The Global Nicotine Replacement Therapy Market is projected to reach $153.10 billion by 2028, from a value of $60.30 billion in 2022, by registering a CAGR of 16.8% during the forecast period. Growing number of people undergoes nicotine replacement therapy (NRT), rising awareness about the ill-effects of smoking, and launch of innovative products are the major factors propelling the growth of the market. However, ban on e-cigarettes and myths surrounding NRT to limit product adoption are hampering market growth. Moreover, rising number of technological advancements and launch of several campaigns & government initiatives worldwide regarding the health awareness and benefits of quitting smoking are creating ample opportunities across the globe.
Recent Developments
In February 2022, Sanofi-aventis announced that it has received from the U.S. Food and Drug Administration (FDA), Division of Metabolism and Endocrinology Products an approvable letter for rimonabant for weight management, and from the Division of Anesthesia, Analgesia and Rheumathology Products a non-approvable letter for smoking cessation.
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.
In May 2020, Cipla Health’s smoking cessation brand Nicotex announced the collaboration with Karnataka and Goa governments to provide nicotine replacement therapy to the frontline workers.
In June 2020, Taat Herb Co. announced the launch of its new hemp cigarettes from the Taat stable. According to the firm, the new product closely resembles the sensation of smoking a typical cigarette and contains 50mg of cannabidiol (CBD), which is effective in reducing tobacco dependence.
Competitive Landscape
British American Tobacco p.l.c, Cipla Inc, Fertin Pharma, GlaxoSmithKline plc, Glenmark, Imperial Brands, Japan Tobacco, Inc, Johnson & Johnson Services, Inc, McNeil AB, NJOY, Inc., Novartis International AG, Pfizer, Inc, Philip Morris Products S.A, Revolymer PLC, Takeda Pharmaceutical Co. Ltd, Mylan N.V, Taat Herb Co, Sanofi, AstraZeneca, and Merck & Co., Inc are some of the major players in the global Nicotine Replacement Therapy market.
The Global Nicotine Replacement Therapy Market is projected to reach $153.10 billion by 2028, from a value of $60.30 billion in 2022, by registering a CAGR of 16.8% during the forecast period. Growing number of people undergoes nicotine replacement therapy (NRT), rising awareness about the ill-effects of smoking, and launch of innovative products are the major factors propelling the growth of the market. However, ban on e-cigarettes and myths surrounding NRT to limit product adoption are hampering market growth. Moreover, rising number of technological advancements and launch of several campaigns & government initiatives worldwide regarding the health awareness and benefits of quitting smoking are creating ample opportunities across the globe.
Recent Developments
In February 2022, Sanofi-aventis announced that it has received from the U.S. Food and Drug Administration (FDA), Division of Metabolism and Endocrinology Products an approvable letter for rimonabant for weight management, and from the Division of Anesthesia, Analgesia and Rheumathology Products a non-approvable letter for smoking cessation.
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.
In May 2020, Cipla Health’s smoking cessation brand Nicotex announced the collaboration with Karnataka and Goa governments to provide nicotine replacement therapy to the frontline workers.
In June 2020, Taat Herb Co. announced the launch of its new hemp cigarettes from the Taat stable. According to the firm, the new product closely resembles the sensation of smoking a typical cigarette and contains 50mg of cannabidiol (CBD), which is effective in reducing tobacco dependence.
Competitive Landscape
British American Tobacco p.l.c, Cipla Inc, Fertin Pharma, GlaxoSmithKline plc, Glenmark, Imperial Brands, Japan Tobacco, Inc, Johnson & Johnson Services, Inc, McNeil AB, NJOY, Inc., Novartis International AG, Pfizer, Inc, Philip Morris Products S.A, Revolymer PLC, Takeda Pharmaceutical Co. Ltd, Mylan N.V, Taat Herb Co, Sanofi, AstraZeneca, and Merck & Co., Inc are some of the major players in the global Nicotine Replacement Therapy market.
