The Spinal Muscular Atrophy Medicine Market study by Company, Region, Type, Material, and Application; offered by Stratview Research discusses the most up-to-date market trends as well as an industry growth estimate for the next 5 years. The report covers industry profiles of key players, including market share, regional analysis, and market division, business & development strategies, mergers & acquisitions, alliances, and key financial data, etc.
Market Insights
According to the report, the Spinal Muscular Atrophy Medicine Market is projected to grow from USD 980.6 million in 2020 to USD 2,085.4 million by 2026 at a CAGR of 13.4% during the forecast period.
What is spinal muscular atrophy (SMA)?
Spinal Muscular Atrophy (SMA) is a very rare genetic disorder that affects the part of the central nervous system that controls voluntary muscle movements. SMA is an autosomal recessive neurodegenerative genetic disorder that is characterized by atrophy and the weakening of muscles. It is one of the most common debilitating genetic disorders and a primary genetic cause of death among infants. It mainly affects approximately one in 10,000 live births across the globe.
Market Dynamics
Rising incidence and awareness for spinal muscular atrophy has surged significantly which is likely to spur the need for efficient therapeutic options, resulting in better patient outcomes.
Growing awareness regarding SMA worldwide and a rising number of initiatives to enhance the treatment options for such rare diseases are some of the prime factors bolstering the SMA medicine demand.
Also, favourable initiatives undertaken by the government, public, and non-profit organizations for spreading awareness regarding SMA are further augmenting the market growth.
However, the high cost associated with SMA treatment and medicines is likely to hinder the industry's growth.
Market Segments' Analysis
By treatment, the spinal muscular atrophy medicine market has been segmented into gene therapy and drug. Under these, the drug segment garnered the highest market share in 2020 and is likely to register a substantial CAGR during the review period. The SMA Foundation financed more than USD 60 Mn in drug development programs and essential drug discovery assets in 2015 that aimed at developing an effective SMA therapy. Also, Spinraza is the only medicinal drug approved for the treatment of SMA to date, further propelling segment growth.
By region, North America accounted for the highest market share in 2020 and is estimated to grow at a steady CAGR during the assessment period.
This is mainly ascribed to growing healthcare expenditure, high disposable income, improving standards of living with large population growth, and the rise in the adoption of Spinraza, which boosts regional growth.
Also, there is an increase in the number of initiatives undertaken by private companies and NGOs to spread awareness and support R&D activities for the treatment of SMA.
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Critical Questions Answered in the Report
What are the key trends in the Spinal Muscular Atrophy Medicine Market?
How has the market (and its various sub-segments) grown in the last five years?
What would be the growth rate in the next five years?
What is the impact of COVID-19 on the market?
What are the key strategies adopted by the major vendors to lead in the Spinal Muscular Atrophy Medicine Market?
What is the market share of the top vendors?
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