NEW YORK — Global sales of nicotine replacement products are expected to reach $6.2 billion in 2018, following compound annual growth rates of 4.5% between now and then, GBI Research reported Wednesday.
The report noted that the prevalent population for nicotine addiction stood at 136.7 million people in 2011, while the "diagnosed" population, defined as those going to visit a physician concerning smoking cessation, only was 40 million. While 70% of smokers want to quit, less than 5% actually do, indicating a massive opportunity for companies willing to enter the market, GBI Research noted, citing GlaxoSmithKline research.
Popular nicotine replacement therapies that are available over the counter account for 75% of all smoking cessation therapies sold worldwide, GBI Research noted.
The global nicotine addiction therapeutics market was estimated at $4.5 billion in 2011, indicating a compound annual growth rate of 3.1% between 2004 and 2011.