Smoking cessation drugs: Key market research findings
- Overall cost of e-cigarettes lower than tobacco cost
- More countries are implementing pictorial warnings on tobacco packaging
Technavio has released a new market research report on the global smoking cessation drugs market, which is expected to grow at a CAGR of around 18% between 2016 and 2020. The total cost associated with the use of e-cigarettes is lesser than cigarettes, owing to its reusability, is the primary driver for the smoking cessation drugs market. At present, the Americas dominate the global smoking cessation drugs market with a market share of almost 47%. This is due to increase in sales of e-cigarettes in the region, with majority of the sales coming from the US.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“The use of e-cigarettes is seeing tremendous increase right now. This is mainly because the taxes on tobacco are not applicable to e-cigarettes. Moreover, vendors are also increasing the number of distribution outlets worldwide to reach out to more customers. Constant innovations such as extended battery life and wider choice of flavors to choose from are also majorly contributing to the growth of the market,” says Barath Palada, Lead Analyst, Pharma, Technavio Research.
The introduction of pictorial warnings on tobacco and cigarette packages is exhibiting a positive trend amongst the tobacco consuming populous across the globe. With more countries such as the UK, Hong Kong, Malaysia, and India actively implementing the introduction of pictorial warnings on tobacco packages, the global smoking cessation drugs market will grow further by 2020.
The key vendors in the global smoking cessation drugs market are GlaxoSmithKline, Imperial Tobacco, NJOY, Pfizer, and Reynolds American. The global smoking cessation products market is vigorously competitive, with vendors contending on the basis of price, quality, innovation, service, reputation, distribution, and promotion. The entry of tobacco manufacturing companies into this market has further increased the competition, thereby resulting in pharmaceutical companies losing their market shares.
A more detailed analysis is available on the Technavio report, Global Smoking Cessation Drugs Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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