The global nicotine replacement therapy market is expected to witness significant growth over the forecast period. Around the globe, the population addicted to smoking and nicotine products have risen exponentially in the past 4 decades. Changing lifestyle, hoax beliefs such as smoking provides stress relief and nicotine abuse has been the leading factor for the population up for the usage of tobacco.
Smoking leads to various health-related complications such as blockage of arteries resulting in a stroke, lung cancer, throat, or other cancers related to the respiratory system due to the presence of highly toxic carcinogens. It is estimated that in the U.S., around 480,000 people die of tobacco smoking or it causes 1 in 5 deaths in the country every year making it the leading cause of preventable death in the country.
The market for nicotine replacement therapies is fueled by the rising desire to quit smoking, and an increasing number of health companies serving anti-smoking campaigns, the introduction of novel smoking cessation products. However, the inaccurate research data to back the claims of the effectiveness of these nicotine replacement therapies is still a question mark that is being worked on. This acted as a bottleneck for the growth of the total number of industry operators & the number of approved products for these therapies.
Other factors such as the growing incidence of chronic obstructive pulmonary disease (COPD), lung cancer, asthma, various cardiac diseases, increasing awareness pertaining to the hazards of smoking is set to help the market expansion. Incentives & awareness campaigns from the governments are one more factor that is encouraging the companies to push for anti-smoking innovations.
Nicotine replacement products such as lozenges, gums, pills nicotine patches, nasal sprays have been popular tobacco replacement therapies and held a significant market in most of the regions. E-cigarettes are one more type of therapy that is being used at higher rates compared to the others. Some of the leading companies that are into nicotine replacement innovation are Cipla Ltd., Pfizer, Inc., GlaxoSmithKline plc, Novartis International AG, McNeil AB, Takeda pharmaceutical Company Ltd., Imperial Tobacco Ltd., Revolymer plc, and VMR Products, LLC.
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Multiple therapeutic regimens are being followed across the globe in attempts to come up with a reliable treatment for Covid-19. One line of treatment includes the use of hydroxychloroquine, while a second treatment line focuses to use antiviral drugs used in the disease management of HIV. Both these approaches have surged demand from advanced antivirals and antimalarial drugs. This impacts the drug manufacturers as an off label indication for these drug classes has to be worked upon. At the moment, the WHO has not prescribed any of these approaches, neither they have commented if one is better than the other. The report will account for Covid19 as a key market contributor.