Spinal Muscular Atrophy Market to Expand with Significant CAGR by 2023

The Spinal Muscular Atrophy (SMA) Market is anticipated to flourish with high pace and witness stiff competition, states Transparency Market Research (TMR) in its recent research report. The major players in the market are trying to come up with easy to use and cost-effective solutions to attain an edge over their competitors. F. Hoffmann-La Roche AG, AveXis, Inc., Novartis AG, and Ionis Pharmaceuticals, Inc, and Cytokinetics, Inc. are some of the most significant players in the global spinal muscular atrophy market.

Cytokinetics, Inc., a biopharmaceutical company in partnership with a Japanese firm Astellas Pharma, is working to on developing Tirasemtiv, which is a drug in its phase II clinical trials, being studied for the treatment of spinal muscular atrophy. Besides, after a long wait, a medicine developed by Biogen, SPINRAZA was approved last year by the U.S. Food and Drug Administration that was working to come up with a treatment for spinal muscular degeneration in infants and adults.

On the basis of geographical segmentation, North American region is gaining high traction owing to the advancement in the technology. Asia-Pacific region is anticipated to dominate the other regions with a strong CAGR in the coming years.

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SMA Drugs Market to Benefit Owing to Increased Government Initiatives

The rise in the population suffering from spinal muscular atrophy is one of the key factors leading to high demand for SMA drugs in the market. For now, there is no proper treatment for the disease. The only treatment available are on the basis of the initial symptoms and not the actual medical cause. As the region such as Europe, and the U.S. have declared the drugs for the disease as orphan, the government initiatives have increased in this direction. Moreover the other firms are also encouraged to work towards developing an efficient treatment for spinal muscular atrophy. Majority of the pipeline drugs are given various financial relaxations, for example preference in new drug application review and tax benefits in clinical researches are offered to drugs that are still in the development phase. These discounts are in turn are proving to be very advantageous for these pipeline drugs, allowing them to be tested at a faster pace.

Another major driving force for the growth in the market is surge in number of carriers that have damaged spinal muscular atrophy genes. These factors are propelling the pharmaceuticals and healthcare firms to develop a cost-effective and efficient solution for the disease, along with working towards spreading awareness among the masses.

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Market Growth to Decline Due to Unavailability of Insufficient Treatment Options

With the rise in number of cases suffering from spinal muscular atrophy, several government departments and medical institutes are working to keep the disease under control. However, the studies and the development of drugs are irrespective of the age group of people suffering from it. This factor is likely to reduce efficiency of the treatment along with the improper diagnosis of the disease. This scenario also makes it difficult for the disease to be gauged with accuracy. Owing to these situations, the global market is estimated to decline, with the reduced rate of development.

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