Global Anosmia Market, by Type (Idiopathic Anosmia and Congenital Anosmia), by Treatment (Therapies (Nasal Endoscopy and Imaging) and Medications (Decongestants, Antihistamines, and Steroid Nasal Sprays)), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 2,500.7 million in 2020 and is estimated to exhibit a CAGR of 6.7% during the forecast period (2020-2027).
Global Anosmia Market – Impact of Coronavirus (COVID-19) Pandemic
The COVID–19 pandemic is expected to hinder the global anosmia market growth during the forecast period. The number of COVID-19 cases are increasing at an exponential rate, globally. For instance, according to the Coronavirus Disease (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 67,780,361 cases and 1,551,214 million deaths due to coronavirus disease (COVID-19) were reported on December 09, 2020, across the globe.
The COVID-19 pandemic has affected the economy in three main ways; by directly affecting the production and demand; by creating disruptions in distribution channels; and by its financial impact on firms and financial markets.
Rising anosmia cases are expected to drive demand for anosmia treatment, which is further expected to drive the market growth in the near future. For instance, according to an article published by the National Institutes of Health, in June 2019, 12% of adults in the U.S. lost their sense of smell and this issue becomes more common with age.
Browse 30 Market Data Tables and 22 Figures spread through 140 Pages and in-depth TOC on Global Anosmia Market, by Type (Idiopathic Anosmia and Congenital Anosmia), by Treatment (Therapies (Nasal Endoscopy and Imaging) and Medications (Decongestants, Antihistamines, and Steroid Nasal Sprays)), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Forecast to 2027
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Rising number of research and development activities by the research organizations, in order to provide novel therapeutics for the treatment of anosmia is expected to drive growth of market during the forecast period. For instance, Benha University initiated Phase III trial in August 2020, to evaluate the role of the topical corticosteroids nasal spray (mometasone furoate nasal spray) in improving anosmia in patients recovered from COVID-19 infection.
Key Takeaways of the Global Anosmia Market:
- The global anosmia market is expected to exhibit a CAGR of 6.7% during the forecast period (2020-2027), owing to rising cases of anosmia. For instance, according to an article published by the Grenoble Ecole de Management- Anosmia: Making the Invisible Visible, in July 2017, around 10% of the world population suffers from a partial or total loss of smell known as anosmia.
- Some of the major players operating in the 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
