Nicotine Patch Market: Current Analysis and Forecast (2022-2028)

Report Description

Global Nicotine Patch Market is expected to grow at a significant rate of around 7% during the forecast period. This growth can be due to growing awareness among the population regarding the benefits of using the nicotine patch over gums or lozenges. Nicotine patches can provide a steady level of nicotine in the body which helps in reducing smoking withdrawal as compared to gum or lozenge can be used to relieve cravings more quickly as they happen. Furthermore, growing anti-smoking government & international organization initiatives, increased adoption of nicotine patches for smoking cessation, and the launch of new products in the market by the industry players are some of the prominent factors contributing to the growth of the market globally. For example, in January 2018, Cipla Health, an arm of Cipla with a focus on consumer healthcare products, launched Nicotex Nicotine patches to help smokers kick the habit in 12 weeks. Nicotex Nicotine patch is a skin/transdermal patch that works on the proven principle of nicotine replacement therapy.

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. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with nicotine patch.

Insights Presented in the Report

“Amongst product, 24-hour nicotine patch category to witness higher CAGR during the forecast period”

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.

“Amongst distribution channels, the offline segment to hold a significant share in the market in 2020”

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.

“North America to hold a significant share in the market”

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. For instance, according to the American Lung Association, almost 37 million Americans live with chronic lung diseases like asthma and COPD, which include emphysema and chronic bronchitis. Furthermore, an increase in government initiatives and the growing adoption of these patches are also driving the market.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global nicotine patch market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Nicotine Patch Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global nicotine patch market were the three major steps undertaken to create and analyze the adoption of nicotine patch in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global nicotine patch market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the nicotine patch market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the nicotine patch market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product and distribution channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the nicotine patch market. Further, we conducted factor analysis using dependent and independent variables such as various product and distribution channel of nicotine patch. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the nicotine patch market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global nicotine patch market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the nicotine patch market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global nicotine patch market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global nicotine patch market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product and distribution channel in the global nicotine patch market.

The main objective of the Global Nicotine Patch Market Study

The current & future market trends of the global nicotine patch market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the nicotine patch market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of product and distribution channel.
• Define and analysis of the regulatory framework for the nicotine patch
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the nicotine patch market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the nicotine patch market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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