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Smoking Cessation Products Market Estimated to Grow at a CAGR of 10.8% during Forecast Period 2019-2028

Jun 7th 2019 at 3:18 AM

The Fact.MR has recently updated its massive report catalogue by adding a fresh study titled “Smoking Cessation Products Market Estimated to Grow at a CAGR of 10.8% during Forecast Period 2019-2028”. This business intelligence study encapsulates vital details about the market current as well as future status during the mentioned forecast period of 2028. The report also targets important facets such as market drivers, challenges, latest trends, and opportunities associated with a growth of manufacturers in the global market for Smoking Cessation Products. Along with these insights, the report provides the readers with crucial insights on the strategies implemented by leading companies to remain in the lead of this competitive market.

A prevalence of around 251 million patients with COPD was report across the globe in 2016 by a WHO report, and it will become the third leading cause of death by 2030. As smoking tobacco is the primary cause of COPD, manufacturers in the smoking cessation products market are promoting the use of various types of smoking cessation products to prevent it.

Additionally, consumers are becoming aware that there is no cure for the life-threatening disease, thereby, the growing needs for preventing COPD is boosting adoption of smoking cessation products. Offering personalized smoking cessation products to facilitate COPD management for patients can help smoking cessation products market players to improve sales and gain an edge in the smoking cessation products market in coming years.

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Governmental organizations across the world have introduced laws and regulations on marketing and distribution of smoking cessation products to address the public health concerns associated with tobacco use and use of smoking cessation products such as electronic cigarettes.

The U.S. Food and Drug Administration (FDA) has amended the Family Smoking Prevention and Tobacco Control Act and declared that vaping products and smoking cessation products, such as e-cigarettes, are subject to the Federal Food, Drug, and Cosmetic Act. The Government of Canada also enacted the Tobacco and Vaping Products Act (TVPA), which regulated manufacturing and sales of various smoking cessation products, including e-cigarettes, in Canada. Also, the UK Government introduced new rules under the Tobacco Products Directive 2014/14/EU (TPD) to regulate smoking cessation products, such as nicotine-containing electronic cigarettes and refill containers.

Leading countries enacting regulations on manufacturing, marketing, and distribution of e-cigarettes and other types of smoking cessation products is likely to create barriers for players in the smoking cessation products market.

Smoke-free air laws imposed by various national and international governmental organizations across various countries hold a major share in the growth of the smoking cessation products market. Smoke-free laws mainly aim at protecting consumers from secondhand smoking and restrict minors’ exposure to tobacco-smoking products.

The New Zealand government has developed ‘Smoke-free Environments Regulations 2007’, which imposed labeling requirements on all tobacco products to discourage smoking. Washington, DC, the U.S. capital, has imposed ‘The Department of Health Functions Clarification Amendment Act of 2006’ that bans smoking in most public places.

Growth prospects of the smoking cessation products market are moderately attributed to smoke-free air laws, as these laws limit promotion and advertising of tobacco products and indirectly encourage consumers to quit smoking. Stringent regulations and laws that discourage smoking may exhort the smoker population to turn to smoking cessation products, which may complement growth of the smoking cessation products market in the upcoming years.

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The Fact.MR report on smoking cessation products market enlists leading stakeholders in the market to provide insightful information about recent developments in the winning strategies of leading competitors in the smoking cessation products market. This chapter features comprehensive information, including intensity mapping, key financials, market share analysis, key developments, SWOT analysis, SIC, NACE, & NIACS codes, and global manufacturing facilities, about the each smoking cessation products market player mentioned above. The report provides detailed information about the leading market players including Johnson & Johnson Inc., GlaxoSmithKline plc, Pfizer, Inc, Perrigo Company plc, Cipla Ltd., ITC Limited, Reynolds American Inc., Imperial tobacco ltd., Fertin Pharma, and Alkalon A/S.

Johnson & Johnson Development Corp., a frontrunner in the smoking cessation products market, recently joined Carrot Inc., a digital health company New York Life Ventures and to raise over US$ 25 million to commercialize Pivot™ – smoking cessation program. The company is contributing to the project with its technological expertise in the medical device and pharmaceutical sector to establish stronger position in the smoking cessation products market.

Another frontrunner in the smoking cessation products market, GlaxoSmithKline plc. announced, in collaboration with an American pharmaceutical company –   Innoviva, Inc., that the European Commission has authorized expansion of its single inhaler triple therapy – once-daily Trelegy Ellipta. The company is aiming to adopt innovative strategies to offer an inhaler therapy for COPD patients and strengthen its foothold in the smoking cessation products market.

Imperial Brands PLC, a British player in smoking cessation products market, has adopted strategies to focus on its blu e-cigarette brand by investing over GBP100 million for further expanding its e-cigarette product portfolio in the coming year. Via its subsidiary Fontem Ventures, the company launched its new e-smoking cessation product– myblu™ in the U.S. in February 2018, and later in three further markets – France, Russia, and Germany. With launch of the new e-smoking cessation product, Imperial Brands is aiming to set a benchmark in the e-vaporing category of products in the smoking cessation market.

Other players in the smoking cessation products market, including Cipla Ltd., are adopting innovative marketing strategies, such as promotions of social media and unique commercials to spread awareness about tobacco hazards, to boost sales of their smoking cessation products.

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