Quit Smoking Drugs Global Market Report 2024

The quit smoking drugs market size has grown rapidly in recent years. It will grow from $34.86 billion in 2023 to $39.69 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth observed in the historical period can be attributed to factors such as health awareness campaigns, advancements in medical treatments, government initiatives, the integration of behavioral therapies, and shifts in consumer attitudes towards smoking cessation.

The quit smoking drugs market size is expected to see rapid growth in the next few years. It will grow to $69.08 billion in 2028 at a compound annual growth rate (CAGR) of 14.9%. The anticipated growth in the forecast period can be attributed to increased investments in research and development, a growing demand for cessation aids, targeted marketing and awareness campaigns, and advancements in pharmacotherapy for smoking cessation. Major trends expected in the forecast period include the adoption of personalized treatment approaches, a rise in health consciousness, the integration of digital therapeutics and apps, the incorporation of behavioral therapy, and the continued emphasis on targeted marketing and education efforts.

The growth of the market for quit-smoking drugs is anticipated to be driven by the increasing prevalence of various diseases associated with smoking. Smoking, the inhalation and exhalation of vapors from burning plant materials such as tobacco, marijuana, and hashish, contributes to numerous health issues. Quit-smoking drugs play a crucial role in reducing the urge to smoke by addressing cravings for tobacco and aiding in the effective cessation of smoking. For instance, as of May 2022, the World Health Organization (WHO) reported that tobacco use is responsible for more than 8 million deaths annually, with over 1.2 million fatalities attributed to non-smokers exposed to secondhand smoke. In the United States alone, cardiovascular disease linked to smoking claims the lives of over 480,000 adults each year, as reported by the American Heart Association in 2021. Thus, the growing prevalence of smoking-related diseases is a significant factor propelling the quit-smoking drug market.

The growth of the quit-smoking drugs market is expected to be further accelerated by the rise of e-commerce. E-commerce, involving the online buying and selling of goods and services, provides a convenient platform for individuals seeking quit-smoking solutions. Quit-smoking drugs are increasingly accessible through online platforms, offering a discreet and user-friendly option for those aiming to quit smoking. For example, in August 2023, the U.S. Census Bureau estimated a 2.1% increase in U.S. retail e-commerce sales for the second quarter of 2023, reaching $277.6 billion. This surge in e-commerce activities contributes to the expansion of the quit-smoking drugs market.

A key trend in the quit-smoking drugs market is the focus on product innovation by major companies to strengthen their market positions. Notably, Swedish Match AB, a tobacco company based in Sweden, introduced ZYN Tobacco Gold in August 2022. ZYN Tobacco Gold is a nicotine pouch with a sweet tobacco flavor, offering a tobacco-free and smoke-free alternative. This innovative product addresses consumer preferences for reduced-risk alternatives, catering to those who wish to avoid tobacco consumption while still enjoying a nicotine kick in smoke-free environments.

Major companies in the quit-smoking drugs market are also concentrating on the development of innovative products such as medicated nicotine lozenges to tackle the high mortality burden associated with smoking. Medicated nicotine lozenges, pharmaceutical products delivering controlled doses of nicotine through oral consumption, aim to assist individuals in quitting smoking by alleviating withdrawal symptoms and reducing the urge to smoke. In May 2021, JB Chemicals & Pharmaceuticals, based in India, launched NOSMOK medicated nicotine lozenges, available in mint flavor with sugar-based or sugar-free variants in 2mg and 4mg strengths. This initiative addresses the significant health and economic costs associated with tobacco use.

In September 2021, Philip Morris International Inc., a U.S.-based tobacco company, acquired Fertin Pharma for $820 million. This strategic acquisition is part of Philip Morris International Inc.'s goal 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, a Denmark-based pharmaceutical and nutraceutical product manufacturer, brings valuable technologies, expertise, and personnel to support Philip Morris International Inc.'s objectives in the quit-smoking products sector.

Major companies operating in the quit smoking drugs market report are 22nd Century Group, Alkalon A/S, Cipla Limited, Dr. Reddy's Laboratories, GSK Plc., Johnson & Johnson, NJOY LLC, Novartis AG, Perrigo Company Plc, Pfizer Inc., Philip Morris International, Laboratoires Pierre Fabre, Takeda Pharmaceutical Company, Glenmark Pharmaceuticals Limited, Zydus Cadila Healthcare Limited, Rusan Pharma Ltd., Axsome Therapeutics, BioCorRx Inc., BGP Pharma UAB, Bionorica SE, Cambrex Corporation, Chrono Therapeutics Inc., Coeptis Pharmaceuticals Inc., CV Sciences Inc., D-Pharm Ltd., DURECT Corporation, Egalet Corporation, Ennaid Therapeutics LLC, Fertin Pharma A/S, Gilla Inc., H&T Presspart Manufacturing Ltd., Hikma Pharmaceuticals PLC, Innovus Pharmaceuticals Inc., IntelGenx Technologies Corp.

North America was the largest region in the quit smoking drugs market in 2023. The regions covered in the quit smoking drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the quit smoking drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The major products within the category of quit-smoking drugs include drug therapy, electronic cigarettes, nicotine inhalers, nicotine replacement therapies, and nicotine sublingual tablets. Drug therapy involves the use of medications to treat or prevent diseases related to smoking cessation. Medications such as Varenicline (Chantix), Bupropion (Zyban), and others are available through various channels, including drug stores, online pharmacies, and retail pharmacies.

The quit smoking drugs market research report is one of a series of new reports that provides quit smoking drugs market statistics, including quit smoking drugs industry global market size, regional shares, competitors with a quit smoking drugs market share, detailed quit smoking drugs market segments, market trends and opportunities, and any further data you may need to thrive in the quit smoking drugs industry. This quit smoking drugs 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 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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