SEATTLE--(BUSINESS WIRE)--According to Coherent Market Insights, the global anosmia market is estimated to be valued at US$ 2,500.7 million in 2020 and is expected to exhibit a CAGR of 6.7% during the forecast period (2020-2027).
Key Trends and Analysis of the Global Anosmia Market:
Key trends in the market include rising incidence of anosmia and rising research activities by the market players & research organizations.
The increasing incidence of anosmia is expected to drive the market growth over the forecast period. For instance, according to an article published by the Fifth Sense in 2020, reports that amongst the common smell loss disorders idiopathic anosmia accounts 25% and congenital anosmia holds share of 1% in the U.K.
Rising research activities by the market players to develop novel treatment for anosmia is expected to drive the global anosmia market growth over the forecast period. For instance, in June 2019, Washington University School of Medicine, initiated the Phase II study, in order to evaluate the efficacy and safety of Budesonide in patients with coronavirus smell therapy for anosmia recovery. The study is expected to complete in December 2023.
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Key Market Takeaways:
The global anosmia market is expected to exhibit a CAGR of 6.7% during the forecast period (2020-2027), owing to rising product launches by the market players. For instance, in June 2020, Cadila Pharmaceuticals Limited launched Bilastine syrup (30 ml) and Bilastine tablets (20 mg), an antihistamine drug. This drug is used in the treatment of allergic rhinitis, which later develops anosmia.
Among regions, North America is expected to hold a dominant position in the global anosmia market over the forecast period, owing to increasing cases of anosmia in the region. For instance, according to an article published by the National Center for Biotechnology Information (NCBI) in 2017, reports that a substantial portion i.e. around 4.3 million people, 65 years or older suffer from anosmia in the U.S.
Key players operating in the global anosmia market include Mylan N.V., Pfizer Inc., Atom Pharma, RANBAXY LABORATORIES LIMITED, Alde Medi Impex, GlaxoSmithkline plc, Sandoz (Novasrtis AG), Inke S.A., Taj Pharmaceuticals Limited, and Sanofi, amongst others.
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Global Anosmia Market, By Type
- Idiopathic Anosmia
- Congenital Anosmia
Global Anosmia Market, By Treatment
- Nasal Endoscopy
- Steroid Nasal Sprays
Global Anosmia Market, By Region
- By Country
- Rest of Latin America
- By Country:
- Rest of Europe
- By Country:
- South Korea
- Rest of Asia Pacific
- By Country:
- Rest of Middle East
- By Country:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
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