April 24, 2024
Smoking Cessation and Nicotine De-addiction Products Market

Smoking Cessation And Nicotine De-Addiction Products Market Is Trending Through Increasing Awareness

The Smoking Cessation and Nicotine De-addiction Products Market comprises nicotine replacement therapy products such as gum, patches, lozenges, inhalers, and nasal sprays that help reduce nicotine cravings in people trying to quit smoking. These products are intended to help smokers gradually withdraw from their nicotine dependence through a structured de-addiction process. The global market for smoking cessation and nicotine de-addiction products has witnessed tremendous growth over the past few years due to rising health awareness among consumers and growing willingness to quit smoking.

The Global Smoking Cessation and Nicotine De-addiction Products Market is estimated to be valued at US$ 25438.01 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Smoking Cessation and Nicotine De-addiction Products market are AudioCodes Ltd., ADTRAN, Inc., Avaya Inc., Cisco Systems, Inc., Ribbon Communications, Ingate Systems AB, Oracle Corporation, Patton Electronics Co., Anixter Inc., Nokia, Advantech Co., Ltd, Sangoma Technologies. Key players are focusing on launching innovative nicotine replacement therapy products and expanding their geographic footprint to boost market share.

The growing health consciousness among people and increasing awareness about the harmful effects of smoking has led to surging demand for Smoking Cessation And Nicotine De-Addiction Products Market in recent years. Various government initiatives promoting anti-smoking campaigns are further driving the use of nicotine replacement therapy products for quitting smoking.

Major players in the market are focusing on expanding their geographic presence by tapping opportunities in growing markets across the world. Launch of affordable products, marketing campaigns to increase awareness and strategic partnerships with local players are some key strategies adopted by companies to strengthen their foothold in international markets.

Market key trends

Digital therapeutics and technology-driven smoking cessation aids are gaining traction in the market. Companies are integrating virtual coaching, AI-powered counseling and digital interfaces in their products to provide personalized experiences to smokers and help them quit successfully through remote monitoring and digital interventions. This emerging trend is expected to further accelerate the sales of advanced smoking cessation and nicotine de-addiction products.

Porter’s Analysis

Threat of new entrants: High capital requirements and established brand loyalty of existing players make the threat of new entrants low in this market.

Bargaining power of buyers: The bargaining power of buyers is moderate in this market as there are many options available for buyers in terms of products and manufacturers.

Bargaining power of suppliers: The bargaining power of suppliers is low in this market as there are many suppliers for raw materials and components required for manufacturing of smoking cessation products.

Threat of new substitutes: Threat of new substitutes is moderate as other methods like counseling, acupuncture etc. can be used for smoking cessation.

Competitive rivalry: The competitive rivalry is high in this market as major players compete intensely on the basis of pricing, products, innovation and marketing.

Geographical Regions

North America holds the largest share of around 35% in the global smoking cessation and nicotine de-addiction products market in terms of value due to growing incidence of smoking related diseases and supportive reimbursement policies for smoking cessation products and programs in the region.

Asia Pacific region is expected to be the fastest growing market for smoking cessation products during the forecast period owing to increasing disposable income, growing health awareness regarding risks of smoking and expansion strategies by key players in the emerging countries of the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.