Market outlook of smoking cessation products
Technavio鈥檚 market research analyst predicts the global smoking cessation products market to grow steadily at a CAGR of over 18% during the forecast period. The increase in the number of smokers is the primary growth driver for this market. Smoking is considered a trend in countries such as Russia, Indonesia, and Armenia. As a result, more than 50% of the male population are smokers in this region. It is also estimated that at least 30% of the women in Austria, Chile, and France, and a higher percentage in Greece, are smokers. However, more people are opting for smoking cessation products as there is an increase in the awareness of the life-threatening consequences of smoking, thereby leading to the growth of the market.
Public awareness programs about the hazards of smoking are also expected to boost the market growth during the forecast period. For instance, the WHO observes May 31st as World No Tobacco Day with the intention to create awareness about the health risks associated with smoking and introduce effective policies to reduce tobacco consumption. Similarly, Mary Lanning Healthcare introduced an eight-session program called the Tobacco Awareness Program (TAP), which addresses all forms of tobacco consumption.
The e-cigarettes segment dominated the market during 2015, with a market share of over 66%. E-cigarettes are cost-effective and considered less harmful, resulting in their rising consumption in the market as compared to rolling paper and filters. Although, the market for e-cigarettes displayed slow growth initially, it has gained traction from 2010 onward and will continue to grow over the next five years.
Americas accounted for almost 47% of the market share during 2015 and is expected to grow at a CAGR of around 16% during the forecast period. The decline in smoker鈥檚 population due to rising health consciousness and the increased preference for the use of e-cigarettes and nicotine replacement therapy products are the primary drivers for the market growth in this region.
The leading vendors in the market are –
GlaxoSmithKline
Imperial Tobacco
NJOY
Pfizer
Reynolds American
Other prominent vendors in the market include 22nd Century Group, Alkalon, Altria Group, Aradigm Corporation, Arena Pharmaceuticals, Ballantyne Brands, BAT, CB Distributors, Cytos Biotechnology, Electronic Cigarettes International Group (Victory Electronic Cigarettes), Evotec, Gamucci, Japan Tobacco, Johnson & Johnson, LOGIC Technology, NAL Pharmaceuticals, Nicotek, Novartis, Revolymer, RR Chemicals, Selecta Biosciences, Target, The Harvard Drug Group, Vapor, VMR Products, Walgreens, Wal-Mart, and White Cloud.
