Market Size –
The anosmia market size has grown strongly in recent years. It will grow from $3.24 billion in 2023 to $3.55 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to growing incidence of anosmia cases, increasing number of anosmia cases, rising research grants and research activities for drug development for anosmia, increasing demand for healthcare, and research activities for drug development for anosmia.
The anosmia market size is expected to see strong growth in the next few years. It will grow to $5.15 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to rising prevalence of chronic diseases, increase in funding from private and government organizations, development of pharmaceutical manufacturing segments, rise in R&D activities for drugs, and rise in therapeutics for anosmia acts. Major trends in the forecast period include technological advancements, advanced treatment for anosmia, increase in funding from private and government organizations, and development of advanced pharmaceutical manufacturing.
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Scope Of Anosmia Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Anosmia Market Overview
Market Drivers –
The rising incidence of neurological disorders is expected to propel the growth of the anosmia market going forward. Neurological disorders encompass a broad range of conditions that affect the nervous system, including the brain, spinal cord, and nerves throughout the body. The rising incidence of neurological disorders is due to an aging population and the increased prevalence of chronic diseases such as diabetes and hypertension. Neurological disorders can cause anosmia by damaging the olfactory pathways or regions in the brain responsible for processing smell, leading to a loss of the ability to detect or perceive odors. For instance, in 2021, according to the Alzheimer’s Association, a US-based non-profit voluntary health organization, in the United States, approximately 6.2 million Americans aged 65 and older are currently living with Alzheimer’s dementia, a neurological disorder. By 2050, this number will rise to 12.7 million among individuals aged 65 and older. Thus, the rising incidence of neurological disorders is driving the growth of the anosmia market.
Market Trends –
Major companies operating in the anosmia market are focusing on developing innovative products, such as smell training kits, to provide effective and non-invasive treatment options for individuals suffering from loss of smell. Smell training kits are sets of materials designed to help individuals improve or regain their sense of smell, especially after experiencing conditions like anosmia (loss of smell) due to various causes such as viral infections or head trauma. For instance, in March 2022, Gousto, a UK-based meal kit manufacturer, launched Flavor Savior smell training kits to help people who lost their sense of smell and taste due to anosmia. The kits are aimed at assisting people to fall back in love with food by stimulating the smell receptors and supporting the recovery of their sense of smell and taste.
The anosmia market covered in this report is segmented –
1) By Type: Idiopathic Anosmia, Congenital Anosmia
2) By Treatment: Therapies, Medications
3) By End User: Hospitals, Clinics, Other End Users
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Regional Insights –
North America was the largest region in the anosmia market in 2023. Asia-Pacific is expected to be the fastest-growing region in the market going forward. The regions covered in the anosmia market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the anosmia market are Pfizer Inc., Johnson & Johnson, F. Hoffmann-La Roche AG, Merck & Co. Inc., AbbVie Inc., Bayer AG, Sanofi SA, Bristol-Myers Squibb and Company, AstraZeneca plc, Abbott Laboraties, Novartis AG, GlaxoSmithKline PLC, Takeda Pharmaceutical Company Limited, Eli Lily and Company, Gilead Sciences Inc., Viatris Inc., Teva Pharmaceutical Industries Ltd., Regeneron Pharmaceuticals Inc., Biogen Inc., Astellas Pharma Inc., Sun Pharmaceutical Industries Ltd., Torrent Pharmaceuticals Ltd., Aurobindo Pharma Limited, Cipla Inc., Alphapharm Pty. Ltd. , Alde Medi Impex Ltd.
Table of Contents
1. Executive Summary
2. Anosmia Market Report Structure
3. Anosmia Market Trends And Strategies
4. Anosmia Market – Macro Economic Scenario
5. Anosmia Market Size And Growth
…..
27. Anosmia Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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