Global nicotine addiction treatment market is rising gradually with a healthy CAGR in the forecast period of 2019-2026. Government policies and initiatives to offer a fund to many research institute and pharmaceuticals companies for developing novel therapy and increase dependency of tobacco products are the key factors for market growth
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Market Definition: Global Nicotine Addiction Treatment Market
Nicotine is a stimulant drug and potent parasympathomimetic alkaloid found in the tobacco plant. Tobacco products contain nicotine is highly addictive causing craving for more of it. Nicotine addiction causes serious disease and death. Exposure of nicotine in adolescence can disrupt the brain development such as mood disorders. Nicotine replacement therapy is Over the Counter medication is most commonly used for smoking cessation. It reduces the withdrawal feelings by giving you a small controlled dose of nicotine and hence reduces the urge for smoke.
According to the statistics published in Alcohol and Drug Foundation, it is estimated up to 37.7% of people aged 14 years and above have used tobacco in the Australia. These growing cases of nicotine consumptions and high demand of novel therapies are the key drivers for market growth.
Global nicotine addiction treatment market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of global nicotine addiction treatment market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Market Players:
Few of the major competitors currently working in the global nicotine addiction treatment market are Hager Biosciences, LLC, ADDEX THERAPEUTICS, Omeros Corporation, Sosei Group Corporation, CV Sciences, Inc, Cerecor, Inc, Astraea Therapeutics LLC, Johnson & Johnson Services, Inc., GlaxoSmithKline plc, Pfizer Inc, Novartis AG, Sanofi, Dr. Reddy’s Laboratories Ltd, Teva Pharmaceutical Industries Ltd, Mylan N.V. , Axsome Therapeutics, Inc. and others.
High prevalence of tobacco products consumptions acts as a market driver
Vulnerable adult population as adults are at high risk for nicotine addiction also drives the market growth
Increase in government initiatives and polices can also act as a market driver
Rapid adoption of newer formulations and novel dosage forms can boost the market growth
Limited success of existing smoking cessation methods is also hampering the market growth
Preference of non-pharmacology therapies over pharmacology therapies can hinder the market growth
Patent expiry of major drugs and introduction of generic drugs of branded version is expected to restrict the growth of this market
Segmentation: Global Nicotine Addiction Treatment Market
By Treatment Type
Nicotine Replacement Therapy
By Product Type
By Route of Administration
By Drug Delivery System
Transdermal Drug Delivery System
Buccal Drug Delivery System
Middle East & Africa
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Key Developments in the Market:
In June 2018, Omeros Corporation received approval from regulatory authority and ethics committee to initiate phase I clinical trial for its lead candidate PDE7, phosphodiesterase inhibitor for the treatment of all addictions including nicotine addiction and compulsive disorders. If successful, it will represent an immense and urgent unmet need for the treatment of nicotine addiction
In December 2017, Axsome Therapeutics, Inc entered into research collaboration with Duke University to develop AXS-05, a novel, oral, fixed-dose combination of dextromethorphan and bupropion. Under the deal terms, Duke University will be responsible for conducting preclinical research. This strategic alliance significantly contributes in solving the problem of tobacco addiction worldwide
Reasons to Purchase this Report
Current and future of global nicotine addiction treatment market outlook in the developed and emerging markets
The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period
Regions/Countries that are expected to witness the fastest growth rates during the forecast period
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