Stratview Research has published a new report on the Nicotine Replacement Therapy Products Market, segmented by Type (Sprays, Inhalers, Chewing gums, Transdermal patches, Lozenges, Sublingual tablets), Application (Home, Hospital), and Region - COVID-19 Impact Analysis and Forecast to 2026.
The growth of the global nicotine replacement therapy (NRT) products market is primarily driven by increasing awareness among consumers about the ill effects of smoking. The rising number of smokers across geographies is likely to drive the growth of nicotine replacement therapy (NRT) products at a significant rate during the review period. In addition to this, increasing government initiatives aimed at creating awareness about the adverse impact of smoking on health is likely to create lucrative opportunities for the players operating in the global market in the coming years.
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The following are some of the key players in the Nicotine Replacement Therapy Products Market:
- Pfizer Inc. (US)
- Cipla Limited (India)
- Novartis International AG (Switzerland)
- GlaxoSmithKline plc (UK)
- The Takeda Pharmaceutical Company Limited (Japan)
- McNeil (US)
- Revolymer (UK)
- Imperial Brands plc (UK)
- VMR Products (India).
COVID-19 Impact on Global Nicotine Replacement Therapy Products Market
The outbreak of the COVID-19 virus has affected the growth of the Nicotine Replacement Therapy Products market significantly. Stringent lockdown measures and restricted movement of people affected the production and product supply for a short period and thus, affected the market growth.
Nicotine Replacement Therapy Products Market Segmentation:
By type, the nicotine replacement therapy (NRT) products market has been bifurcated into homes and hospitals. Under these, the home segment accounted for the largest market share in 2020 and is projected to register significant growth during the review period. The segment growth can be attributed to the increasing consumption of nicotine replacement therapy products across households.
By region, the market in Asia-Pacific accounted for the largest market share in 2020 and is projected to grow at a significant CAGR during the assessment period. The segment growth is primarily attributed to the presence of a large number of smokers coupled with the presence of various tobacco manufacturers. The market growth in the North American region is expected to be driven by the increasing prevalence of smoking-related health disorders.
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