Rise in awareness regarding the hazardous effects of smoking and nicotine consumption is expected to fuel growth of smoking cessation and nicotine de-addiction products market in the near future.
According to the American Journal of Preventive Medicine, in 2010, out of 43.4 million smokers in the U.S., around 70% wanted to quit smoking and around 40% made at least one serious quit attempt annually. Therefore, increasing demand for tobacco and smoking cessation products and services creates significant opportunity to reduce tobacco consumption across all age groups. Government of various economies are adopting advanced innovation in the field of smoking cessation products in order to spread awareness among population.
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For instance, in 2013, German Cancer Research Center, Heidelberg, and the European Commission revised the directive on tobacco products to include e-cigarettes in the tobacco products directive, as such products have been available in Europe since 2006 ,and were very inconsistently regulated across member states. The inclusion of novel products such as e-cigarettes and nicotine gum are projected to favor growth of the smoking cessation and nicotine de-addiction products market over the forecast period.
Increasing awareness among the populace is a key factor fueling growth of the smoking cessation and nicotine de-addiction products market over the forecast period. Also, various innovations in the field of drugs and therapies by various companies in the form of various nicotine gums and e-cigarettes is expected to favor growth for smoking cessation and nicotine de-addiction products in the near future.
Changing lifestyle leading to high prevalence of anxiety and depression globally is leading to a high number of smokers worldwide, which in turn is expected to support growth in smoking cessation and nicotine de-addiction products in the near future.
E-cigarette is an electronic nicotine delivery system (ENDS) that is regulated by FDA. E-cigarettes are effective in reducing tobacco related health conditions, while NRTs work best for smoking cessation. E-cigarettes are a potential threat to tobacco based cigarettes, at the same time an opportunity for tobacco manufacturers to enter the new emerging segment catering to the smoking population. Companies such as BAT, Lorillard, Japan Tobacco International, and Philip Morris International (PMI) collaborated with/acquired smaller firms who developed e-cigarettes.
This provides major companies in the cigarettes market to compensate for their on-going downward sales of cigarettes. This would give a major boost to the overall smoking cessation and nicotine de-addiction products market. Furthermore, the consideration that e-cigarettes are less harmful than regular cigarettes, no smoke and thus no risk of passive smoking, allowed to use even in no-smoking places, varying nicotine levels and availability in various flavors are some of the major driving factors for e-cigarettes market.
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Some of the major players are Johnson & Johnson Limited, GlaxoSmithKline plc, Novartis International AG, Pfizer, Inc., Cipla Ltd., Takeda Pharmaceuticals Co. Ltd., NJOY, Inc., Imperial Tobacco Company of India Limited, McNeil AB, and Revolymer Limited
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