Smoking Cessation Aids Market is expected to reach US$ 64,032.30 Million by 2028

Posted by Nikhil khadilkar on October 11th, 2022

According to our new market research study on “Smoking Cessation Aids Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, End User, and Geography,” the market is expected to reach US$ 64,032.30 million in 2028 from US$ 23,413.08 million in 2021. The market is estimated to grow with a CAGR of 15.5% from 2021-2028.

Key factors that are driving the growth of this market are rising addiction toward tobacco smoking, increasing number of campaigns to reduce smoking and tobacco dependence. However, steeping costs for development of nicotine replacement therapies are likely to restrain the market growth in the future years to some extent.

Smoking cessation lowers the risk of cancer and other serious health problems. Some products contain nicotine as an active ingredient and others do not. Counseling, behavior therapy, medicines, and nicotine-containing products, such as nicotine patches, gum, lozenges, inhalers, and nasal sprays, may be used to help a person quit smoking. They are regulated through the FDA’s Center for Drug Evaluation and Research, which ensures that the products are safe and effective and that their benefits outweigh any known associated risks.

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Market leaders operating in the market have undertaken various organic growth strategies in the Smoking cessation aids market. The Smoking cessation aids market majorly consists of the players Pfizer Inc., GlaxoSmithKline plc., Dr. Reddy's Laboratories, Johnson and Johnson Services, Inc., Cipla Inc., Perrigo Company plc, Bausch Health Companies Inc., Glenmark, NJOY, Juul Labs among others.

The companies have been implementing various strategies that have helped the growth of the company and in turn have brought about various changes in the market. The companies have utilized organic strategies such as launches, expansion, and product approvals. Moreover, the companies have utilized inorganic strategies including mergers & acquisitions, partnership, and collaborations.

In addition, medical devices such as nicotine-free e-cigarettes and vapes are being launched by market players at local and regional levels. For instance, the US based electronic cigarette company Juul Labs announced to launch its products in India by the end of 2019. In December 2018, the British American Tobacco (BAT) introduced two new e-cigarettes named Vype iSwitch Maxx and Vype iSwitch in five of BAT’s VIP stores in London. Thus, the consistent launch of new and innovative smoking cessation aids would become a prevalent trend in the smoking cessation aids market in the coming years.

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