Nicotine Replacement Therapy Market – Overview
The increasing number of smokers’ population worldwide is a prime factor augmenting the growth of the global nicotine replacement therapy market. Advancements like non-burn or non-heat products such as mint-flavored chewing gums and lozenges are expected to drive the adoption of NRT. Some tobacco giants such as British American Tobacco have launched innovative alternatives that are both smokeless and less harmful. These advancements have a variable range of effectiveness and are accepted in society in comparison to traditional cigarettes. Such factors will boost the global market for nicotine replacement therapy in the forecast period.
Nicotine replacement therapy (NRT) is a treatment for helping people quit smoking habits. In this therapy, nicotine is provided in a small amount in the form of inhalers, lozenges, patches, sprays, or gum excluding other toxins that are found in tobacco cigarettes. The main objective of the NRT is to smoothen the symptoms of nicotine withdrawal and ultimately reduces nicotine cravings.
The report offers an elaborate overview of the market and its key growth parameters such as drivers, restraints, challenges, and future innovations. It also discusses the impact of the COVID 19 pandemic on the covid test market and estimates the possible revenue that manufacturers can generate during this time. The table of segmentation and the names of the leading segment is also described in details in the report. List of players functioning in the market for COVID 19 are also provided in the report.
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Nicotine Replacement Therapy Market – Nature of Market
The nature of the global nicotine replacement therapy market is fragmented and consists of several major players. With the increasing number of various organizations in the healthcare and medical sector, the market is likely to witness intense competition among competitors so as to land up in the top of the market competition. Other players are focusing on mergers and acquisitions to gain better revenue in the coming years. The others are investing heavily in research and development strategies to gain upper hand in the overall market competition.
Some of the players functioning in the global nicotine replacement therapy market include:
- Takeda Pharmaceutical Co. Ltd
- McNeil AB
- Cipla Ltd.
- Philip Morris Products S.A.
- British American Tobacco p.l.c.
- GlaxoSmithKline plc.
- NJOY, Inc.
- Novartis International AG
- Revolymer PLC
Nicotine Replacement Therapy Market – Innovation
- British American Tobacco adopted 57.8% stakes in Reynolds American, Inc., in January 2017, thus, 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 over the market in the United States, such as Pall Mall.
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Nicotine Replacement Therapy Market – Drivers
The global nicotine replacement therapy market is projected to witness substantial growth in the coming years. This is attributed to the increase in government initiatives for creating and spreading awareness about the harmful effects of smoking and the benefits of nicotine replacement therapy. Additionally, the rise in smoking cessation campaigns and the growing adoption of NRT, further attributed to the rise in mortality due to tobacco consumption are the chief factors augmenting the growth of the future market. Nicotine is the foremost addictive substance in tobacco. After continuous consumption, most parts of the human body get used to nicotine. Nicotine affects the brain and makes it crave nicotine. There is an increase in the prevalence of the disease and deaths caused by tobacco. This will also act as a major factor boosting the growth of the market in the long run.
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Nicotine Replacement Therapy Market – Regional Assessment
Regionwise, Asia Pacific held the highest shares and is likely to remain in the dominant position on account of the presence of major manufacturing companies. This, coupled with the increasing emergence of big tobacco companies in the developing nations will also help this market gain impetus during the forecast period.
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