Over the forecast period, increasing anosmia incidences are anticipated to fuel the market's expansion. For instance, the novel COVID-19 virus produces anosmia in infected patients, according to a report by the ENT UK at The Royal College of Surgeons of England released in 2020. In the near future, it is anticipated that increasing anosmia instances would increase demand for anosmia treatments, which will further propel market expansion. For instance, 12% of individuals in the U.S. lost their sense of smell in June 2019, according to a National Institutes of Health study, and this problem becomes more prevalent as people age. Increasing research and development efforts by research organisations to create novel therapies for the treatment of anosmia are anticipated to fuel market expansion during the forecast period. For instance, Benha University began a Phase III trial in August 2020 to examine the contribution of topical corticosteroids (mometasone furoate nasal spray) to the improvement of anosmia in COVID-19 infection-recovered patients.
According to Coherent Market Insights, The market for Anosmia is anticipated to reach a value of US$ 2,500.7 million in 2020 and is predicted to grow at a CAGR of 6.7% from 2020 to 2027.
Major Players in the Anosmia Industry:
1. Pfizer Inc.,
The company was established in 1849, and Manhattan, New York City, is where its corporate headquarters are situated. Through the creation of pharmaceuticals and vaccines, Pfizer seeks to enhance the fields of immunology, cancer, the heart, endocrinology, and neurology. In October 2022, the business successfully acquired Biohaven Pharma's calcitonin gene-related peptide programmes. Pfizer purchased Amplyx Pharmaceuticals in April 2021, which included the rights to the antifungal drug fosmanogepix (APX001).
2. GlaxoSmithKline plc,
The company was established in 2000, and London, England serves as its headquarters. GSK creates medications for conditions like diabetes, cancer, worms, and mental health. Three unsolicited proposals to purchase Unilever's Consumer Healthcare sector were received by the company in January 2022, according to the report. In November 2022, GSK published upbeat Phase IIa research findings for a brand-new, ground-breaking prospective therapy for tuberculosis patients.
3. Mylan N.V.
The firm, founded in 1961, has its headquarters in Canonsburg, Pennsylvania, United States. The business manufactures active pharmaceutical ingredients, has a specialist division devoted to respiratory, allergy, and psychiatric therapies, and is a global generic and specialty medicines company. While the coronavirus 2019 (COVID-19) pandemic continues to evolve, Mylan stated in July 2020 that its Remdesivir would be commercially released in India under the brand name DESREMTM.
4. Sandoz (Novasrtis AG)
The company was founded in March 1996 and has its main offices in Basel, Switzerland, and Cambridge, Massachusetts, in the United States. Novartis provides coverage for all types of medications, including authorization, over-the-counter, immunisations, diagnostics, eyewear, and veterinary care. Through its firms, Novartis engages in a number of direct activities, including managing, advertising, operations, and research.
5. Inke S.A.
The company was started in 1979 and is based in Barcelona, Catalonia, Spain. The company Inke SA produces pharmaceuticals. The business sells both organic and inorganic pharmaceutical compounds in bulk. Formoterol, salmeterol, spray dryer, indacaterol, and micronization are just a few of the respiratory products that INKE develops and produces.
6. Taj Pharmaceuticals Limited
The company was started in 2004 and is located in Mumbai City, Maharashtra. The business produces and sells pharmaceuticals. Prescription medications, life-saving medications, anti-cancer medications, veterinary pharmaceuticals, consumer brands, and CNS medications are among the company's offerings. One of the top generic pharmaceutical companies in India is Taj Pharma.
7. Sanofi
The business was established in 1973 and is based in Paris, France. The company provides drugs, generic medications, food supplements, cosmetics, and medical devices for conditions like cancer, cardiology, gynaecology, and diabetes. The business declared in March 2023 that it will buy Provention Bio and its pipeline of type 1 diabetic treatments.
Definition: Losing one's sense of smell is called anosmia, or smell blindness. Anosmia could be transient or ongoing. Although anosmia is thought to be a rare illness, it is probably more widespread than most people realise.
