Global Nicotine Cessation Market Report 2022-2031 By Players, Regions, Product Types and Applications

Kenneth Research, in its repository of market research reports, has recently added a report titled Global Nicotine Cessation Market market, that emphasizes on the recent market trends and opportunities available for the growth of the market for the forecast period 2022-2031. The growth of the Global Nicotine Cessation Market market can be attributed to the increasing health spending by nations across the globe, and for the rapid innovations observed in the medical sector. According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Nicotine Cessation Market products.

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The global market for nicotine cessation products was valued at USD 15.77 Billion in 2018 and is expected to grow with a CAGR of 14.37% over the forecast period (2020-2027).

On the basis of geographies, North America had the largest market share in 2018. This can be attributed to the easier availability of nicotine cessation products along with the presence of large number of market players, higher level of awareness towards the detrimental effects of nicotine consumption, and favorable reimbursement policies that encourage the utilization of effective pharmaceuticals that limit the consumption of nicotine products. The North American market is primarily driven by the US on account of easier adoption rate of innovative and popular consumer products such as electronic cigarettes.

North America market is closely followed by Europe, with a high demand from countries such as Germany, the UK, France, Italy, & Russia due to change in consumer behavior as high number of active smokers are choosing healthier lifestyles with the help of drug intervention or NRT as required along with behavioral changes such as change in diet or fitness activities that promote the nicotine cessation. It has been observed that there is a high prevalence rate of male and female smokers in France, Germany, Italy, & the UK. Along with common respiratory disorders, smoking could also result in chronic diseases such as lung cancer or infertility in certain cases. This has resulted in a rising demand for effective products that could limit the dependence on nicotine in a minimum time.

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The Asia Pacific region has been showcasing a very high demand for nicotine cessation products in the recent years. It has been observed that since countries such as China & India are presently having a very high number of active smokers and consumers of other tobacco products, there is a high requirement for efficient resources to curb the reliance on nicotine in these countries. Although demand for products such as electronic cigarettes are increasing rapidly, presently there is a high utilization of OTC products such as nicotine gum, lozenges, tablets, and transdermal patches. With increasing market penetration of prescription drugs that enable faster nicotine cessation, such as Zyban and Pamelor, it is expected that a high number of people would opt for these products on account of the changing socio-cultural dynamics especially in the urban cities.

It has been observed that in comparison to the other regions, Latin America and Middle East & Africa have portrayed a modest growth historically. This is, however, expected to change over the forthcoming years with gradually changing consumer behavior along with rising availability of prescription drugs and various consumer products that aid in nicotine cessation. Further it can be seen that the rising internet penetration in various developing economies is playing a crucial role in enabling the expansion of the market presence of various manufacturers and distributors, while enabling the sales of local manufacturers in reach a wider customer base.

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