OCT 14,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including 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 over 13.4% during the forecast period.
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.
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.
By Treatment Type
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 the 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 the 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 SMA.
Biogen (The U.S),
Ionis Pharmaceuticals, Inc. (The U.S),
F. Hoffmann - La Roche Ltd (Switzerland),
Avexis, Inc. (The U.S),
Novartis AG (Switzerland),
Cytokinetics, Inc. (The U.S),
Pfizer Inc. (The U.S),
Boehringer Ingelheim International GmbH (Germany),
Regeneron Pharmaceuticals, Inc (The U.S), and
Abbott (The U.S).
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Spinal Muscular Atrophy Medicine Market analysis report discusses the following heads in great detail:
· Market structure: Overview, industry life cycle analysis, supply chain analysis
· COVID-19 Impact Assessment
· Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
· Market trend and forecast analysis
· Market segment trend and forecast
· Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
· Attractive market segments and associated growth opportunities
· Emerging trends
· Strategic growth opportunities for the existing and new players
· Key success factors
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