Varenicline Market Report 2024

Where is the largest and fastest growing market for varenicline? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more. The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The varenicline market size has grown strongly in recent years. It will grow from $1.6 billion in 2023 to $1.7 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The increase observed during the historic period can be attributed to the rise in smoking cessation initiatives, regulatory approvals and recommendations, effective and safe profiles, heightened research and development efforts, and the growing incidence of smoking-related diseases.

The varenicline market size is expected to see strong growth in the next few years. It will grow to $2.17 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The projected growth during the forecast period can be attributed to advancements in smoking cessation research, expansion into emerging markets, integration with digital health solutions, government support and subsidies, and a heightened focus on personalized medicine. Key trends in the forecast period include the integration with digital health technologies, the development of combination therapies, personalized smoking cessation plans, government expansion, and insurance coverage.

The increasing prevalence of smoking addiction is projected to drive the growth of the varenicline market in the future. Factors such as easy access to cigarettes and other tobacco products, along with social influences and peer pressure, particularly among individuals, are contributing to higher smoking rates. Varenicline is a prescription medication designed to aid smoking cessation by reducing cravings and withdrawal symptoms while also diminishing the pleasurable effects of nicotine. For example, in July 2022, Statistics Canada, a Canadian government agency, reported a 5.8% increase in cigarette production compared to June 2021. Additionally, the total number of cigarettes sold rose by 1.3% from May 2022, reaching 1.4 billion in June 2022. Consequently, the growing prevalence of smoking addiction is expected to boost the varenicline market.

Major players in the varenicline market are concentrating on developing new formulations and delivery methods, such as generic tablets, to enhance their market leadership across various regions and secure a competitive advantage. Generic varenicline tablets are non-branded versions of the medication containing varenicline tartrate, which is bioequivalent to the original branded product and is used for smoking cessation therapy. For example, in January 2024, Lupin Limited, an India-based pharmaceutical company, introduced new varenicline tablets in the United States, available in 0.5 mg and 1 mg strengths. These tablets are generic versions of Chantix tablets (0.5 mg and 1 mg) from P.F. Prism C.V. and are intended to support smoking cessation treatment.

In April 2023, SK Capital Partners LP, a US-based private investment firm, acquired Apotex Pharmaceutical Holdings Inc. for an undisclosed amount. Through this acquisition, SK Capital aims to utilize Apotex's renowned brand, extensive product portfolio, global reach, and experienced team to drive growth and boost shareholder value. Apotex Pharmaceutical Holdings Inc., a Canadian pharmaceutical company, produces drugs for smoking addiction, including varenicline.

Major companies operating in the varenicline market are Pfizer Inc., Biocon Limited, Oyster Point Pharma Inc., Viatris Inc., Teva Pharmaceutical Industries Ltd., Sandoz International GmbH, Nanjing Clasien Pharmaceutical & Chemical Co. Ltd., Hetero Drugs Limited, Sun Pharmaceutical Industries Ltd, Aurobindo Pharma Limited, Dr. Reddy's Laboratories Ltd., Cipla Limited, Apotex Inc, Amneal Pharmaceuticals LLC, Lupin Limited, Alkem Laboratories Ltd, Glenmark Pharmaceuticals Limited, Jubilant Life Sciences Limited, Alembic Pharmaceuticals Limited, Torrent Pharmaceuticals Ltd., Medley Pharmaceuticals Ltd, Wockhardt Ltd, Par Pharmaceutical Inc, Torrent Pharmaceuticals Ltd, Cadila Healthcare Limited (Zydus Cadila), Lee Pharma Limited, Viwit Pharmaceuticals Limited, Leading Pharma LLC.

North America was the largest region in the varenicline market in 2023. The regions covered in the varenicline market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the varenicline market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Varenicline is a medication designed to assist with smoking cessation by alleviating withdrawal symptoms and blocking the effects of nicotine on the brain. It functions as a partial agonist at nicotinic acetylcholine receptors, helping to reduce cravings and making the process of quitting smoking more manageable.

The primary forms of varenicline are 0.5 mg tablets and 1 mg tablets. The 0.5 mg tablets are used to gradually decrease nicotine cravings and withdrawal symptoms, aiding users in the process of quitting smoking and enhancing long-term success. Varenicline can be administered orally, sublingually, or transdermally, and is intended for use by smokers, ex-smokers, and those preparing to quit. Its applications include hospitals and drug stores.

The varenicline market research report is one of a series of new reports that provides varenicline market statistics, including varenicline industry global market size, regional shares, competitors with an varenicline market share, detailed varenicline market segments, market trends and opportunities, and any further data you may need to thrive in the varenicline industry. This varenicline market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The varenicline market consists of sales of par pharmaceutical varenicline, champix, and injections, as well as extended-release or combination therapies used for smoking cessation. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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