Global Smoking Cessation and Nicotine De-Addiction Products Market Investigation & Development Forecast during 2017-2023

Albany, USA, 2018-May-17 — /EPR Network/ —A fresh report has been added to the wide database of Market Research Report Search Engine (MRRSE). The research study is titled “Smoking Cessation and Nicotine De-Addiction Products Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2023”which encloses important data about the production, consumption, revenue and market share, merged with information related to the market scope and product overview. The report anticipates that the sector for Smoking Cessation and Nicotine De-Addiction Products Market would rise at a positive CAGR during the period 2017-2023.

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The Centers for Disease Control and Prevention (CDC) reported that there were 44 million adults addicted to smoking in 2011 in the U.S. The majority of these addicts belonged to the low-income groups in the country. On a similar note, the World Health Organization stated that Europe has the biggest pool of smokers, while Asia Pacific has a high percentage of cigarette smokers in comparison to North America and Europe. These dismaying facts and figures are only expected to rise in the near future, which will snowball into a range of medical conditions, some life-changing while some that will meet the fatal end.

This grim reality has forced governments across the globe, non-profit organizations, and the vast pharmaceutical industry to take strict measures to help nicotine addicts. These reasons have collectively triggered a huge demand for smoking cessation aids that mainly include nicotine replacement therapy (NRT) products. Transparency Market Research reports that the opportunities in the global smoking cessation and nicotine de-addiction products market will be worth US$20.5 bn by 2023 from US$9.3 bn in 2017, as the market progresses at a robust CAGR of 14% between 2017 and 2023.

Rising Number of Smokers in the U.S. Make North America Leading Market for Smoking Cessation and Nicotine De-addiction Products

The increasing number of smokers is expected to fuel smoking cessation and nicotine de-addiction products market in North America. Out of all the products, e-cigarettes will do well in the region as they offer convenient usage in no-smoking areas. Furthermore, their cost-effectiveness and their increasing acceptance over conventional tobacco cigarettes will also boost their demand in the near future.

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The majority of the countries across the globe are enforcing smoking cessation measures, with North America leading the way. North America was the key regional contributor to the overall market. Its revenue in the market was valued at US$4.1 bn in 2017 and is expected to reach US$8.59 bn by 2023.

E-cigarettes outpace Other Products due to their Convenience

Out of the variety of smoking cessation aids and nicotine de-addiction products available in the market, e-cigarettes are being popularly used. This product operates on a battery to provide the user minimum amount of nicotine through heating and vaporizing. The increasing sales of this specific product are attributable its unique ability to provide the same feeling as smoking a cigarette at a minimal risk to user’s health and wealth.

The next emerging product segment in the global smoking cessation and nicotine de-addiction products market is Champix, which is also known as Chantix. This is a prescription drug that helps the smokers to curb their urge to smoke.

Some of the leading players dictating the vendor landscape of the global smoking cessation and nicotine de-addiction products market are NJOY, Johnson & Johnson, GSK, Pfizer, VMR Products LLC, Nicotek LLC., and Lorillard, Inc. These players are making significant investments in conducting clinical trials to assess the safety and efficacy to the products. Furthermore, companies are also strengthening their distribution channels to widen the geographical reach of their products.

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