Spinal Muscular Atrophy Medicine Market Growth Analysis | 2021-2026
Spinal Muscular Atrophy Medicine Market Size, Share, Dynamics, & Growth Analysis- 2021-2026.
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.
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What is a 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.
Spinal Muscular Atrophy Medicine Market Highlights
Market Size in 2020
USD 980.6 million
Market Size in 2026
USD 2085.4 million
Market Growth (2021-2026)
Base Year of Study
Key players operating in the spinal muscular atrophy medicine market are-
Rising incidence and awareness of spinal muscular atrophy has surged significantly which is likely to spur the need for efficient therapeutic options, resulting in better patient outcomes.
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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.
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The outbreak of the COVID-19 virus has considerably affected the spinal muscular atrophy medicine industry owing to stringent lockdown measures and restricted movement of people. The unprecedented outbreak of coronavirus (SARS-CoV-2) has overshadowed the SMA treatment industry. The funds received for R&D activities and drug development for SMA have been declining, as most of the funds have been used up for vaccine production for COVID-19.
Critical Questions Answered in the Report
The following is a list of the customers that the Spinal Muscular Atrophy Medicine Market aims to convert the most:
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The spinal muscular atrophy medicine market is expected to witness an impressive growth of 13.4% CAGR in the foreseeable future.
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) are among the key players in the market.
The spinal muscular atrophy medicine market is expected to reach USD 2,085.4 million in the coming years.
Growing awareness regarding SMA worldwide and a rising number of initiatives to enhance the treatment options for such rare diseases are the factors driving the growth of the market.
North America accounted for the highest share in the market in 2020.
The drug segment garnered the highest share in the market in 2020.
Spinal muscular atrophy medicine companies, Spinal muscular atrophy medicine vendors, R&D companies, Hospitals, Drug manufacturing companies are the market.