Industry Background:
The smoking cessation products are the products that are developed to help quit or at least reduce the addiction to smoking. The various health-related concerns, increasing the desire to quit smoking is expected to increase the smoking cessation product market. The rising consumption of smoking and tobacco among teenagers is raising concerns resulting in stringent regulatory norms about smoking products, due to which smoking cessation product market will continue to rise during the forecasted year. The use of cigarette remains the leading cause of preventable death in the United States, marking an estimated 480,000 lives or more each year. Although cigarette use in the United States continues to decline, according to the Centers for Disease Control and Prevention (CDC), 34.2 million American adults smoked cigarettes every day or some days in 2018, and nearly 1.2 million American middle and high school students smoked cigarettes in the past 30 days in 2019.This growth is primarily driven by The Growing Population Including Teenagers with Addiction to Smoking and Tobacco Leading to Higher Chances of Lungs Related Problems and Awareness about the Harmful Effects of Smoking Addiction and Desire to Quit Smoking.
Globally, a noticeable market trend is evident Increasing Consumption of Gums and E-Cigarette
. Major Players, such as GlaxoSmithKline plc (United Kingdom), Pfizer Inc. (United States), Johnson & Johnson (United States), Reynolds American, Inc. (United States), Cipla Inc. (India), Imperial Brands (United Kingdom), Perrigo Company plc, (Ireland), Amarantus Bioscience Holdings, Inc. (United States), Takeda Consumer Healthcare Company Limited (Japan) and Kimree Technology Co.,Ltd. (China) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 25th June 2019, Amarantus Bioscience Holdings Inc., the company developing proprietary orphan neurologic, regenerative medicine and ophthalmic therapies and diagnostics announced that it entered the letter of intent ('LOI') with the Alchemist's Kitchen a plant-based company to establish a joint venture for commercialization of hemp-based herbal smokable products ‘Herbal Smokes’ for Addiction Treatment Including Smoking Cessation.
On 7th November 209, Witi, a technology company building AI-powered, medical-grade vaporization devices, announced a partnership with Perrigo Company plc, to license Witi’s patent-pending hardware and software IP in development of a new, inventive smoking cessation product. The two companies will develop an Electronic Nicotine Delivery System (ENDS), that if successful, would be submitted for approval by the US Food and Drug Administration (FDA) and other international regulatory agencies.
Market Drivers
- The Growing Population Including Teenagers with Addiction to Smoking and Tobacco Leading to Higher Chances of Lungs Related Problems
- Awareness about the Harmful Effects of Smoking Addiction and Desire to Quit Smoking
Market Trend
- Increasing Consumption of Gums and E-Cigarette
- The Emergence of Various Flavoured Smoking Cessation Products
Restraints
- Risk of Side Effects Associated with Consumption of Smoking Cessation Products
Opportunities
Stringent Regulatory Guidelines and Standard Regarding Consumption of Smoking Products will Boost the Smoking Cessation Products and Introducing Various Smoking Treatment Program
Challenges
High Cost of Smoking Cessation Products and Treatment and Need for Frequent Dosing of Smoking Cessation Products
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Smoking Cessation Products Study Sheds Light on
The Smoking Cessation Products Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Smoking Cessation Products industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Smoking Cessation Products industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.