The global chronic smell and flavor loss treatment market is currently valued at USD 3146 Million in 2023 and is anticipated to expand at a CAGR of 6.4%. Owing to the technological advances in healthcare the market is likely to propel to USD 5850.2 Million by 2033.
The chronic smell and flavor loss treatment market is anticipated to show positive growth, mainly attributed to the increasing incident cases and also, the launch of upcoming therapies during the forecast period
| Report Attribute | Details |
|---|---|
| Expected Market Value (2023) | USD 3,146 Million |
| Projected Forecast Value (2033) | USD 5,850.2 Million |
| Global Growth Rate (2023 to 2033) | 6.4% CAGR |
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The chronic smell and flavor loss market is expected to gain market growth in the forecast period of 2023 to 2033. Latest market analysis by FMI the market is to grow at a CAGR of 6.4% in the above-mentioned forecast period.
Symptoms for chronic smell and flavor loss can range from not being able to smell or taste at all to the reduced ability to smell or taste specific things that are sweet, sour, bitter, or salty. In some cases, normally pleasant tastes or smells may become unpleasant.
An increase in the prevalence of COVID-19-related consequences, such as olfactory disorders, prompted a massive research effort among olfactory scientists. This would promote intervention development in the chronic smell and flavor loss treatment market.
Treatments for smell disorders, and proven effective treatments are only available where nasal illnesses cause smell disorders. The emphasis is usually on surgical treatment (polypectomy, pansinus procedures) and corticosteroid administration.
The loss of taste and smell affected millions of Americans each year even before the COVID pandemic. The most common taste and smell disorders are Anosmia, Hyposmia, Hypogeusia, and Ageusia. The global chronic smell and flavor loss treatment market rose at a CAGR of 6.1% from 2018 to 2022.
The increasing incidence of chronic smell and flavor loss is expected to drive the growth of the market during the forecast period.
Rising cases of flavor loss post-COVID are expected to drive the chronic smell and flavor loss market growth over the forecast period. Growing awareness due to the ongoing COVID-19 crisis and the speculated success of the sole pipeline candidate, in the long run, is expected to impact the chronic smell and flavor loss treatment market in the coming years.
The development of disease-specific therapies for chronic smell and flavor loss will bode well for market growth. For instance, CYR-064 compositions comprise phosphodiesterase (PDE) inhibitors formulated for intranasal administration. The major mechanism underlying all pathologies responsible for smell and flavor loss is similar. It involves inhibition of stem cell activation, which usually occurs by the action of adenylyl cyclase III through cAMP and cGMP. It is expected to enter the USA market by 2025.
Modern Medicine's Approach to Treat Chronic Smell and Flavor Loss Market
The number of activities involved in research and development has increased over the past few years. Furthermore, the expansion of the market is largely due to the increased participation in research and development activities in the market. As a result, the chronic smell and flavor loss market will have many opportunities for growth in the future. Drug approvals and launches will continue to drive the market's growth.
Chronic smell and flavor loss treatment market growth will also be positively impacted by increased investment in modern technologies and the emergence of new markets. In recent years, there has been a great deal of progress in understanding immunological mechanisms behind anosmia disease, as well as a great deal of progress in identifying loss of sense, which may lead to new therapeutic approaches.
Lack of Drug Approval May Hamper the Market Growth
Despite a positive growth trajectory, the global chronic smell and flavor loss treatment market is facing various challenges that are likely to pose a threat to its growth during the forecast period.
The lack of approved drugs or therapeutics for chronic smell and flavor loss is the major factor that is expected to hinder market growth. Drug failures (termination) in clinical trials as well as the development of new drugs are challenging tasks that are anticipated to impede the growth of the market in the near future.
Advancement in Healthcare to Boost the Market Growth in Region
The market in the North American region is anticipated to observe vibrant growth during the forecast period 2023 to 2033. This can be attributed to the growing developments in the healthcare sector as a result of rising research and development activities in this industry. The region is expected to hold the highest CAGR of 6.4% during the forecast period.
The increasing initiatives taken by various research institutes and organizations for improving medical facilities and services are further leading to market growth.
The Centers for Disease Control and Prevention, a prominent public health institute in the USA, provided grant funding for a large number of healthcare initiatives in the region in 2018. The initiative such as vaccines for children and chronic disease prevention & health promotion received the highest portion of resources with 50.87% and 10.07% of a total of USD 7,496,307,789 respectively.
