Market Research Report
Spinal Muscular Atrophy Treatment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
|Spinal Muscular Atrophy Treatment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)|
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 110 Pages
Delivery time: 2-3 business days
The Spinal Muscular Atrophy Treatment Market is expected to augment with an anticipated CAGR of 14.5%, during the forecast period.
The major factors accounting to the growth of the Spinal Muscular Atrophy Treatment Market are growing awareness regarding SMA, its diagnosis and treatment, rise in the government initiatives to improve healthcare infrastructure and increasing R & D activities to develop novel treatment regimen. The increasing awareness in the public regarding SMA and growing number of initiatives to improve the treatment for rare diseases are fueling the market growth of SMA treatment. Emerging treatment therapies in the treatment of SMA is driving the growth of market during the forecast period. For example, in May 2019 AveXis received the U.S. FDA approval for Zolgensma which is found to be very efficient gene therapy for the treatment of spinal muscular atrophy in the pediatric patients under 2 years of age. However, high cost of treatment and lack of skilled professionals for surgical procedures and physiotherapy regimens hampers the market to some extent.
Gene Replacement Therapy is expected to dominate the Spinal Muscular Atrophy treatment market over the forecast period attributing to its advantages over the disadvantages. The effects of Gene replacement therapy are long lasting and improves the quality of life by eradicating the genetic disorders. Recently in May 2019, the U.S. FDA approved Zolgensma for the treatment of Spinal Muscular Atrophy is a Gene therapy which is found to be the most efficient in results and many others drugs are in pipeline. Thus, the Gene replacement therapy dominates the Spinal Muscular Atrophy treatment market. However the healthcare cost for gene therapy using Zolgensma is high, but this may hamper the market to very less extent as the government is raising huge funds for treatment of rare diseases. For example, under government's Ayushman Bharat scheme in India, the current draft policy provides upto Rs 15 lakhs for rare disease treatment to patients, who require one time treatment.
North America is expected to dominate the overall market, throughout the forecast period, which is attributed to the developed economy, increasing health care expenditure, increasing incidence of lifestyle-related diseases and high adoption of technologically advanced products in the region. According to the Centers for Disease Control, in the U.S. alone, rare diseases has affected about 25million people in which Spinal Muscular Atrophy is the most common disease. The reimbursement policies in United states especially for the treatment of rare diseases further boosts the market in North America. Thus, North America dominates the Spine Muscular Atrophy treatment market during the forecast period.
The Spinal Muscular Atrophy Treatment market is moderately competitive and consists of several major players. With the increasing consolidations of various organizations and product recalls in the healthcare sector, it is expected to generate the competitive rivalry among the key players in future. Some of the major players of the market are Novartis AG, Biogen Inc., F. Hoffmann - La Roche Ltd., Ionis Pharmaceuticals, Inc. and Cytokinetics, Inc.