Market Trends of Smoking Cessation Aids Industry
Electronic Cigarettes Segment is Expected to Witness Significant Growth Over the Forecast Period
Electronic cigarettes (E-cigarettes) or vaping devices are battery-operated devices used by people to inhale an aerosol that often contains nicotine, flavorings, and other substances. The two main types of e-cigarettes are cartridges and disposables. Cartridges are rechargeable and designed to be used multiple times. The pre-filled cartridge is often changed when it is empty. Disposables are discarded after they run out of juice or charge because they cannot be recharged or refilled.
The e-cigarette segment is expected to witness significant growth in the smoking cessation aids market over the forecast period. It is due to factors such as the growing understanding of e-cigarettes being safer than traditional cigarettes, increasing e-cigarette technologies like pod systems and squonk mods, and rising user adoption.
According to the data published by the CDC, in October 2022, about 2.55 million United States middle and high school students reported current (past 30-day) e-cigarette use in 2022, which includes 14.1% of high school students and 3.3% of middle school students. In addition, as per the same source, about 85% of those youth used flavored e-cigarettes and more than half used disposable e-cigarettes. Thus, the high adoption of e-cigarettes among the population increased their demand in the market. It increased the company's focus on developing innovative products and devices, contributing to the segment's growth.
Additionally, as per an article published in Tobacco Induced Diseases in October 2022, it was observed that e-cigarettes appeared to be superior to nicotine replacement therapy (NRT) in terms of 7-day point abstinence rate and abstinence rate for more than 6 months continuous. It is expected to increase the adoption of e-cigarettes among the population, propelling the segment's growth.
Furthermore, the rising product launches by the key players increase the availability of innovative smoking products and devices in the market, which is expected to fuel the segment growth over the forecast period. For instance, in August 2022, SMOK launched a new SOLUS 2 Series, an upgraded version of the SOLUS series of Vaping Devices, at a global product launch event in Jakarta. It provides an improved vaping experience and cost-effectiveness for vapers. Also, in May 2022, Innokin Technology launched a lineup of vaporizers with water-based vaping technology with water-based juice, AQ30. Water-based vaping delivers smoother vapor and faster satisfaction than traditional vaping systems and reduces the dehydrating qualities of vapor.
Therefore, owing to the factors above, such as the high adoption of e-cigarettes and increasing product launches, the studied segment is expected to grow over the forecast period.
North America is Expected to include the Significant Market Share Over the Forecast Period
North America is expected to hold a significant market share over the forecast period owing to factors such as the increasing burden of diseases associated with smoking, the growing number of favorable government initiatives, the increasing adoption of e-cigarettes and heated tobacco, and rising product launches.
The increasing adoption of e-cigarettes among the population is the key factor driving the market growth. For instance, according to the data published by the CDC, in October 2022, more than one in four youth (27.6%) used e-cigarettes daily, and more than four in 10 (42.3%) used them on 20 or more of the past 30 days. In addition, as per the same source, the most used e-cigarette device type was disposable (55.3%), followed by prefilled or refillable pods or cartridges (25.2%) and tanks or mod systems (6.7%). Also, according to the data published by the Federal Trade Commission in August 2022, it was observed that the sales of flavored disposable e-cigarettes and menthol e-cigarette cartridges increased during the pandemic period.
Furthermore, the government and private organizations are creating awareness about nicotine patches and their benefits in quitting smoking, contributing to the market growth. For instance, as per the FDA, in July 2022, the smoking cessation products approved or cleared by the agency assist users in quitting and may even increase their success rates. In addition, over-the-counter nicotine replacement therapies (NRTs) are approved for sale to people aged 18 and older, including skin patches and transdermal nicotine patches.
Moreover, the growing regional product launches are also contributing to the market growth. For instance, in September 2022, 22nd Century Group launched VLN, a low-nicotine cigarette in Colorado. Also, in October 2021, the FDA authorized an electronic cigarette, Vuse's Solo, and its tobacco-flavored nicotine cartridges. It helps smokers significantly reduce exposure to the harmful chemicals in traditional cigarettes in the United States. Also, in September 2021, Endo International plc launched the generic version of Pfizer's Chantix (varenicline) tablets, used for smoking cessation, in the United States.
Therefore, the studied market is expected to grow over the forecast period due to the factors above, the high adoption of smoking cessation products, increasing product launches, and growing government initiatives.
