Smoking Cessation Products Market Prognostications Highpoint Positive Revenue during Forecast Period, 2018-2028
The purpose of this rich study presented by FactMR is to elaborate the various market projections impacting the global smoking cessation products market during the period until 2028. This assessment delivers high-end statistics concerning market size, Y-o-Y growth in trends and revenue share (US& Mn) linked to different geographies and segmentation types. Readers can acquire precise insights about growth trends along with opportunities that are expected to reshape the overall structure of the smoking cessation products market during the forecast period.
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Growing Prevalence of Chronic Obstructive Pulmonary Disease (COPD) Drives Demand for Smoking Cessation Products
A prevalence of around 251 million patients with COPD was report across the globe in 2016 by a WHO report, and it will become the third leading cause of death by 2030. As smoking tobacco is the primary cause of COPD, manufacturers in the smoking cessation products market are promoting the use of various types of smoking cessation products to prevent it.
Additionally, consumers are becoming aware that there is no cure for the life-threatening disease, thereby, the growing needs for preventing COPD is boosting adoption of smoking cessation products. Offering personalized smoking cessation products to facilitate COPD management for patients can help smoking cessation products market players to improve sales and gain an edge in the smoking cessation products market in coming years.
Regulations on Smoking Cessation Products Create Challenges for Marketing and Distribution
Governmental organizations across the world have introduced laws and regulations on marketing and distribution of smoking cessation products to address the public health concerns associated with tobacco use and use of smoking cessation products such as electronic cigarettes.
The U.S. Food and Drug Administration (FDA) has amended the Family Smoking Prevention and Tobacco Control Act and declared that vaping products and smoking cessation products, such as e-cigarettes, are subject to the Federal Food, Drug, and Cosmetic Act. The Government of Canada also enacted the Tobacco and Vaping Products Act (TVPA), which regulated manufacturing and sales of various smoking cessation products, including e-cigarettes, in Canada. Also, the UK Government introduced new rules under the Tobacco Products Directive 2014/14/EU (TPD) to regulate smoking cessation products, such as nicotine-containing electronic cigarettes and refill containers.
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Growth prospects of the smoking cessation products market are moderately attributed to smoke-free air laws, as these laws limit promotion and advertising of tobacco products and indirectly encourage consumers to quit smoking. Stringent regulations and laws that discourage smoking may exhort the smoker population to turn to smoking cessation products, which may complement growth of the smoking cessation products market in the upcoming years.
Potential Risks and Side Effects may Drive Consumers Away from Smoking Cessation Products
Though most smoking cessation products can reduce withdrawal symptoms and help consumers to quit smoking tobacco with ease, they come with certain side effects leading to causing discomfort in consumers. The use of smoking cessation products, such as patches and nasal sprays, can cause irritation of nose, skin, eyes, or throat, along with causing some behavioral changes in consumers.
Also, insomnia and diarrhea are among the most common side effects of non-nicotine smoking cessation products, such as varenicline. FDA released a safety announcement to warn consumers about serious mental health side effects of smoking cessation products, including varenicline and bupropion. Growing consumer awareness about the potential risks of using smoking cessation products may hamper growth of the smoking cessation products market.