#Nicotine #Replacement #Therapy #NRT #Market #Expected
Portland, OR, Oct. 28, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global nicotine replacement therapy market generated $2.7 billion in 2021 and is estimated to hit $5.9 billion by 2031, registering a CAGR of 8.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $2.7 billion |
| Market Size in 2031 | $5.9 billion |
| CAGR | 8.3% |
| No. of Pages in Report | 290 |
| Segments covered | Product, Sales Channel, Location, and Region |
| Drivers | Increase in the number of tobacco-addicted people and the number of people willing to stop tobacco consumption |
| Rise in demand for nicotine replacement products | |
| Advancements in nicotine replacement therapies | |
| Increase in the prevalence of tobacco-associated diseases such as cancer and respiratory disorders | |
| Latest product launches and product approvals | |
| Increase in healthcare expenditure | |
| Rise in the number of key players who manufacture nicotine replacement products at affordable cost | |
| Opportunities | Government and non-government organizations working to promote the awareness about the ill effects of tobacco on the body |
| Restraints | Government’s strict regulation on manufacturing and distribution of nicotine products |
Covid-19 scenario-
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global nicotine replacement therapy market. It caused tremendous stress to healthcare systems worldwide.
- Several…
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