Market Introduction
Smoking cessation lowers the risk of cancer and other serious health problems. Some products contain nicotine as an active ingredient and others do not. Counseling, behavior therapy, medicines, and nicotine-containing products, such as nicotine patches, gum, lozenges, inhalers, and nasal sprays, may be used to help a person quit smoking. They are regulated through the FDA’s Center for Drug Evaluation and Research, which ensures that the products are safe and effective and that their benefits outweigh any known associated risks.
Market Overview and Dynamics
The South and Central America smoking cessation aids market is expected to reach US$ 2,394.81 million in 2028 from US$ 1,004.42 million in 2021; it is estimated to grow at a CAGR of 13.2% from 2021 to 2028. Key factors that are driving the growth of this market are rising addiction toward tobacco smoking and increasing number of campaigns to reduce smoking and tobacco dependence. However, steeping costs for development of nicotine replacement therapies are likely to restrain the market growth in the future years to some extent.
The smoking of tobacco is proven to be dangerous in all forms as it can lead to chronic health conditions, preventable diseases, deaths, and disabilities. According to the World Health Organization (WHO), smoking-related disorders result in about 435,000 deaths per year in the US, which equals to around 1 in 5 of the total deaths in the country. Therefore, prevalence of tobacco smoking is high across various countries in the North America that drives the growth of the smoking cessation aids market. The government and nongovernment organizations worldwide are coming forward and launching campaigns to provide awareness and undertake measures to curb the diseases caused due to smoking and tobacco consumption. The measures are taken to reduce the economic and health burden caused due to cigarette smoking in countries worldwide. For instance, every year on May 31st, the WHO along with its global partners celebrate World No Tobacco Day (WNTD) to spread education and awareness regarding the harmful and deadly effects of tobacco and second-hand smoke exposure. Initiatives undertaken on this day mainly aim to discourage the consumption of tobacco in any form and educate people regarding the availability of aids that assist in smoking cessation. The launch of anti-smoking campaigns is organized on global, national, and regional levels worldwide. The governments of various countries have increased excise duties and taxes on tobacco-based cigarettes and cigars to reduce its affordability, thus consumption among common populace. In addition, numerous governments have legalized the use of e-cigarettes as a smoking cessation aid under licensed sales channels to prevent people from opting conventional cigarettes. Thus, the increasing efforts undertaken by governments as well as non-profit and nongovernment organizations to promote the use of smoking cessation aids and reduce the number of smoking populations boost the growth of the market.
The South and Central America region is highly affected due to the outbreak of the COVID-19 pandemic. Over the past two decades, Brazil has been at the forefront of global tobacco control initiatives. Brazil has thrown its weight behind nicotine replacement therapies – a move strongly endorsed by the World Health Organization (WHO), which has put nicotine replacement therapy on the Essential Medicines List (EML). Such government initiatives are helping the market to grow. Moreover, during this COVID-19 situation, researchers are evaluating the results for the nicotine usage in preventing COVID-19 pandemic. It states that there is insufficient information to confirm link between tobacco or nicotine in the treatment of COVID-19. Hence, COVID-19 pandemic does not show significant impact on smoking cessation aids market.
Key Market Segments
Based on product, the South and Central America smoking cessation aids market is segmented into nicotine replacement therapy, drugs, electronic cigarettes, and others. In 2021, the electronic cigarettes segment is likely to hold the largest share of the market and is expected to grow at the fastest rate in the coming years.
Based on end user, the South and Central America smoking cessation aids market is segmented into hospital pharmacies, online channel, retail pharmacies, and other end users. The retail pharmacies segment is likely to hold the largest share of the market in 2021, whereas the online channel segment is anticipated to register the highest CAGR of the market during the forecast period.
Major Sources and Companies Listed
A few of the primary and secondary sources associated with this report on the South and Central America smoking cessation aids market are the American Addictions Center (AAC), Ministry of Health in Argentina (ANMAT) and Centre for the Study of Drug Development (CSDD).
Reasons to buy the report
SOUTH AND CENTRAL AMERICA SMOKING CESSATION AIDS MARKET SEGMENTATION
By Product
By End User
By Country
Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 1,004.42 Million |
| Market Size by 2028 | US$ 2,394.81 Million |
| CAGR (2021 - 2028) | 13.2% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Product
|
| Regions and Countries Covered |
South and Central America
|
| Market leaders and key company profiles |
|
The South and Central America Smoking Cessation Aids Market is valued at US$ 1,004.42 Million in 2021, it is projected to reach US$ 2,394.81 Million by 2028.
As per our report South and Central America Smoking Cessation Aids Market, the market size is valued at US$ 1,004.42 Million in 2021, projecting it to reach US$ 2,394.81 Million by 2028. This translates to a CAGR of approximately 13.2% during the forecast period.
The South and Central America Smoking Cessation Aids Market report typically cover these key segments-
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The South and Central America Smoking Cessation Aids Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
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Essentially, anyone involved in or considering involvement in the South and Central America Smoking Cessation Aids Market value chain can benefit from the information contained in a comprehensive market report.
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