Nicotine Replacement Therapy Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030

The global Nicotine Replacement Therapy market size is expected to be worth around US$ 247.9 billion by 2030, according to a new report by Vision Research Reports.

The global Nicotine Replacement Therapy market size was valued at US$ 54.2 billion in 2020 and is anticipated to grow at a CAGR of 26.3% during forecast period 2021 to 2030.

Growth Factors

The growth of the market is largely attributed to increasing government initiatives to promote nicotine replacement therapy (NRT) products for reducing mortality due to smoking and diseases associated with it.

Smoking cessation campaigns are also playing a crucial role in increasing awareness about diseases that are caused because of smoking. These campaigns are run by regional governments as well as multinational companies, such as Philip Morris International and Altria. Global organizations like the WHO are also working toward creating awareness by running online campaigns. 

Furthermore, researchers found that 5% to 9% of smokers tend to use nicotine patches even after the therapeutic period of 12 weeks. The passive approach of combining nicotine patches with a gum, inhaler, or spray is found to be more effective, and quitting rate reaching 34% to 54%. NRT is only recognized as a way of curbing nicotine cravings and treatment by consumers.

With technological advancements, the players in this market are also developing products to suit the changing consumer preferences. For instance, the e-cigarette market is changing with newer innovations that are more efficient, have longer battery life, and are rechargeable. The existing innovations like sleek and easy-to-use socially acceptable e-cigarettes brought a revolution, which drove more people to shift to using NRTs without social stigma.

Report Highlights

The offline segment accounted for the largest revenue share of 83.9% in 2020. The availability of NRT products including transdermal patches, gels, gums, e-cigarettes, and heated tobacco products in the retail chains, such as Walgreens and Walmart Stores, Inc., supports the segment growth. In addition, the tie-ups of hospitals with these chains contribute to the growth of the market space.

The online segment is projected to witness the fastest growth during the forecast period. The comfort, flexibility, and convenience provided by the online purchase of medications is a major factor driving the segment. In addition, the discounts offered by online pharmacies are expected to fuel segment growth.

E-cigarettes held the largest share of 52.1% in 2020. E-cigarettes are growing in popularity and are highly accepted in most countries. The abstinence rate of e-cigarettes is approximately 18%, which is higher than the average abstinence rate of 9.9% for other NRT products. In 2018, 3.2% of adults in the U.S. were using e-cigarettes.

As per the Wiley Journal, in 2019, 17% of patients that combine patches with another form of NRT are able to quit smoking, while 14% are able to quit by using just one type of NRT. The report also suggested that higher nicotine concentration products (4 mg) are more likely to provide positive results than lower concentration (2mg) NRTs.

Heated or heat-not-burn tobacco products are likely to witness the fastest growth over the forecast period due to increasing product launches. An average heat-not-burn device needs tobacco sticks, plugs, a holder, a charger, and a capsule. The awareness amongst smokers regarding these products is high and over 25% want to try the product. Currently, 0.7% of adults in the U.S. are using HnB products, which constitute 2.7% of smokers.

Asia Pacific accounted for the largest revenue share of 40.6% in 2020 and is anticipated to be the fastest-growing regional NRT market over the forecast period. This is attributed to the high demand for such products, increasing market opportunities, and rising competition between the big tobacco companies, especially in Japan, which makes the market very dynamic.

North America held a considerable market share in 2020. The burden of diseases associated with smoking and the increase in the number of favorable government initiatives, coupled with increasing adoption of e-cigarette and heated tobacco, is expected to positively impact the growth of the North American market.  

In April 2020, the U.S. FDA authorized the marketing and distribution of the IQOS Tobacco Heating System developed by Philip Morris Products S.A.  The product is an electronic device that heats the prefilled tobacco sticks to generate the aerosols. Furthermore, in May 2019, GlaxoSmithKline plc. introduced mint-flavored nicotine lozenges Nicorette under over-the-counter product.

Key Players

  • Philip Morris Products S.A. (Altria Group)

  • British American Tobacco p.l.c.

  • Japan Tobacco, Inc.

  • Imperial Brands

  • Glenmark

  • Fertin Pharma

  • Cipla Inc.

  • Pfizer Inc.

  • Johnson & Johnson Services, Inc.

Market Segmentation

  • Product Outlook 

    • Nicotine Replacement Therapy

      • Inhalers

      • Gum

      • Transdermal Patches

      • Sublingual Tablets

      • Lozenges

      • Others

    • E-cigarettes

    • Heat-not-burn Tobacco Products

  • Distribution Channel Outlook

    • Offline

    • Online

  • Regional Outlook 

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

      • France

      • Italy

      • Spain

    • Asia Pacific

      • China

      • Japan

      • Australia

      • South Korea

    • Latin America

      • Brazil

      • Mexico

    • MEA

      • South Africa

      • Saudi Arabia

      • UAE

The Nicotine Replacement Therapy market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Nicotine Replacement Therapy market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Nicotine Replacement Therapy market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Nicotine Replacement Therapy market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Nicotine Replacement Therapy market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Nicotine Replacement Therapy capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Nicotine Replacement Therapy by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Nicotine Replacement Therapy market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Nicotine Replacement Therapy market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Nicotine Replacement Therapy market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Nicotine Replacement Therapy industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Nicotine Replacement Therapy market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Nicotine Replacement Therapy market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Nicotine Replacement Therapy market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Nicotine Replacement Therapy market. These factors have benefited the growth of the global market for Nicotine Replacement Therapy. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Nicotine Replacement Therapy. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Nicotine Replacement Therapy are as follows:

  • Historic Year: 2017-2020
  • Base Year: 2021
  • Forecast Year 2021 to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

Report Detail

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