Global Nicotine Replacement Therapy Market Report and Forecast 2024-2032

Global Nicotine Replacement Therapy Market Outlook

The global nicotine replacement therapy market size was valued at USD 3.38 billion in 2023, driven by the growing prevalence of health-related issues associated with cigarette smoking and the development of innovative nicotine gums. The market is anticipated to grow at a CAGR of 9.3% during the forecast period 2024-2032 to reach a value of USD 7.52 billion by 2032.

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Rising Awareness Regarding the Health-Related Issues of Cigarettes Aiding the Market for Nicotine Replacement Therapy

The market for nicotine replacement therapy is being aided by the rising prevalence of health-related issues associated with cigarette smoking. Moreover, the increasing cardiovascular diseases related to nicotine consumption is surging the demand for nicotine replacement therapy. The growing use of nicotine chewing gum as a substitute for oral nicotine activities is driving the market for nicotine replacement therapy. As the awareness regarding the harmful effects of nicotine is increasing the demand for nicotine replacement therapy, the market is witnessing robust growth.

The increasing innovations to develop nicotine gums with enhanced taste is significantly contributing to the growth of the market. The growing use of nicotine gums to regulate and control nicotine intake is propelling the growth of the market. Moreover, the development of nicotine gums with innovative flavours like cinnamon, mint, and fruit, among others, to enhance their sensory appeal is positively impacting the market growth of nicotine replacement therapy.

Nicotine Replacement Therapy: Market Segmentation

Nicotine replacement therapy is a treatment that aids people quit the consumption of tobacco and nicotine. The products used in nicotine replacement therapy do not contain harmful toxins found in tobacco. As the sudden halt of nicotine intake leads to withdrawal symptoms, nicotine replacement therapy is used to reduce such symptoms.

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The major products of nicotine replacement therapy are:

• Nicotine Replacement Therapy (NRT)
• E-cigarettes
• Heat-not-burn Tobacco Products

Nicotine replacement therapy (NRT) is further divided into inhalers, gum, transdermal patches, sublingual tablets, and lozenges, among others.

The market can be broadly categorised on the basis of its distribution channels into:

• Offline
• Online

The EMR report looks into the regional markets of nicotine replacement therapy like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increasing Use of E-Cigarettes as a Nicotine Replacement Therapy to Drive the Market Growth

As e-cigarettes do not expose smokers to harmful gases, they do not result in health-related issues as compared to traditional cigarettes. This is surging their use as a nicotine replacement therapy, especially in developed countries, which is propelling the growth of the market. In addition, the availability of diverse devices for vaping is providing a personalised smoking experience to cigarette smokers to aid them in quitting, which is significantly contributing to the market for nicotine replacement therapy.

The development of innovative e-cigarettes that meet public health standards is expected to drive the market growth.  The increasing approval of sales and marketing of e-cigarettes by health authorities to reduce the dependency on traditional cigarettes is anticipated to fuel the market growth of the nicotine replacement therapy. For instance, in October 2021, the Food and Drug Administration (FDA) of the United States approved the sale and marketing of the e-cigarettes brand, Vuse, for the first time. Furthermore, the initiation of various research and development (R&D) activities to determine the effectiveness of e-cigarette as a nicotine replacement therapy is projected to propel the market growth in the forecast period.

Key Industry Players in the Global Nicotine Replacement Therapy Market

The report presents a detailed analysis of the following key players in the global nicotine replacement therapy market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Pfizer Inc.
• GlaxoSmithKline plc
• Novartis AG
• Mylan N.V.
• Teva Pharmaceutical Industries Ltd.
• Sanofi
• AstraZeneca
• Johnson & Johnson
• Merck & Co.
• Cipla
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report