The Spinal Muscular Atrophy market is estimated to be valued at US$ 1813.48 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis:

·         Strength: Spinal Muscular Atrophy market has strong pipeline drugs in late stage clinical trials which can drive the market growth over the forecast period. Increasing research funding for developing novel orphan drugs for rare diseases like SMA is also boosting the market. Growing awareness about SMA and its treatment options globally is another key strength.

·         Weakness: High cost of SMA treatment medications poses a challenge for widespread adoption. Lack of experienced healthcare professionals for diagnosing and treating SMA in developing regions also restricts market growth.

·         Opportunity: Emergence of gene therapies for the treatment of SMA offers huge growth prospects for manufactures. Rising healthcare spending of governments worldwide on rare diseases presents an opportunity for market players.

·         Threats: Patent expiration of key drugs can increase competition affecting leading brands. Stringent regulations for approval of SMA drugs also threatens new market entrants.

Key Takeaways:

The Global Spinal Muscular Atrophy Market Demand is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing research on developing advanced treatment options. Government support for rare disease research and patient advocacy groups raising awareness are some key drivers favoring market growth.

Regional analysis: North America dominates the global market and is expected to maintain its lead over the forecast period as well. Higher adoption of advanced drugs and presence of major market players in the region are some factors attributing to its largest market share. However, Asia Pacific is predicted to witness fastest growth fueled by improving healthcare infrastructure and rising medical expenditures.

Key players operating in the Spinal Muscular Atrophy market are Biogen, CYTOKINETICS, F. Hoffmann-La Roche Ltd, Genentech, Inc., PTC Therapeutics, Inc., Novartis AG, Ionis Pharmaceuticals, Chugai Pharmaceutical Co., Ltd., NMD PHARMA A/S, and Astellas Pharma Inc. The market is concentrated owing to presence of few big brands and new entrants mainly focusing on developing first-in-class drugs.

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