Global Nicotine Patch Market is expected to foresee significant growth. North America to lead the growth!
- Vikas Kumar
- October 8, 2022
- HEALTHCARE, NEWS
- Nicotine Patch Market, Nicotine Patch Market Forecast, Nicotine Patch Market Growth, Nicotine Patch Market News, Nicotine Patch Market Segments, Nicotine Patch Market Share, Nicotine Patch Market Size, Nicotine Patch Market Trend
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A nicotine patch is a transdermal patch that is impregnated with nicotine. These patches release nicotine into the body through the skin which reduces the desire for tobacco. The nicotine patch market is growing on account of rising awareness regarding the benefits of using nicotine patches and an increase in the number of people who want to eliminate the urge to smoke and reduce tobacco consumption. For instance, according to the National Cancer Institute, in 2020, 53.9% of adult smokers attempted to quit smoking within the past year. Also, as per the Healthy People 2030 Target, the proportion of adult smokers (aged 18 years and older) who successfully quit smoking is increased to 10.2%.
The Nicotine Patch Market is expected to grow at a steady rate of around 7% during the projected timeframe. Factors such as an increase in the number of anti-smoking awareness programs by the government & other organizations, and the launch of innovative products in the market are some of the prominent factors that are positively influencing the market growth globally.
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Based on the product, the nicotine patch market is segmented into 24-hour nicotine patch and 16-hour nicotine patch. The 24-hour nicotine patch segment accounted for a significant market share in 2020 and it is estimated that it will grow rapidly during the projected timeframe owing to rising demand for these patches in different variants such as 7mg, 14 mg, and 21 mg. Furthermore, the 24-hour nicotine patch are more effective than 16-hour nicotine patch in reducing the positive reinforcing dimension of smoking urges which is also driving the growth of this segment.
On the basis of distribution channels, the market is fragmented into online and offline. Among these, the offline segment held a significant share in the market in 2020. This is mainly due to the wide availability of nicotine patches in various retail chains and the increasing preference of smokers to buy them from retail stores. However, the online segment is expected to witness significant growth owing to the rise in the number of internet users globally and the buy-it-now attitude of users.
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For a better understanding of the market adoption of the Nicotine patch industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. The major factors such as well-established healthcare infrastructure and the rising burden of diseases caused due to smoking such as lung diseases, cancer, stroke, and heart diseases, among others. Furthermore, an increase in government initiatives and the growing adoption of these patches are also driving the market.
Some of the major players operating in the market include GlaxoSmithKline plc, Novartis AG, Dr. Reddy’s Laboratories Ltd., Perrigo Company plc, Johnson & Johnson Services, Inc., Cipla Health Ltd., Cigna, Habitrol, CVS Health Corp, Rusan Pharma Ltd.
Global Nicotine Patch Market Segmentation
Market Insight, by Product
- 24-hour nicotine patch
- 16-hour nicotine patch
Market Insight, by Distribution Channel
Market Insight, by Region
- North America
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
- GlaxoSmithKline plc
- Novartis AG
- Dr. Reddy’s Laboratories Ltd.
- Perrigo Company plc
- Johnson & Johnson Services, Inc.
- Cipla Health Ltd.
- CVS Health Corp
- Rusan Pharma Ltd.