PUBLISHER: Allied Market Research | PRODUCT CODE: 1344484
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344484
According to a new report published by Allied Market Research, titled, "Spinal Muscular Atrophy Treatment Market," The spinal muscular atrophy treatment market was valued at $4.3 billion in 2022, and is estimated to reach $8.4 billion by 2032, growing at a CAGR of 6.8% from 2023 to 2032.
Spinal muscular atrophy (SMA) is a genetic disorder that affects the motor neurons, which are the nerve cells responsible for controlling voluntary muscle movements. It is characterized by the progressive degeneration of these motor neurons, leading to muscle weakness and atrophy. The symptoms of SMA can vary widely, but they generally involve muscle weakness and atrophy, difficulty with motor function, respiratory problems, and reduced mobility. The severity of the condition and the rate of disease progression can also vary among individuals.
The most widely used and effective treatment for spinal muscular atrophy is gene replacement therapy. One such therapy is called Onasemnogene abeparvovec (Zolgensma). It involves delivering a functional copy of the SMN1 gene (which is deficient in SMA) to motor neurons using a viral vector. This therapy has shown remarkable success in infants with SMA and has the potential to halt disease progression.
The major factors that drive the growth of the global spinal muscular atrophy treatment market include, increase in prevalence of spinal muscular atrophy. For instance, according to the Centers for disease Control and Prevention (CDC) in March 2023, spinal muscular atrophy (SMA) is a genetic disorder that affects approximately 1 out of every 10,000 people.
As more cases are diagnosed and reported, there is a growing patient population that requires effective treatment options. This increase in prevalence of SMA contributes to the expansion of the market growth. The introduction of disease-modifying therapies, such as Nusinersen and Onasemnogene abeparvovec, has revolutionized the treatment landscape for SMA. These therapies have shown significant clinical benefits and improved the prognosis for individuals with SMA, leading to increased demand for SMA drugs and propels the market growth.
In addition, improved understanding, and awareness of SMA among healthcare professionals and the public, there has been an emphasis on early diagnosis through genetic testing. Early detection allows for timely intervention and treatment initiation, which is driving the demand for SMA therapies. Another market driver is the growing recognition of rare diseases significance, rise in initiatives to raise SMA awareness, and increase in research efforts by market participants to develop effective treatments for SMA. However, high cost of the spinal muscular atrophy treatment limits the adoption of SMA drugs which restrain the market growth.
The global spinal muscular atrophy treatment market is segmented into type, route of administration, distribution channel, and region. By type, the market is categorized into type 1, type 2, and others. By route of administration, the market is bifurcated into oral and parenteral. By end user, the market is classified into hospitals and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America and Middle East & Africa).
Major key players that operate in the global spinal muscular atrophy treatment market are Biogen, Beijing Jinlan Gene Technology Co., Ltd., Cytokinetics, F. Hoffmann-La Roche Ltd., Hanugen Theraputics, Ionis Pharmaceuticals, Inc. NMD PHARMA A/S, Novartis AG, Pfizer Inc., and Scholar Rock Holding Corporation. Key players operating in the market have adopted product approval, product launch, and agreement as their key strategies to expand their product portfolio.