From GlobeNewswire: 2024-05-17 15:00:00

The Global Nicotine Replacement Therapy Market is set to double in size from USD 3.2 billion in 2023 to USD 6.9 billion by 2033, driven by a 7.99% CAGR. NRT involves using products like gum and patches to give controlled doses of nicotine to aid in quitting smoking. Smartphone apps also help track habits. Advancements in NRT, new product launches, and collaborations are key growth drivers. The gums segment dominates the market with the largest revenue share. The offline sales channel also leads the market, with hospitals & deaddiction centers accounting for the largest share in 2023. North America leads the market, with the highest retail sales of NRT products. Asia-Pacific is expected to grow rapidly, with a large population base and increasing awareness about the health risks of smoking. Key players in the market include Pfizer Inc, Johnson & Johnson, and GlaxoSmithKline. In December 2023, Lupin Ltd received USFDA approval for a smoking cessation drug. The market is segmented based on product, sales channel, location, and region. Spherical Insights & Consulting offers market research and consulting services for various industries, providing forward-looking insights for decision-makers.



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