Portland, OR, July 18, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Spinal Muscular Atrophy Treatment Market By Type (Type 1, Type 2, and Others), By Route of Administration (Oral and Parenteral), By End User (Hospitals and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032” According to the report, the global spinal muscular atrophy treatment industry generated $4.3 billion in 2022, and is anticipated to generate $8.4 billion by 2032, witnessing a CAGR of 6.8% from 2023 to 2032.
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Prime determinants of growth
Increase in prevalence of spinal muscular atrophy, initiatives by government organizations, and increase in the demand for SMA drugs for the treatment of spinal muscular atrophy drive the growth of the global spinal muscular atrophy treatment market. However, the high cost of the SMA drugs is hampering the spinal muscular atrophy treatment market growth. On the contrary, the increase in R&D activities are expected to offer remunerative opportunities for expansion of the spinal muscular atrophy treatment market during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2032 |
| Market Size in 2022 | $4.3 billion |
| Market Size in 2032 | $8.4 billion |
| CAGR | 6.8% |
| No. of Pages in Report | 239 |
| Segments covered | Type, Route of Administration, End User, and Region |
| Drivers | Increase in prevalence of spinal muscular atrophy Initiatives by government organizations Increase in the demand for drugs for the SMA |
| Opportunity | Increase in R&D activities |
| Restraint | High cost of SMA drugs |
Covid-19 Scenario
- COVID-19 pandemic had a negative effect on the global spinal muscular atrophy treatment market, owing to decrease in demand for spinal muscular atrophy treatment due to the reduced diagnosis and hospital visits.
- In addition, many clinical trials for SMA were temporarily delayed due to the pandemic. This interruption affected the progression of R&D activities, and potentially slowed down the availability of new treatment options & limited access to experimental therapies for SMA patients which negatively impacted the market growth.
- However, the market is recovering after the pandemic, and showing stable growth for spinal muscular atrophy treatment market, owing to rise in cases of SMA disease led to increase in adoption of SMA drugs to treat the disease.
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The type 1 segment to maintain its leadership status throughout the forecast period
Based on type, the type 1 segment held the largest market share in 2022, accounting for more than three-fifths of the global spinal muscular atrophy treatment market revenue and is estimated to maintain its leadership status throughout the forecast period. The same segment is projected to manifest the highest CAGR of 7.2% from 2023 to 2032, owing to increase in number of people with type 1 SMA has led to a rise in the demand for SMA drugs to treat this type of disease.
The parenteral segment to maintain its leadership status throughout the forecast period
Based on route of administration, the parenteral segment held the largest market share in 2022, accounting for nearly three-fourths of the global spinal muscular atrophy treatment market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to high adoption of parenteral medications as they provide high efficacy and immediate therapeutic effect of parenteral treatments, as compared to other administration routes, and shows rapid absorption of the therapeutic agents. However, the oral segment is projected to manifest the highest CAGR of 7.3% from 2023 to 2032, owing to an increase in demand for convenient and patient-friendly treatment options as the oral medications provide a more accessible and easier administration route compared to other forms such as intravenous or intrathecal injections.
The hospitals to maintain its dominance by 2032
Based on end user, the hospitals segment held the largest market share in terms of revenue in 2022, accounting for more than two-thirds of the global spinal muscular atrophy treatment market revenue. This is attributed to availability of wide range of treatment options along with trained medical staff and rise in number of patient admissions in hospitals for the treatment of spinal muscular atrophy. However, the others segment is expected to witness the fastest CAGR of 7.3% from 2023 to 2032. This is attributed to the shift towards specialty clinics and home care along with rise in number of spinal muscular atrophy (SMA) cases and the availability of SMA treatment at home care settings drive the demand for SMA drugs.
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North America to maintain its dominance by 2032
Based on region, North America held the largest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global spinal muscular atrophy treatment market revenue, owing to robust healthcare infrastructure, availability of approved spinal muscular atrophy drugs and high healthcare expenditures. However, the Asia-Pacific region is expected to witness the fastest CAGR of 7.7% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to an increase in awareness of spinal muscular atrophy, and a rise in number of people affected with spinal muscular atrophy.
Leading Market Players: -
- Biogen
- Cytokinetics
- Hanugen Theraputics
- NMD Phrama A/S
- Novartis AG
- F. Hoffmann-La Roche Ltd.
- Pfizer Inc.
- Scholar Rock Holding Corporation
- Beijing Jinlan Gene Technology Co., Ltd.
- Ionis Pharmaceuticals, Inc.
The report provides a detailed analysis of these key players in the global spinal muscular atrophy treatment market. These players have adopted different strategies such as product approval, product launch, and agreement to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
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