The Smoking Cessation Market Size is valued at 25380.0 Million in 2022 and is predicted to reach 53408.9 Million by the year 2031 at a 10.1 % CAGR during the forecast period for 2023-2031.
Key Industry Insights & Findings from the Report:
- International frameworks and agreements like the WHO Framework Convention on Tobacco Control (FCTC) drive global efforts to reduce tobacco use as well as promote smoking cessation.
- Smoking is increasingly viewed negatively in many cultures, with social pressure and stigma against smoking encouraging individuals to quit.
- North America dominated the market and accounted for a global revenue share in 2023.
- Resistance to change and difficulty in altering long-standing habits and routines associated with smoking can hinder cessation efforts.
Cigarette smoking is the most significant single cause of illness and premature death globally. Worldwide, tobacco kills 7 million people every year. Almost a million deaths are due to non-smokers being exposed to second-hand smoke. Smoking cessation is the process of ceasing tobacco smoking. It is among one of the dynamic markets and is expected for exponential growth despite the economic conditions. Both prescription and over-the-counter products are available in the market.
The key drivers of the smoking cessation market include increasing tobacco consumption population, awareness amongst smokers on hazards of smoking, banning of tobacco product advertisement in many countries. Strict governmental regulations are emphasized to control the toxic effects on cardiac and respiratory systems. As a step forward, smoking is banned in public places, and high taxes are implemented on tobacco products and massive support to the cessation therapies. The major challenge faced by the market is the side effects of the drugs.
Competitive Landscape
Some of The Key Players in The Smoking Cessation Market:
- Achieve Life Sciences
- Reckitt Benckiser
- Pfizer
- GlaxoSmithKline
- McNeil AB
- Novartis
- Cipla
- Takeda
- Sanofi
- Selecta Biosciences
- Fertin Pharma
- Other Prominent Players
Market Segmentation
The market of smoking cessation is segmented based on various factors like product type, geography, end-users. Based on cessation aids, it is split by type NRT inhaler, NRT patch, spray, drug electronic cigarettes. Based on end-user, the market is segmented by application pharmacy, supermarket, hospital, other. Based on region, it is segmented as North America, United States, Canada, Mexico, Asia-Pacific, China, India, Japan, Europe, Middle East & Africa. Due to increased awareness and government programs, APAC can be predicted as a profitable market.
In spite of available OTC and prescribed products, a robust pipeline of drugs is developed by several vendors. Monotherapy products that are already in the market are tested for combination therapy to reach better and rapid therapeutic targets.
Some of the products in the pipeline include X-22 Smoking Cessation Product of 22nd Century Limited is in phase 2; SELA-070, SEL-068 of Selecta Biosciences, Inc., is in phase 1 clinical trials. Despite failed results, unique products such as vaccines are also being investigated by researchers to curb smoking addiction.
The Smoking Cessation Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 25380.0 Million |
|
Revenue Forecast In 2031 |
USD 53408.9 Million |
|
Growth Rate CAGR |
CAGR of 10.1 % from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Products, By End-Users |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Reckitt Benckiser, Pfizer, GlaxoSmithKline, Roche, Novartis, Johnson and Johnson, Bayer, Cipla, Takeda Pharmaceuticals, Sanofi, Selecta Biosciences, 22nd Century Limited, Fertin Pharma, Achieve Life Sciences, McNeil AB, and Others. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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