Global Market for Smoking Cessation and Nicotine de-Addiction Products to Reach Us$20.5 Bn by 2023 Thanks to Introduction of Innovative Products

Transparency Market Research announces the publication of a new market research report and is available on the company’s website. The research study, titled “Smoking Cessation and Nicotine De-addiction Products Market (Nicotine Gums, Patches, Lozenges, Inhalers, Sprays, Sublingual Tablets, Zyban, Chantix/Champix, E-cigarettes) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023,” provides an in-depth analysis of the market along with recommendations and inputs from industry experts. The study further talks about its product segmentation, current trends, major geographical regions, opportunities and challenges, and competitive landscape.As per the research study, in 2014, the global smoking cessation and nicotine de-addiction products market was worth US$6.5 bn and is projected to reach a value of US$20.5 bn by the end of 2023. The market is estimated to register a progressive 13.70% CAGR between 2015 and 2023.

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In the last few years, smoking has become a popular lifestyle trend leading to various adverse effects and even death. It has also become a major cause of heart disorders, cancer, and other respiratory diseases, which together account for around 70% of total deaths worldwide. The growing awareness regarding the health hazards of smoking is expected to fuel the growth of the global market for smoking cessation and nicotine de-addiction products throughout the forecast period.

Favorable reimbursement policies for smoking cessation therapy and the introduction of new and innovative products are further projected to drive the overall market in the near future. On the other hand, legal obligations are likely to hamper the growth of the smoking cessation products market, along with low awareness regarding these products in several emerging economies. Nevertheless, the rising research and development...