The Global Nicotine Patch market is projected to grow at a CAGR of around 7.8% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The major factor supporting the market growth included the enhanced demand for smoking cessation products. As a large number of consumers have been volunteering to quit smoking during the past few years, the need for nicotine replacement therapies has also amplified.
Further, among all the nicotine replacement therapies, the demand for these patches has been the highest as it is a transdermal patch that can be applied easily without any expert assistance. Thus, owing to the high level of convenience that the product offers, the demand for nicotine patches have grown considerably among patients during the past few years.
In addition, the increased prevalence of related diseases, including lung cancer, COPD, asthma, etc., has been connected to rising tobacco consumption in nations like the US, India, China, Southeast Asian countries, etc. This has prompted governments in these nations to take action to reduce the number of deaths recently linked to nicotine consumption. These programs attempt to encourage several Nicotine Replacement Therapies (NRTs) available in the market, which would aid people in quitting smoking.
Therefore, it is projected that the government's planned intentions to help its residents stop smoking by providing NRTs would boost sales of these patches in the upcoming years. Thus, it is anticipated that these strategies would accelerate the market growth during 2023-28, further states the research report, “Global Nicotine Patch Market Analysis, 2023.”
24-hour Patch to Influence the Market in the Forecast Period
Based on the types, the market is further bifurcated into a 24-hour Patch & 16-hour Patch. Among them, the 24-hour patch dominated the market during the historical years, as most of the major players offer products in this segment only. Also, the 24-hour patches are highly effective in comparison to the 16-hour patch, as they can be worn for a whole day, preventing cravings at night as well. Also, the patients with higher cravings, i.e., more than 10-12 cigarettes per day, prefer a 24-hour patch only, as the 16-hour patch would not be effective in their cases. Furthermore, with the rising number of patients consuming a higher amount of tobacco across most of the Asia-Pacific & Middle Eastern countries, the demand for 24-hour patch would amplify in the forecasted years as well.
Asia-Pacific to Dominate the Global Market
Geographically, Asia-Pacific dominated the Global Nicotine Patch market during the historical years. The enhanced prevalence of disorders linked to the consumption of cigarettes, including lung cancer, asthma, COPD, etc., amplified the awareness among Asia-Pacific consumers to quit smoking. The major countries witnessing tobacco-related disorders include India, China, Bangladesh, etc., owing to the large number of tobacco-consuming populations in these countries. For instance:
Hence, the increased consumption of tobacco products coupled with the amplifying death incidence related to them has led consumers to focus on quitting smoking and enhanced nicotine patch adoption during 2018-2022. Thus, the rising awareness of tobacco-related health issues is anticipated to uplift the growth of the market in Asia-Pacific during the forecasted years as well.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including GlaxoSmithKline plc, Cipla Ltd, Johnson & Johnson Ltd, Sparsha Pharma International Pvt. Ltd., Dr. Reddy's Laboratories, Inc., Perrigo Company plc, Cardinal Health, CVS Health Corp., Rusan Pharma Ltd., Target Corp., Walgreens Boots Alliance Inc., Rite Aid Corp, and Others are looking forward to strengthening their market position.
Key Questions Answered in the Research Report