Nicotine Patch Market is expected to display a steady growth by 2028|CAGR: ~7%| UnivDatos Market Insights

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NOIDA, India, Oct. 10, 2022 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, the Nicotine Patch Market is expected to witness a incremental growth of USD 400 million at a CAGR of around 7% from 2022-2028. The analysis has been segmented into Product (24-Hour Nicotine Patch and 16-Hour Nicotine Patch); Distribution Channel (Online and Offline); Region/Country.

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The nicotine patch market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the nicotine patch market. The nicotine patch market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the nicotine patch market at the global and regional levels.

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Market Overview

A nicotine patch is a transdermal patch that is impregnated with nicotine. These patches release nicotine into the body through the skin which reduces the desire for tobacco. The nicotine patch market is growing on account of rising awareness regarding the benefits of using nicotine patches and an increase in the number of people who want to eliminate the urge to smoke and reduce tobacco consumption. For instance, according to the National Cancer Institute, in 2020, 53.9% of adult smokers attempted to quit smoking within the past year. Also, as per the Healthy People 2030 Target, the proportion of adult smokers (aged 18 years and older) who successfully quit smoking is increased to 10.2%. 

The Nicotine Patch Market is expected to grow at a steady rate of around 7% during the projected timeframe. Factors such as an increase in the number of anti-smoking awareness programs by the government & other organizations, and the launch of innovative products in the market are some of the prominent factors that are positively influencing the market growth globally.

Some of the major players operating in the market include GlaxoSmithKline plc, Novartis AG, Dr. Reddy's Laboratories Ltd., Perrigo Company plc, Johnson & Johnson Services, Inc., Cipla Health Ltd., Cigna, Habitrol, CVS Health Corp, Rusan Pharma Ltd.

COVID-19 Impact

The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the healthcare industry and has transformed the way healthcare is delivered. The nicotine patch market has been moderately impacted during these times owing to increased awareness among the population to quit smoking and anti-smoking awareness programs by the government.

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The global nicotine patch market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

• Based on the product, the nicotine patch market is segmented into 24-hour nicotine patch and 16-hour nicotine patch. The 24-hour nicotine patch segment accounted for a significant market share in 2020 and it is estimated that it will grow rapidly during the projected timeframe owing to rising demand for these patches in different variants such as 7mg, 14 mg, and 21 mg. Furthermore, the 24-hour nicotine patch are more effective than 16-hour nicotine patch in reducing the positive reinforcing dimension of smoking urges which is also driving the growth of this segment.
• On the basis of distribution channels, the market is fragmented into online and offline. Among these, the offline segment held a significant share in the market in 2020. This is mainly due to the wide availability of nicotine patches in various retail chains and the increasing preference of smokers to buy them from retail stores. However, the online segment is expected to witness significant growth owing to the rise in the number of internet users globally and the buy-it-now attitude of users.

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Nicotine patch Market Geographical Segmentation Includes:

• North America (United States, Canada, and Rest of North America)
• Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
• Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
• Rest of the World

North America is anticipated to grow at a substantial CAGR during the forecast period. The major factors such as well-established healthcare infrastructure and the rising burden of diseases caused due to smoking such as lung diseases, cancer, stroke, and heart diseases, among others. For instance, according to the American Lung Association, almost 37 million Americans live with chronic lung diseases like asthma and COPD, which include emphysema and chronic bronchitis. Furthermore, an increase in government initiatives and the growing adoption of these patches are also driving the market.

The major players targeting the market include

• GlaxoSmithKline plc
• Novartis AG
• Dr. Reddy's Laboratories Ltd.
• Perrigo Company plc
• Johnson & Johnson Services, Inc.
• Cipla Health Ltd.
• Cigna
• Habitrol
• CVS Health Corp
• Rusan Pharma Ltd.

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Nicotine patch market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the nicotine patch market?
• Which factors are influencing the nicotine patch market over the forecast period?
• What are the global challenges, threats, and risks in the nicotine patch market?
• Which factors are propelling and restraining the nicotine patch market?
• What are the demanding global regions of the nicotine patch market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.

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Nicotine Patch Market Report Coverage

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UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.

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