Smoking Cessation Market Insights, Share, Growth Drivers and Forecast to 2023

The global smoking cessation market is growing due to growing awareness about health problems associated with smoking and growing acceptance rate of smoking cessation products. On the basis of products, the electronic cigarette segment is expected to grow with the fastest rate during the forecasted period. Nicotine gums led the nicotine replacement therapy market; however, the nicotine lozenges are expected to grow with the fastest rate during the projected period. The innovation of products with better efficacy is also expected to pose as an opportunity for growth of the market. The massive unexplored market of smoking cessation industry in the developing economies is creating abundant growth opportunities for the global market.

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Some of the major trends in the market are increasing number of collaborations and partnerships, growing number of merger and acquisitions, and growing number of product launches. Tobacco addition can lead to various serious health problems. Smoking cessation is the process of discontinuing tobacco smoking and it helps to reduce the risk of smoking related diseases. Nicotine withdrawal symptoms may include feeling hungrier than usual, having trouble thinking, craving for tobacco products, and feeling irritable, anxious and angry. According to the Centre for Disease Control and Prevention in 2010, approximately 7 out of every 10 adult cigarette smokers wanted to quit smoking completely.

Geographically, North America is expected to dominate the global market in the coming years, due to increasing number of smokers and growing awareness regarding health hazards associated with smoking. Asia-Pacific is expected to be the fastest growing region for the market, due to increasing awareness about the smoking cessation products and large pool of patients in the region. In addition, the Asia-Pacific market is growing due to increasing prevalence of health complications associated with smoking in the emerging countries, such as India and China.

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Some of the companies operating in the global smoking cessation market are Johnson & Johnson, GlaxoSmithKline, Njoy Inc., Nicotek LLC, VMR Products LLC, British American Tobacco PLC, Reynolds American Inc., Perrigo, Pfizer, and Novartis.

Source: P&S Intelligence