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 have been the leading factors 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 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.
Market for nicotine replacement therapies is fueled by the rising desire to quit smoking, and increasing number of health companies serving anti-smoking campaigns, introduction of novel smoking cessation products. However, the inaccurate research data to back the claims of 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 total number of industry operators & number of approved products for these therapies.
Other factors such as 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 is 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 are being used at higher rates compared to the others. Some of the leading companies that are in to 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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