Inc.
Perrigo Company Plc.
Rusan Pharma Ltd.
Zydus Cadila

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