The Smoking Cessation Aids Market is expected to witness a CAGR of 16.5% during the forecast period. Smoking is one of the major causes of lung cancer and other respiratory and cardiac diseases. Awareness about these health hazards has influenced the individuals to adopt smoking cessation therapy. The awareness among the individuals is through digital media, print media and other sources of information has proved to be effective in curbing nicotine addiction crisis to some extent.
According to CDC, in 2017, 14 of every 100 US adults aged 18 years or older (14.0%) currently smoke cigarettes. This hints at a high usage of de-addiction products. Also, this depicts the growing awareness of the people and their readiness to quit smoking. There are also non-government and government establishments working to educate and help people quit smoking that is engaged dedicatedly, to bring the number of smokers down. For instance, in 2017, the US Food and Drug Administration launched an adult smoking cessation education campaign aimed at encouraging cigarette smokers to quit smoking.
Other factors that will help the market growth during the forecast period, include the introduction of new products and reimbursement for smoking cessation therapy.
Key Market Trends
E-cigarettes Technology is Expected to Show Steady Growth Over the Forecast Period
E-cigarettes are considered as a healthy alternative to tobacco cigarettes and is estimated to be the fastest growing segment over the forecast period. E-cigarettes are an effective alternative for reducing health conditions associated with tobacco, while nicotine replacement therapies work best for smoking cessation. E-cigarettes are a potential threat to tobacco-based cigarettes.
At the same time, an opportunity for tobacco manufacturers to enter the new emerging segment catering to the smoking population. Consumption of e-cigarettes are less harmful compared to the regular cigarettes, no smoke and no risk of passive smoking, allowed to use even in no-smoking places, varying nicotine levels, and availability in various flavors are some of the major driving factors for the e-cigarettes market. in addition, the increasing popularity of e-cigarettes backed by its electronic feature is considered to be the major factor contributing towards its increasing demand.
Asia-Pacific Expected to Expected to Show Fastest Growth over the Forecast Period
Asia-Pacific is expected to be the fastest growing region for the market, due to increasing awareness about the smoking cessation and nicotine de-addiction products, and a huge population base in the area. In a study called Tobacco Smoking and Mortality in Asia published by JAMA Network March 2019, a pooled meta-analysis, an international collaboration of researchers, led by those from Vanderbilt University, United States, has studied the trends in tobacco use in China, Japan, South Korea, Singapore, Taiwan, and India. It was estimated that 8.3 million deaths will be attributed to smoking by 2030, half of the world's male smokers live in China, India, and Indonesia and Asia is the world's largest tobacco consumer and producer.
North America is also found dominating the smoking cessation market due to the established healthcare infrastructure and the rising disposable income.
The market players in the smoking cessation aids market involve various growth strategies, such as collaborations, partnerships, agreements, mergers and acquisitions in order to enhance the market presence. Furthermore, the introduction of new products, collaborations with government and NGO's to create awareness of smoking cessation also boosts the market growth.
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