The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s quit smoking drugs market report forecasts the quit smoking drugs market size to grow to $12.40 Billion by 2027, with a CAGR (compound annual growth rate) of 8%.

Learn More On The Quit Smoking Drugs Market Report 2023 – https://www.thebusinessresearchcompany.com/report/quit-smoking-drugs-global-market-report

Quit Smoking Drugs Market Size Forecast
The global quit smoking drugs market is expected to grow from $8.39 billion in 2022 to $9.10 billion in 2023 at a compound annual growth rate (CAGR) of 8.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global quit smoking drugs market size is expected to grow to $12.40 billion in 2027 at a CAGR of 8.0%.

North America held the largest quit smoking drugs market share.

Key Quit Smoking Drugs Market Driver ­– Growth In The Prevalence Of Numerous Diseases Due To Smoking
According to the World Health Organisation (WHO), a Switzerland-based international public health organisation, tobacco will kill more than 8 million people per year by May 2022. Nonsmokers exposed to secondhand smoke cause around 1.2 million of those fatalities, whereas direct tobacco use causes more than 7 million. Furthermore, according to the American Cancer Society, a cancer organisation based in the United States, smoking will be responsible for 30% of all cancer fatalities and 20% of all cancer diagnoses in the United States by October 2020. Furthermore, smoking is responsible for approximately 80% of lung cancer cases and 80% of lung cancer fatalities. As a result, the rising prevalence of several ailments caused by smoking is propelling the rise of the quit-smoking drug market.

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Key Quit Smoking Drugs Market Trend – Product Innovations
To increase their market position, major players in the quit-smoking medicine market are focusing on product innovation. Swedish Match AB, a Swedish tobacco firm, for example, debuted ZYN Tobacco Gold, a tobacco-flavored, nicotine pouch in travel retail, in August 2022. Tobacco Gold is available in two strengths: medium (3 mg) and strong (6 mg). Since tobacco has emerged as the most popular flavour to let consumers opt for reduced-risk options that are both tobacco-free and smoke-free, the pouches’ sweet tobacco flavour, which is reminiscent of dried fruit, wood, and caramel, satisfies consumer expectations. It offers a solution for cigarette users who want to avoid tobacco consumption while simultaneously getting a nicotine boost in smoke-free locations.

Quit Smoking Drugs Market Segment
1) By Product: Drug Therapy, E-Cigarettes, Nicotine Inhalers, Nicotine Replacement Therapies, Nicotine Sublingual Tablets
2) By Drug: Varenicline (Chantix), Bupropion (Zyban), Other Drugs
3) By Distribution: Drug Store, Online Pharmacies, Retail Pharmacies

Quit Smoking Drugs Market Major Players and Strategies
Major players in the quit smoking drugs market are 22nd Century Group, Alkalon A/S, Cipla Limited, Dr. Reddy’s Laboratories, GSK Plc., Johnson & Johnson, NJOY, Novartis AG, Perrigo Company Plc., Pfizer Inc., Philip Morris International, Laboratories Pierre Fabre, Takeda Pharmaceutical Company, Glenmark Pharmaceuticals Limited, Zydus Cadila, Rusan Pharma Ltd., and Axsome Therapeutics.

Fertin Pharma was acquired for $820 million by Philip Morris International Inc., a cigarette business based in the United States, in September 2021. Philip Morris International Inc. intends to use Fertin Pharma’s potential technologies, robust expertise, and skilled personnel to generate over 50% of its total net revenues from smoke-free products and a minimum of $1 billion in net revenues from products other than nicotine. Fertin Pharma is a Danish maker of pharmaceutical and nutraceutical goods, including smoking cessation aids.

The Quit Smoking Drugs Global Market Report 2023 covers regional data on quit smoking drugs market size, quit smoking drugs market trends and drivers, opportunities, strategies, and quit smoking drugs market competitor analysis. The countries covered in the quit smoking drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Quit smoking pills are prescription medications that help people quit smoking by reducing cravings and other nicotine withdrawal symptoms. It is used to administer nicotine in an alternate form, such as chewing gum or patches, for a short period of time, reducing nicotine withdrawal symptoms and the desire to smoke.

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