In 2023, the Chronic Smell and Flavour Loss Market, which is currently valued at US$ 3146 million, is expected to grow at a CAGR of 6.4%. Healthcare technology advancements are expected to drive the market’s growth to US$ 5850.2 Million by 2033.
Chronic smell and flavour loss market expansion is anticipated to be fueled by an increase in incidences of flavour loss post-covid. In the long run, it is anticipated that the ongoing COVID-19 crisis will increase public awareness, and that the rumoured success of the only pipeline candidate will have an effect on the market for treating chronic smell and flavour loss.
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The creation of disease-specific treatments for persistent odour and flavour loss will be beneficial for market expansion. For instance, phosphodiesterase (PDE) inhibitors designed for intranasal delivery are included in CYR-064 formulations. All disorders that cause a loss of smell and flavour share a similar main mechanism. It entails preventing stem cell activation, which is often brought on by adenylyl cyclase III’s activity on cAMP and cGMP.
The chronic smell and flavour loss treatment market is dominated by North America due to the presence of major market participants, recent product introductions, and an established healthcare infrastructure, all of which will contribute to the market’s rapid rise in the area. The substantial R&D expenditures in Europe augur well for market expansion.
Chronic smell and flavour loss treatments are produced to a greater extent by the producers. Additionally, research and development are done to introduce novel solutions for the treatment of chronic flavour and smell loss.
Key Takeaways from the Market Study
- As of 2023, the chronic smell and flavor loss treatment market was valued at US$ 3146 Million
- From 2023 to 2033, the chronic smell and flavor loss treatment industry is poised to grow at an 6.4% CAGR
- By 2033, the chronic smell and flavor loss treatment market is slated to reach a valuation of US$ 5850.2 Million
- China is poised to yield a CAGR of 6.0% with respect to chronic smell and flavor loss treatment in 2033
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“Growing healthcare spending and increase in the prevalence of smell disorders and taste disorders are expected to radically transform the chronic smell and flavor loss treatment market in the coming years,” comments an analyst at FMI.
Competitive Landscape:
Some of the key players in the chronic smell and flavour loss treatment market 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 flavour loss treatment in a larger capacity. Research and innovation are also conducted to launch innovative products for chronic smell and flavour loss treatment.
- Cyrano Therapeutics has developed a nasal spray to treat and restore the sense of smell and flavor in those who have experienced a chronic loss of those senses.The Company was founded by an experienced healthcare executive after personally experiencing a chronic loss of smell and flavor. The nasal spray has restored his smell and flavor function and he is now leading a mission to bring it to others.
- Hycor Biomedical, a leading manufacturer of in vitro diagnostic products for allergy and autoimmune testing, announced today that it has received U.S. Food and Drug Administration (FDA) 510(k) clearance for its new allergy testing system, NOVEOS.
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Key Segments Covered in Chronic Smell and Flavor Loss Treatment Industry Survey
Chronic Smell and Flavor Loss Treatment Market by Classification:
- Smell Disorder
- Taste disorder
Chronic Smell and Flavor Loss Treatment Market by Symptoms:
- Anosmia or Hyposmia
- Dysgeusia
- Ageusia
Chronic Smell and Flavor Loss Treatment Market by Taste Type:
- Self-Assessment Test
- Psychophysical Assessment Test
- Imaging Test
- Other Tests
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Chronic Smell and Flavor Loss Treatment Market by Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Middle East and Africa(MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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