Smoking Cessation Aids Market Revenue to Cross $ 64,032.30 Million by 2028: The Insight Partners

November 23 21:19 2021
Smoking Cessation Aids Market Revenue to Cross $ 64,032.30 Million by 2028: The Insight Partners
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Smoking Cessation Aids Market to Grow at a CAGR of 15.5% to reach US$ 64,032.30 Million from 2021 to 2028

According to The Insight Partners new market research study on “Smoking Cessation Aids Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, End User, and Geography,” Key factors that are driving the growth of this market are rising addiction toward tobacco smoking, increasing number of campaigns to reduce smoking and tobacco dependence. However, steeping costs for development of nicotine replacement therapies are likely to restrain the market growth in the future years to some extent.

Strategic Insights:

Report Coverage             

(Details)

Market Size Value in      

(US$ 23,413.08 million in 2021)

Market Size Value by    

(US$ 64,032.30 million in 2028)

Growth Rate     

(CAGR of 15.5% from 2021 to 2028)

Forecast Period

(2021- 2028)

Base Year           

(2021)

No. of Pages     

(156)

No. Tables          

(78)

Segments covered         

(By Product, and End User)

Regional scope 

(North America; Europe; Asia Pacific; Latin America; MEA)

Country scope  

(US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina)

Report coverage             

(Revenue forecast, company ranking, competitive landscape, growth factors, and trends)

Get Sample PDF Copy of Smoking Cessation Aids Market at: https://www.theinsightpartners.com/sample/TIPRE00023325/

Rising addiction of tobacco smoking

Nicotine is a highly addictive substance found in tobacco plant. The smoking of tobacco is proven to be dangerous in all forms as it can lead to chronic health conditions, preventable diseases, deaths, and disabilities. According to the World Health Organization (WHO), smoking-related disorders result in about 435,000 deaths per year in the US, which equals to around 1 in 5 of the total deaths in the country. According to the Centers of Disease Control and Prevention (CDC), in 2018, nearly 40 million adults in the US smoked cigarettes. Moreover, about 4.7 million middle and high-school students used at least one tobacco product and around 1,600 young population below the age of 18 in the US smoked their first cigarettes. Every year, nearly half a million patients die due to illness caused by smoking. The US government spends ~US$ 225 billion for medical care to treat patients suffering from smoking-associated conditions in the US. Therefore, prevalence of tobacco smoking is high across various countries in the world.

The scenario is similar in various European and Asian countries. Greece, Bulgaria, France, and Croatia comprise the high tobacco consuming populations in Europe. According to the Institute of Health Metrics and Evaluation, smoking is a very common addiction in Europe as over 20% adults over the age of 15 smoke every day. Furthermore, according to the World Population Review, the highest smoking rates are found in Southeast Asia and Balkan in Europe. The WPR also suggests that in various South and Southeast Asian countries, the smoking rates tend to be high among men. For instance, in Indonesia, the smoking rate among males was 76.20% in 2018. Thus, the rising number of smoking populations across the world drives the growth of the global smoking cessation aids market.

In North America and Europe, ~35% of trials are delayed due to problems in patient recruitment, and one-fifth of the trials are refrained from enrollment due to insufficient number of subjects. As per the report “Clinical trials in Asia: A World Health Organization database study,” from 2008 to 2017, the average yearly rise in the number of clinical trials conducted was 41.9% in Iran, 27.1% in Sri Lanka, 23.3% in China, 21.3% in India, 18.4% in Japan, 14.7% in Thailand, 8.4% in Malaysia, and 12.9% in Korea.

COVID-19 outbreak was first observed in December 2019 in Wuhan (China), and it has spread to more than 100 countries across the world, with the World Health Organization (WHO) stating it as a public health emergency. The global impacts of COVID-19 are being felt across several markets. The findings show that e-cigarette usage and dual use of e-cigarettes and cigarettes are important underlying risk factors for COVID-19 that have previously not been established. As per the researchers, smoking is a risk factor for influenza, patients who smoke are immunosuppressed to some degree, and they make more mucus.

Download the Latest COVID-19 Analysis on Smoking Cessation Aids Market Growth Research Report at: https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00023325

In addition, Southeast Asian countries has one of the highest smoking populations in the world. The population can lead to the high incidence of chronic diseases in Asia-Pacific, which is a key factor increasing the number of clinical trials in Asia. Thus, the introduction of new smoking cessation products in terms of therapeutic and medical device aids in the emerging economies is likely to provide significant growth opportunities to players involved in the global smoking cessation aids market in coming years.

Based on product, the smoking cessation aids market is segmented into nicotine replacement therapy, drugs, electronic cigarettes, and others. E-cigarettes are considered as a healthy alternative to tobacco cigarettes and is estimated to be the fastest growing segment over the forecast period.

E-cigarettes are an effective alternative for reducing health conditions associated with tobacco, while nicotine replacement therapies work best for smoking cessation. E-cigarettes are a potential threat to tobacco-based cigarettes. In addition, Consumption of e-cigarettes are less harmful compared to the regular cigarettes, no smoke and 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 the e-cigarettes market.

Based on end-user, the smoking cessation aids market is segmented into hospital pharmacies, online channel, retail pharmacies, and other end users. The retail pharmacies segment is likely to hold the largest share of the market in 2021, however the online channel segment is anticipated to register the highest CAGR of the market during the forecast period.

Smoking Cessation Aids Market: Competitive Landscape and Key Developments

Pfizer Inc.; GlaxoSmithKline plc.; Dr. Reddy’s Laboratories; Johnson and Johnson Services, Inc.; Cipla Inc.; Perrigo Company plc; Bausch Health Companies Inc.; Glenmark; NJOY; and Juul Labs are among the leading companies operating in the smoking cessation aids market.

Order a Copy of Smoking Cessation Aids Market Strategies and Forecasts 2021-2028 Research Report at: https://www.theinsightpartners.com/buy/TIPRE00023325/

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