Products like nicotine gums, patches, lozenges, nasal sprays, inhalers, and e-cigarettes are used to curb nicotine cravings. E-cigarettes are considered as a safer alternative to conventional cigarettes as they do not involve burning of tobacco.
The global smoking cessation and nicotine de-addiction products market is estimated to be valued at US$ 25438.01 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing adoption of e-cigarettes is one of the major trends positively impacting the growth of the Global Smoking Cessation And Nicotine De-Addiction Products Market Size. E-cigarettes are considered to be a less harmful alternative to conventional cigarettes and help in satisfying the nicotine cravings without inhaling the tobacco smoke. According to the U.S. Department of Health and Human Services, e-cigarettes are about 95% less harmful than conventional cigarettes. The availability of e-cigarettes in various flavors is also encouraging smokers to switch to e-cigarettes. However, some marketing campaigns by e-cigarette manufacturers promoting e-cigarettes as a lifestyle product rather than a smoking cessation device is raising concerns among regulatory bodies.
Segment Analysis
The global Smoking Cessation and Nicotine De-addiction Products market is dominated by nicotine replacement therapy sub segment. Nicotine replacement therapy includes nicotine gums, patches, lozenges, inhalers and nasal sprays. Nicotine replacement therapy sub segment hold around 60% of total market share as it is considered as first line therapy for smoking cessation and widely used due to its convenience and reliability.
Key Takeaways
The global Smoking Cessation and Nicotine De-addiction Products market is expected to witness high growth over the forecast period of 2024 to 2031. The global smoking cessation and nicotine de-addiction products market is estimated to be valued at US$ 25438.01 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031.
Regional analysis shows that North America region holds around 35% of total market share currently and is expected to remain fastest growing region during the forecast period. Escalating number ofquit-smoking campaigns and growing health consciousness are some key factors attributed to its rapid growth.
Key players analysis shows that AudioCodes Ltd., ADTRAN, Inc., Avaya Inc., Cisco Systems, Inc., Ribbon Communications, Ingate Systems AB, Oracle Corporation, Patton Electronics Co., Anixter Inc. are some major players operating in the Smoking Cessation and Nicotine De-addiction Products market. AudioCodes Ltd. leads the key players with around 17% market share with wide distribution network across various countries.
Get More Insights On This Topic: https://www.newsstatix.com/smoking-cessation-and-nicotine-de-addiction-products-market-size-share-analysis-2023-2030/
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