Nandini Roy, Senior Consultant- Retail & Consumer Goods Domain at Fact.MR discusses crucial aspects determining growth of smoking cessation products market.
The demand for smoking cessation products remain highly influenced by rising willingness to give up on use of cigarettes. This growth can be accredited to the realization of harmful impacts associated with tobacco consumption, primarily by smoking. The rising number of deaths caused by tobacco consumption remains a prominent influencer stimulating people to cut out on cigarettes and opt for smoking cessation products. Rising trend of health and wellness is another macro factor favoring the growth of smoking cessation products market. Stringent laws and awareness initiatives to curb cigarette usage are significantly contributing to augmented adoption of smoking cessation products.
Being one of the highly-used smoking cessation products in Europe, what controversies did E-cigarettes face in the recent times?
Though sales of electronic cigarettes have significantly taken off in the past few years, the product has also faced the brunt of substantial controversies amid the public health community. With studies analyzing relevance of e-cigarettes with respect to smoking cessation, conflicting results fuel controversies apropos of its efficacy. While proponents vouch for its multipronged benefits with regard to smoking cessation, opponents continue to highlight a behavioral intervention resulting out of e-cigarette use, wherein one habit is substituted by another with major similarities in usage and rituals.
In spite of the current controversies revolving around efficacy of e-cigarettes, consumers show marked preferences for e-cigarettes as a viable smoking cessation product. The young-adult smokers are found to be representing a major portion of the total demographic contributing to the overall demand for e-cigarettes.
What impact would health hazards associated with smoking cessation products have on consumer confidence?
Though smoking cessation products are long famed for their effectuality in helping the users quit smoking, these products have been accused of having potential side effects. Smoking cessation products such as have been reported to cause sleeping disorders and agitation. Moreover, some of the prominent side effects associated with smoking cessation products include headaches, constipation, nausea, and depression, thereby denting consumer confidence.
Prominent organizations, such as FDA, have released safety guidelines for warning consumers about the serious health hazards associated with consumption of smoking cessation products, including bupropion and varenicline. Rising cognizance of potential hazards linked to consumption of smoking cessation products is likely to challenge the adoption rate by a considerable margin.
Which sales channel remains highly profitable for manufacturers of smoking cessation products?
Hospital pharmacies remain the most remunerative sales channel for smoking cessation products, as these products are advised to be used post prescription from physicians. These products are being actively purchased from both private as well as public hospital pharmacies, making them highly remunerative for manufacturers and suppliers of smoking cessation products. Retail stores remain the second-most profitable sales channel, owing to high dependence of the new-age consumers on retail pharmacy as a one-stop shop to navigate through a wide-range of smoking cessation products available. Moreover, an ongoing scarcity of primary care providers is persuading people to turn to retail pharmacy for making diligent purchases. The third-most lucrative are the online sales channels that are rapidly growing with wide-spread consumer bases.
Convenience to choose from a myriad of options in tandem with favorable deals is inducing the massive customer shift toward online channels for making purchases of these products. Retail stores are likely to witness significant year-on-year growth in 2019, backed by a larger customer base. Since more and more of these smoking cessation products are being readily dispensed by limited number of large specialty pharmacies, the community pharmacies might have to position themselves strategically to deal with rising number of expensive products that are introduced into the market space.
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