E-cigaretee - Research Paper Example

The smoking cessation industry is led by the USA in terms of the market size, which is the followed by UK, Germany and then Russia. However, almost in all the developed countries and even in many other countries globally, the smoke cessation industry has been growing rapidly. While the most known method for helping in smoking cessation traditionally has been nicotine replacement therapy (NRT), new methods products are now rising, which targets the smoking cessation industry (Wikinvest, n.p.). The market is segmented into two broad categories of the cessation therapy consumer segment and the smoking cessation products/pills consumers segment.

The therapy market segment consumer segment constitutes the consumers who are seeking the services of medical professionals to assist them in the cessation of their smoking habits, with such consumers having access to 17 different smoking cessation therapies, but one of the therapies, the nicotine replacement therapy (NRT), remains the most predominant therapy that many smokers are seeking (Wikinvest, n.p.). The smoking cessation products/pills consumers segment comprises of the consumer segment that is purchasing the products manufactured by the smoking cessation industry, such as the smoking cessation pills, which are widely applied towards helping the smokers quit their habits.

The use of the smoking cessation pills is highly adopted in the UK markets, with the product generating £720m in revenue in the year 2011 alone (Steele, n.p.). The smoking cessation industry is relatively small in size, considering that it is an industry that is relatively new in the market, and its products are yet to be known very well. However, the industry is poised to grow in the near future to a substantial market. While the current market share of the smoking cessation industry is estimated at between 3 and 4% of the overall, the growth rate of the industry is