Growing Prevalence of COPD to Drive Demand for Smoking Cessation Products Through 2028

Smoking Cessation Products Market Research Study In Brief

The business intelligence study for the Smoking Cessation Products market provides an extensive synopsis of essential aspects involving the product classification, important definitions, and other industry-specific parameters. The report also covers the key factors associated with the current events such as alliances, mergers & acquisitions, and new product launches.

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Additionally, the Smoking Cessation Products market study puts forth a rigid basis for collecting a cluster of insights that potential customers can use to enhance their revenues and reduce costs. The illustration of data on Smoking Cessation Products market segmentation by type, application, and geography offers a critical viewpoint of, what manufacturers are eyeing for the stipulated timeframe.

According to the latest study published by Fact.MR, the smoking cessation products market witnessed impressive a 12% y-o-y volume growth in 2018 0ver 2017. The study analyzes macro and microeconomic factors that facilitate the recent developments in the smoking cessation products market, to predict future prospects of the market. Ongoing anti-tobacco movements and increasing sales of electronic cigarettes (e-cigarettes) as a smoking cessation product are key drivers for the smoking cessation products market, according to Fact.MR.

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The smoking cessation products market study investigates the key influential factors have procured a rise in the willingness of smokers to quit smoking, which include

  • The tobacco epidemic is responsible for over 7 million deaths per year worldwide.
  • Tobacco smoking is the primary cause of a life-threatening disease – Chronic Obstructive Pulmonary Disease (COPD) and it is likely to become the third leading cause of death by 2030.
  • Growing health & wellness trend is encouraging consumers to adopt healthy lifestyle.
  • Stringent laws against tobacco smoking in public places are aiding movements against tobacco smoking.
  • A significant rise in tobacco taxes in most countries is exhorting consumers to quit smoking.

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A majority of consumers are turning to smoking cessation products to mitigate the withdrawal symptoms and increase the chance of quitting smoking, which is ultimately boosting growth of the smoking cessation products market.

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Developed Regions Account for Over 80% Revenue Share in the Smoking Cessation Products Market

Though smoking cessation products are ubiquitous across the globe, the regional markets for smoking cessation products in North America and Europe are the most lucrative markets for stakeholders, according to the Fact.MR study. The study finds that manufacturers in smoking cessation products markets in the U.S. and Europe fathom that tobacco smoking has reached epidemic proportions in these regions, which is reflected in the recent developments in their vital strategies.

Growing demand for smoking cessation products in North America and Europe can be underpinned by the alarming rise in adoption of tobacco products, especially across a young-adult demographic in these regions. According to a survey on Adult Smoking Habits in the UK: 2017, people aged 25 to 34 years had the largest proportion of current smokers in the UK. In the U.S., over 38 million adults smoked cigarettes in 2016 and the largest increase in quitting was among a young-adult demographic in the country, according to the CDC.

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To capitalize on the increased willingness of the millennial population in developed countries in North America and Europe, leading manufacturers in the smoking cessation products market are likely to concentrate most of their efforts into these regions in the foreseeable future.

The Fact.MR report assesses the smoking cessation products market growth for the period 2018-2028 to find that it is envisaged to grow at a10.8% volume CAGR through 2028.

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