No; nicotine inhaled in the vapor form is not carcinogenic and is absorbed by lining in your mouth and throat. It is not like tobacco smoke, which contains tar and is inhaled through the lungs.
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Taking nicotine by another means besides smoking is not at all harmful to the lungs. With smoking, it is the actual smoke (and NOT the nicotine) that harms the lungs. However, while taking nicotine in the form of patches, gums, lollipops, etc is mostly harmless, chewing tobacco has health hazards of its own.
It is obviously better than smoking cigarettes. I have quit smoking after 40 years of the habit. I no longer have a smokers cough and I no longer having a wheezing chest. It works for me!