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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.
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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.
List of the Companies Operating in the Market:
Further Report Findings:
Table of Segmentation:
Value (USD Billion)
Type; Distribution Channel; and Geography
By Distribution Channel