The smoking cessation market is projected to grow at a CAGR of 14.86% to reach US$42.247 billion by 2024, from US$18.402 billion in 2018. Excessive intake of tobacco/nicotine can lead to tobacco or nicotine dependence causing severe health problems. Thus, quitting smoking helps in reducing the risks of developing smoking-related diseases.
Treatment for tobacco or nicotine dependence requires repeated treatments which include medication and counselling. At present, the number of former smokers outweighs the current smokers. Hence, a high prevalence of smokers requires treatments related to smoking cessation, thus, fuelling the market growth in the forecast period. The United States from the North American region is expected to show a significant market share due to a high prevalence of smokers here. Furthermore, growing health awareness will provide an opportunity for the smoking cessation market to thrive during the forecast period and beyond.
This research study examines the current market trends related to the demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market. The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical regions. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.
Identification of key industry players in the industry and their revenue contribution to the overall business or relevant segment aligned to the study have been covered as a part of competitive intelligence done through extensive secondary research. Various studies and data published by industry associations, analyst reports, investor presentations, press releases and journals among others have been taken into consideration while conducting the secondary research. Both bottom-up and top down approaches have been utilized to determine the market size of the overall market and key segments. The values obtained are correlated with the primary inputs of the key stakeholders in the smoking cessation value chain. The last step involves complete market engineering which includes analyzing the data from different sources and existing proprietary datasets while using various data triangulation methods for market breakdown and forecasting.
Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining faster and efficient understanding of the smoking cessation market.
Major industry players profiled as part of the report are GSK group of companies, Dr. Reddy’s Laboratories Ltd., Cipla Inc.
, and Chrono Therapeutics Inc. among others.
Smoking Cessation Market Scope:
| Market size value in 2018
|| US$18.402 billion
| Market size value in 2024
|| US$42.247 billion
| Growth Rate
|| CAGR of 14.86% from 2018 to 2024
| Base year
| Forecast period
| Forecast Unit (Value)
|| USD Billion
| Segments covered
|| Therapy, Product Type, And Geography
| Regions covered
|| North America, South America, Europe, Middle East and Africa, Asia Pacific
| Companies covered
|| GSK Group of Companies, Dr. Reddy’s Laboratories Ltd., Cipla Inc., Chrono Therapeutics Inc., Invion Limited, Selecta Biosciences, Inc., Achieve Life Sciences, Inc., Lotus, Ethismos Research Inc.
| Customization scope
|| Free report customization with purchase
The smoking cessation market has been analyzed through the following segments:
Nicotine Replacement Therapy
Non-Nicotine Replacement Therapy
By Product Type
Sprays and Inhalers
Middle East and Africa
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for smoking cessation market?
A1. The smoking cessation market is projected to grow at a CAGR of 14.86% during the forecast period.
Q2. What will be the smoking cessation market size by 2024?
A2. The smoking cessation market is projected to reach a total market size of US$42.247 billion by 2024.
Q3. What is the size of global smoking cessation market?
A3. Smoking Cessation market was valued at US$18.402 billion in 2018.
Q4. What factors are anticipated to drive the smoking cessation market growth?
A4. The high prevalence of smokers requires treatments related to smoking cessation, thus, fuelling the market growth in the forecast period.
Q5. Which region holds the largest market share in the smoking cessation market?
A5. The United States from the North American region is expected to show a significant share in the smoking cessation market due to a high prevalence of smokers here.