Smoking Cessation and Nicotine De-Addiction Products Market Is Projected to Register a Staggering Expansion at 12.3% CAGR During the Forecast Period 2017 to 2025
Persistence Market Research has announced the addition of the “Revenues from Market in North America to Reach US$ 10,259.5 Mn by 2025-End" report to their offering.
New York, NY -- (SBWire) -- 06/08/2018 --The global smoking cessation and nicotine de-addiction products market is projected to register a staggering expansion at 12.3% CAGR during the forecast period 2017 to 2025, according to a report by Persistence Market Research (PMR). The report estimates the market to reach revenues worth US$ 9036.2 Mn in 2017; by 2025 this number is further expected to surpass US$ 20,000 Mn.
Hospital Pharmacies to Remain the Largest Distribution Channel in the Market
Hospital pharmacies will continue to be the largest distribution channel for smoking cessation and nicotine de-addiction products. Online channels are expected to register fastest expansion in the market at a high double-digit CAGR through 2025.
Based on product type, nicotine-based products are anticipated to remain preferred in the market, with nicotine gums being the most lucrative nicotine-based product. Sales of nicotine-based products are expected to surpass US$ 10,000 Mn in revenues by 2025-end. Sales of electronic cigarettes are expected to exhibit the highest CAGR through 2025. However, demand for non-nicotine based products will continue to be sluggish in the market.
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Revenues from Market in North America to Reach US$ 10,259.5 Mn by 2025-End
North America is expected to remain the most lucrative market for smoking cessation and nicotine de-addiction products, with sales estimated to reach revenues worth US$ 10,259.5 Mn by 2025-end. In North America, innovative players in nicotine replacement therapy (NRT) are focusing on introduction of novel treatment alternatives including selective partial agonists of nicotine receptors (varenicline), and Tabex (cytosine plant-based alkaloid). In addition, MPOWER initiative taken by the WHO has successfully implemented the Framework Convention on Tobacco Control (FCTC) in North American countries. The WHO has also outlined potential benefits of NRT in aiding smoking cessation. These factors are expected to fuel growth of the market in North America.
However, increasing number of product recalls on the back of issues pertaining to manufacturing and packaging is hindering the market growth in North America. For example, Perrigo Company plc recalled over 300,000 nicotine lozenges post-failure in a "higher 30-minute dissolution test". In addition, Reports from the U.S. FDA have indicated suicidal attempts and birth defects post-administration of drugs, including Chantix and Zyban. This has resulted into implementation of regulations and legislations for drugs and electronic cigarettes, which will further curb growth of the market in North America.
APAC to Register the Highest CAGR in the Market through 2025
Asia Pacific (APAC) is projected to register the highest CAGR in the global smoking cessation and nicotine de-addiction products market through 2025. Strict laws and rules issued against smoking in APAC countries, such as China, are expected to drive demand for smoking cessation and de-addiction products in this region. According to a draft bill, smoking will be prohibited in public places such as public transport and workplaces in China. China has become a hub for manufacturing of e-cigarettes, owing to factors such as lower presence of e-cigarette manufacturers in Americana and European countries, and cost advantage of China in manufacturing e-cigarette hardware. In addition, smoking cessation services are considered to be an integral part of Malaysia's primary care, and both counselling as well as pharmacological treatment is provided for people addicted to smoking in this country. On the back of these factors, the market for smoking cessation and nicotine de-addiction products is expected to witness an upsurge in APAC.
However, drop in prescription pattern, and availability of low-cost alternatives have impacted the demand for varenicline in APAC. Moreover, distribution of smoking cessation products in APAC countries, such as India, is not much effective, with only few brands available in selected stores. These factors are expected to hamper growth of the smoking cessation and nicotine de-addiction products market in APAC.
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Key market players identified in PMR's report include Johnson & Johnson Inc., GlaxoSmithKline plc, Pfizer, Inc, Perrigo Company plc, Cipla Ltd., Cambrex Corporation, Reynolds American Inc, ITC Limited, Alkalon A/S, Fertin Pharma, Cardinal Health (Rugby Laboratories), Mars Incorporated (Cafosa Gum Sau), Enorama Pharma AB, Aflofarm Sp. z o.o., Biogenic Stimulants, Inc., Fontem Ventures, VMR PRODUCTS, LLC, Apollo Future Technology, Inc., HALOCIGS.
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