Nicotine Replacement Therapy Market: Asia Pacific Held The Largest Share

 Nicotine Replacement Therapy Industry Overview

The global nicotine replacement therapy market size is expected to reach USD 147.9 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 16.3% from 2021 to 2028. The growth of the market is largely attributed to increasing government initiatives to promote nicotine replacement therapy (NRT) products for reducing mortality due to smoking and diseases associated with it.

Smoking cessation campaigns are also playing a crucial role in increasing awareness about diseases that are caused because of smoking. These campaigns are run by regional governments as well as multinational companies, such as Philip Morris International and Altria. Global organizations like the WHO are also working toward creating awareness by running online campaigns. 

There has been an exponential increase in the usage of NRT products. The young population is the largest consumer of advanced NRT products, like heat-not-burn tobacco and e-cigarettes. However, middle-aged patients’ interest in smoking cessation has led to a rise in the usage of e-cigarettes. For instance, the use of e-cigarettes for smoking cessation increased to 20% in 2018 from 13% in 2016 among people aged 45 to 54 years.

Furthermore, researchers found that 5% to 9% of smokers tend to use nicotine patches even after the therapeutic period of 12 weeks. The passive approach of combining nicotine patches with a gum, inhaler, or spray is found to be more effective, and quitting rate reaching 34% to 54%. NRT is only recognized as a way of curbing nicotine cravings and treatment by consumers.

With technological advancements, the players in this market are also developing products to suit the changing consumer preferences. For instance, the e-cigarette market is changing with newer innovations that are more efficient, have longer battery life, and are rechargeable. The existing innovations like sleek and easy-to-use socially acceptable e-cigarettes brought a revolution, which drove more people to shift to using NRTs without social stigma.

Various players such as Nicocigs Ltd.; Nicoventures Ltd.; Victory Electronic Cigarettes Corp.; DuraSmoke; AlternaCig; Shenzhen IVPS Technology CO. Limited; and Vapor Group, Inc. are launching e-cigarettes and related products. Although there are hundreds of companies selling e-cigarettes, their usage in NRT is disputed.


Nicotine Replacement Therapy Market Segmentation

Grand View Research has segmented the global nicotine replacement therapy market by product, distribution channel, and region:

Based on the Product Insights, the market is segmented into Nicotine Replacement Therapy, E-cigarettes, and Heat-not-burn Tobacco Products.

  • E-cigarettes held the largest share of 52.1% in 2020. E-cigarettes are growing in popularity and are highly accepted in most countries. The abstinence rate of e-cigarettes is approximately 18%, which is higher than the average abstinence rate of 9.9% for other NRT products. In 2018, 3.2% of adults in the U.S. were using e-cigarettes.

 

  • Heated or heat-not-burn tobacco products are likely to witness the fastest growth over the forecast period due to increasing product launches. An average heat-not-burn device needs tobacco sticks, plugs, a holder, a charger, and a capsule. The awareness amongst smokers regarding these products is high and over 25% want to try the product.

 

Based on the Distribution Channel Insights, the market is segmented into Offline, and Online.

  • The offline segment accounted for the largest revenue share of 83.9% in 2020. The availability of NRT products including transdermal patches, gels, gums, e-cigarettes, and heated tobacco products in the retail chains, such as Walgreens and Walmart Stores, Inc., supports the segment growth.

 

  • The online segment is projected to witness the fastest growth during the forecast period. The comfort, flexibility, and convenience provided by the online purchase of medications is a major factor driving the segment. In addition, the discounts offered by online pharmacies are expected to fuel segment growth.

 

NRT Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The market for nicotine replacement therapy holds significant growth opportunities. Companies are adopting strategies such as mergers & acquisitions and partnerships to acquire a larger market share globally. In January 2017, British American Tobacco acquired 57.8% stakes in Reynolds American, Inc., making it a wholly-owned subsidiary of the firm. This gave the firm complete access to the company’s portfolio, along with direct access to the U.S. market. The company also received high shareholding brands of the U.S. market, such as Pall Mall. The acquisition was completed in July of the same year. Some prominent players in the global nicotine replacement therapy market include:

  • Philip Morris Products S.A. (Altria Group)
  • British American Tobacco p.l.c.
  • Japan Tobacco, Inc.
  • Imperial Brands
  • Glenmark
  • Fertin Pharma
  • Cipla Inc.
  • Pfizer Inc.
  • Johnson & Johnson Services, Inc.

 

Order a free sample PDF of the Nicotine Replacement Therapy Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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Grand View Research, Inc.

Phone: 1-415-349-0058

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