Smoking Cessation and Nicotine De-addiction Products help quit smoking by easing withdrawal symptoms such as nicotine cravings. These products include nicotine gums, patches, lozenges, inhalers etc. that deliver controlled doses of nicotine and help reduce cravings. The global health organizations are promoting such products to curb smoking-related diseases.
The global Smoking Cessation and Nicotine De-addiction Products Market is estimated to be valued at US$ 25,438.01 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising health awareness pertaining to smoking-related illnesses is driving demand for Global Smoking Cessation And Nicotine De-Addiction Products Market Size. Various global health organizations are carrying out initiatives to educate people about the ill-effects of smoking and benefits of quitting smoking. For instance, the World No Tobacco Day is observed annually on 31st May to spread awareness and encourage people to quit smoking. Such initiatives are playing a significant role in increasing adoption of smoking cessation products and driving the market growth over the forecast period.
SWOT Analysis
Strength: Smoking cessation products provide a proven and effective option for smokers to overcome their addiction and live a healthier lifestyle. Products such as nicotine gums and patches help reduce cravings.
Weakness: Some smoking cessation products may cause side effects like nausea, headaches, anxiety or restlessness in some users. These side effects can deter smokers from continuing with the treatment.
Opportunity: Rising health awareness among consumers has increased the demand for smoking cessation products globally. Consumers are more willing to adopt different therapies and products to quit smoking.
Threats: Alternative smoking cessation methods such as hypnotherapy and acupuncture are gaining popularity which can threaten the sales of conventional smoking cessation products. Stringent regulations surrounding product advertising and promotion also pose challenges.
Key Takeaways
The global Smoking Cessation and Nicotine De-addiction Products Market is expected to witness high growth. The market size for 2024 is estimated at US$ 25438.01 Mn and projected to reach US$ 43238.74 Mn by 2031, growing at a CAGR of 6.9% during the forecast period.
Regional analysis: North America currently dominates the market, accounting for over 40% share. Higher health awareness and supportive regulatory environment have boosted the sales of smoking cessation products in the region. Asia Pacific is anticipated to witness the fastest growth owing to large smoker population countries like China and India implementing stringent anti-smoking regulations.
Key players: Key players operating in the Smoking Cessation and Nicotine De-addiction Products market are AudioCodes Ltd., ADTRAN, Inc., Avaya Inc., Cisco Systems, Inc., Ribbon Communications, Ingate Systems AB, Oracle Corporation, Patton Electronics Co., Anixter Inc., Nokia, Advantech Co., Ltd, Sangoma Technologies. Some of the leading players are focusing on launching innovative products through continued R&D as well as expanding their regional footprint through strategic agreements to strengthen their market position.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it