This was followed by HIV/AIDS, viral Hepatitis, STI & TB prevention which received 9.82% as well as injury prevention and control with 5.66% of the funds. The growing number of health disorders and rising demand for improved treatment and preventive measures have led to technological advancements in the medical industry.
Increasing Prevalence of Chronic Smell and Flavor Loss in Region to Drive the Market Growth
According to estimates, the European region is expected to dominate the market. The revenue generated from this region accounts for 37.5% of the total revenue generated worldwide. Many people in the region suffer from smell loss, which accounts for the region's dominance in the chronic smell and flavor loss treatment market.
Among the European countries, Germany had the highest number of prevalent cases of Chronic smell and flavor loss, followed by Italy in 2021. On the other hand, Spain had the lowest number of prevalent cases, with nearly 15.5 million cases in 2021.
Rising research activities by the market players to develop a novel treatment for chronic smell and flavor loss are expected to drive the global chronic smell and flavor loss treatment 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.
| United Kingdom | 6.3% |
|---|---|
| India | 6.2 % |
| South Korea | 6.1% |
| China | 6.0% |
| USA | 6.4% |
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The smell Disorder Segment remains dominant among other types
Based on the classification, the global chronic smell and flavor loss treatment market can be bifurcated into smell disorder and taste disorder. Smell disorder to projected to account for the largest market share in 2023.
On the other hand, taste disorder is taste disorders are common in adults and can be caused by several factors, such as Infection - Bacterial, viral, or fungal infections of the teeth or gums, mouth, and throat can cause swelling, reduce blood flow to taste buds, and/or produce chemicals that alter taste. Taste disorders account for a moderate market share during the forecast period.
How do New Entrants Contribute to the Chronic Smell and Flavor Loss Treatment Market?
With technological innovations happening at a rapid pace, and companies looking for ways to increase customer engagement, start-ups are taking all possible steps to establish a name for themselves in the chronic smell and flavor loss treatment market.
Some of the start-ups in the chronic smell and flavor loss treatment market include-
Key pharmaceutical companies that are working efficiently in the chronic smell and flavor loss treatment space include names like Cyrano Therapeutics, Johns Hopkins, Boys Town National Research Hospitals, MSD Manual, Alcon, Stanford Medicine, Immunomic Therapeutics, Siemens Healthcare Private Limited, Omega Diagnostics Group PLC, HYCOR Biomedical, Inc., and others.
The manufacturers are involved in the production of chronic smell and flavor loss treatment in a larger capacity. Research and innovation are also conducted to launch innovative products for chronic smell and flavor loss treatment.
Also, some of the key players are acquiring small pharmaceutical companies to increase their production capacity. Suppliers are focusing on expanding their market presence across the world by initiating new product launches and boosting sales.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR from 2023 to 2033 |
| Expected Market Value (2023) | USD 3146 Million |
| ProjectedForecast Value (2033) | USD 5850.2 Million |
| Base Year for Estimation | 2022 |
| Historical Data | 2017 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Million & CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends & Pricing Analysis |
| Segments Covered | Classification, Symptoms, Test Types, Regions |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; APAC; Middle East and Africa(MEA) |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, Benelux, France, Germany, Italy, Nordic, Spain, United Kingdom, Poland, Russia, India, Malesia, Singapore, Thailand, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | Cyrano Therapeutics; Johns Hopkins; Boys Town National Research Hospitals; MSD Manual; Alcon; Stanford Medicine; Immunomic Therapeutics; Siemens Healthcare Private Limited; Omega Diagnostics Group PLC; HYCOR Biomedical |
| Customization | Available Upon Request |
The market is expected to record a CAGR of 6.4% through 2033.
The global market size may achieve USD 5850.2 million by 2033.
In 2023, the market is expected to be around USD 3,146 million.
From 2018 to 2022, the global market advanced at a CAGR of 6.1%.
North America market is predicted to exhibit a CAGR of 6.4% in 2023.
Chronic odor and flavor loss is becoming prevalent, which fosters the market's expansion.
| Market Size, 2024 | USD 14,511 million |
|---|---|
| Projected Market Size, 2034 | USD 48,396 million |
| Value-based CAGR (2024 to 2034) | 12.8% |
| Expected Market value in 2023 | USD 1.2 Billion |
|---|---|
| Projected Market Value in 2033 | USD 2.1 Billion |
| CAGR (2023 to 2033) | 5.6% |
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Chronic Smell and Flavor Loss Treatment Market
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