Smoking Cessation Market Identifies the Key Drivers of Growth and Challenges of the Key Industry Players

The global smoking cessation market is growing due to growing awareness about health problems associated with smoking and growing acceptance rate of smoking cessation products. On the basis of products, the electronic cigarette segment is expected to grow with the fastest rate during the forecasted period. Nicotine gums led the nicotine replacement therapy market; however, the nicotine lozenges are expected to grow with the fastest rate during the projected period. The innovation of products with better efficacy is also expected to pose as an opportunity for growth of the market. The massive unexplored market of smoking cessation industry in the developing economies is creating abundant growth opportunities for the global market.

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Some of the factors driving the growth of the global smoking cessation market are increasing number of smokers, stringent laws for smoking such as ban on smoking in public place, increasing government initiatives by distribution of smoking cessation products and higher taxes on tobacco products. In addition, the increasing initiatives to create awareness about smoking health hazards, increasing incidence of lung cancer and other diseases such as cardiac diseases and respiratory disorders due to smoking, and increasing research and development for innovation of smoking cessation products are also fueling the growth of the global market. However, the reluctance in adoption of smoking cessation products, strict regulatory requirements for electronic cigarette as medical device, restrictions and bans on the usage of electronic cigrrate, and lack of awareness of nicotine de-addiction products are some of the factors restraining the growth of the global market.

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Geographically, North America is expected to dominate the global market in the coming years, due to increasing number of smokers and growing awareness regarding health hazards associated with smoking. Asia-Pacific is expected to be the fastest growing region for the market, due to increasing awareness about the smoking cessation products and large pool of patients in the region. In addition, the Asia-Pacific market is growing due to increasing prevalence of health complications associated with smoking in the emerging countries, such as India and China.

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Some of the companies operating in the global smoking cessation market are Johnson & Johnson, GlaxoSmithKline, Njoy Inc., Nicotek LLC, VMR Products LLC, British American Tobacco PLC, Reynolds American Inc., Perrigo, Pfizer, and Novartis.

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