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Nicotine Replacement Therapy Market to Hit $3.92 Billion by 2028; Launch of OTC Nicotine Polacrilex Lozenges by Dr. Reddy to Favor Growth

April 29, 2021 | Healthcare

The global nicotine replacement therapy market size is expected to witness exponential growth by reaching USD 3.92 billion at the end of 2028. This is attributable to the increasing government initiatives to promote anti-smoking campaigns such as nicotine replacement therapy to reduce the number of smokers across the globe. Fortune Business Insights, in its recent report, titled, “Nicotine Replacement Therapy (NRT) Market Size, Share & COVID-19 Impact Analysis, By Type (Gums, Patches, Lozenges, Inhalers, and Others), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy) and Regional Forecast, 2021-2028.”, observes that the market value stood at USD 2.81 billion in 2020 and is likely to exhibit a CAGR of 4.3% between 2021 and 2028.


Dr. Reddy Announces the Launch of OTC Nicotine Polacrilex Lozenges


In July 2020, Dr. Reddy, a leading global pharma major, announced the launch of its OTC Nicotine Polacrilex lozenges of 2mg, and 4mg in the US. The launch has provided an additional impetus to the sales of the company. The company had recently registered about USD 200 million in sales over 52 weeks up to May 17th 2020, for their nicotine lozenges store brands in the country. Marc Kikuchi, the CEO of North America Generics, said, “The launch of the product is the testimony to our continual commitment in the OTC category to aid smoking cessation. Additionally, the launch showcases our ability to provide complex forms of dosage for the people who desire to quit smoking and control nicotine cravings.”


The global nicotine replacement therapy market report observes that such developments by the companies are expected to boost the demand for NRT products in the coming years.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/nicotine-replacement-therapy-nrt-market-103362


Growing Government Focus to Promote Anti-Smoking Activities to Promote Growth


According to the World Health Organization (WHO), around 8 million people succumb to cancer owing to the high consumption of tobacco products every year. The increasing number of the young population taking up smoking at an early age is drawing the attention of the government and international agencies to curb the number of smokers globally. Several campaigns and activities to promote anti-smoking are gaining steam across the globe. For instance, every year 31st May is observed as “World No Tobacco Day” to raise awareness about the harmful effects of tobacco consumption. The growing initiatives by the government and increasing demand for NRT products are expected to drive the global nicotine replacement therapy market growth during the forecast period.


Major Players Launching New Products to Strengthen Market Position


The global nicotine replacement therapy market is highly consolidated, attributable to the presence of major players such as GlaxoSmithKline and Johnson & Johnson, Inc. These two companies account for over 80% of the total market share and are focused on introducing an array of new NRT products to consolidate their position. Other companies such as Cipla, Pfizer, and Perrigo Company plc, among others, are aggressively striving to improve their position by adopting strategies such as collaboration, partnership, and merger and acquisition in the fiercely competitive global market in the forthcoming years.


Industry Development:



  • January 2021: Johnson & Johnson announced its collaboration with the Jordan Ministry of Health to donate nicotine patches to people with smoking addiction. The donation involved a sum of US$ 800,000 and will support thousands of people with smoking problems.


List of the Companies Operating in the Market:



  • GlaxoSmithKline plc (U.K, Europe)

  • Johnson & Johnson Inc (New Jersey, U.S)

  • Perrigo Company plc (Ireland, Europe)

  • Pierre Fabre SA, Laboratories (France, Europe)

  • Pfizer Inc. (New York, United States)

  • Cipla Limited (Mumbai, India)

  • British American Tobacco Plc (U.K, Europe)

  • Other Players


Further Report Findings:



  • The market size in North America was worth USD 1.32 billion in 2020 and is likely to dominate the global nicotine replacement therapy market share in the coming years. This is attributable to the presence of a large population under smoking cessation in the region.

  • Europe, on the other hand, is expected to hold the second position backed by growing government initiatives to promote anti-smoking activities in countries such as the UK, and Germany.

  • The gums segment, based on type, held about 56.2% market share in 2019 and is expected to showcase an exponential growth owing to the bulk availability of the product across several over-the-counter stores during the forecast period.


Table of Segmentation:














































 ATTRIBUTE



  DETAILS



Study Period



   2017-2028



Base Year



   2020



Forecast Period



   2021-2028



Historical Period



   2017-2019



Unit



   Value (USD Billion)



Segmentation



   Type; Distribution Channel; and Geography



By Type


 




  • Gums

  • Patches

  • Lozenges

  • Inhalers

  • Others



By Distribution Channel


 




  • Hospital Pharmacy

  • Retail Pharmacy

  • Online Pharmacy



By Geography


 




  • North America

    • By Type

    • By Distribution Channel

    • By Country

      • USA (By Type)

      • Canada (By Type)





  • Europe

    • By Type

    • By Distribution Channel

    • By Country

      • UK (By Type)

      • Germany (By Type)

      • France (By Type)

      • Italy (By Type)

      • Spain (By Type)

      • Scandinavia (By Type)

      • Rest of Europe (By Type)





  • Asia Pacific

    • By Type

    • By Distribution Channel

    • By Country

      • Japan (By Type)

      • China (By Type)

      • India (By Type)

      • Australia (By Type)

      • Southeast Asia (By Type)

      • Rest of Asia Pacific (By Type)





  • Latin America

    • By Type

    • By Distribution Channel

    • By Country

      • Brazil (By Type)

      • Mexico (By Type)

      • Rest of Latin America (By Type)





  • Middle East & Africa

    • By Type

    • By Distribution Channel

    • By Country

      • GCC (By Type)

      • South Africa (By Type)

      • Rest of MEA (By Type)






Global Nicotine Replacement Therapy (NRT) Market
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