Nicotine Replacement Therapy Market: Emerging Trends, Business Growth Opportunities, Major Driving Factors
The first line treatment for smoking cessation comprises either nicotine replacement therapy (NRT) products or drug therapy. However, lately, people willing to quit smoking are also seen preferring e-cigarettes to NRT products and drugs. E-cigarettes provide smokers with the same feeling as that of cigarettes; however, the former are known to aid in lowering nicotine addiction, though there has been a lot of debate about categorization of e-cigarette as a smoking cessation aid.
Cigarette smoking is a chronic health problem across the globe. There has been increased focus on the adverse economic and health effects of smoking. Tobacco contains nicotine which is addictive, and thus, tobacco smoking usually leads to nicotine addiction. Smoking cessation aids mainly include nicotine replacement therapy (NRT) products and drugs, which may be coupled with counselling and psychotherapy. However, certain nicotine withdrawal symptoms are observed during the process of smoking cessation, such as, anxiety and irritability, due to which the person, at times, is likely to start smoking again.
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Global Nicotine Replacement Therapy Witness Most Promising Rise in Demand
The global nicotine replacement therapy market can be segmented on the basis of prominently used product type, distribution channel, and geography. The product type segment includes nicotine containing gums, patches, lozenges, sublingual tablets, inhalers, and mouth sprays, out of which, gums, patches, and lozenges generate maximum revenue. Based on distribution channel, the global nicotine replacement therapy market can be divided into hospital pharmacy, retail pharmacy, and online pharmacy.
In terms of geography, the global nicotine replacement therapy market can be classified into Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America is expected to be the leading market for nicotine replacement therapy, due to rising awareness against smoking hazards and high accessibility of nicotine replacement therapy products. Europe, the second leading market for nicotine replacement therapy, is expected to register double digit CAGR during the forecast period. Smoking restrictions, rising taxes on tobacco products, and mass media and school-based educational campaigns have helped curb the prevalence of smoking in Europe. Asia Pacific and Latin America are anticipated to record maximum growth in the near future as compared to the other regions. Demand for lifestyle drugs is witnessing rapid growth due to factors, such as, rise in health awareness, increase in population, and development of public health care systems, among others
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The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touch points. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
Key Players of Nicotine Replacement Therapy Report:
Key players operating in the global nicotine replacement therapy market include Cipla Ltd., GlaxoSmithKline plc, McNeil AB, NJOY, Inc., Novartis International AG, Pfizer, Inc., Revolymer PLC, and Takeda Pharmaceutical Co., Ltd.
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