The smoking cessation market is projected to grow at a good CAGR during the 2018-2023 period
The recent study on the smoking cessation market covers in-depth analysis of the market on the basis of therapy, product type, and geography. The report also covers the country level analysis within the regions as well. In addition, the report covers the key trends in the market along with drivers and restraints during the forecast period 2018-2023. According to the report titled “Smoking Cessation Market - Forecasts From 2018 To 2023”, the market is expected to surge at a high CAGR during the projected period. The report has segmented the smoking cessation market by therapy (nicotine replacement therapy, non-nicotine replacement therapy), product type (chewing gum, patches, sprays and inhalers, e-cigarettes, others) and geography (North America, South America, Europe, Middle East and Africa, Asia Pacific). The demand for smoking cessation market is growing during the forecast period owing to the high prevalence of smokers worldwide, and favorable government policies. Furthermore, growing health awareness will drive market growth during the forecast period and beyond.
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High smoking prevalence, which includes second-hand smoking as well, is driving the market growth during the forecast period.
WHO has estimated that tobacco use (smoking and smokeless) is currently responsible for the death of about six million people across the world each year with many of these deaths occurring prematurely. This total includes about 600,000 people are also estimated to die from the effects of second-hand smoke (source: WHO). Thus, in order to prevent problems related to smoking and second-hand smoking there is a high demand for therapies developed for smoking cessation, emanating the growth of the global smoking cessation market in the forecast period.
The United States is expected to hold a significant market share.
Cigarette smoking is the leading cause of preventable disease and death in the United States, accounting for more than 480,000 deaths every year, or about 1 in 5 deaths. More than 16 million Americans live with a smoking-related disease (source: Centers for Disease Control and Prevention), which is the prime reason for the substantial share of North America in the global smoking cessation market. Apart from a high smoking prevalence, the market growth in this region is expected to surge during the forecast period owing to the advancements in smoking cessation therapies and products, and anti-tobacco efforts by private and public enterprises. Furthermore, adoption of healthy living conditions by many people along with their willingness to pay for better healthcare services is further emanating the growth of the global smoking cessation market here.
Some of the major players discussed in the reports are GSK group of companies, Dr. Reddy’s Laboratories Ltd., and Cipla Inc., among others.
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