The global market for spinal muscular atrophy demonstrated significant strength in 2021 and is anticipated to experience a rapid Compound Annual Growth Rate (CAGR) in revenue over the forecast period. The growth of the spinal muscular atrophy market is chiefly propelled by the increasing prevalence of spinal muscular atrophy cases on a global scale.
Spinal muscular atrophy is a genetic disorder that impacts the central nervous system, voluntary muscle movement, and the peripheral nervous system. This condition primarily affects the spinal cord, leading to muscle weakness and atrophy that are crucial for bodily movement. The root cause of spinal muscular atrophy lies in the loss of specialized neurons, specifically motor neurons responsible for voluntary movements. Consequently, this results in a progressive decline in muscle control, movement, and strength.
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Major companies in the Market
- Astellas Pharma Inc.
- Catalyst Pharmaceuticals, Inc.
- Cure SMA
- CYTOKINETICS
- AstraZeneca
- Novartis AG
- Hoffmann-La Roche Ltd
- Biogen
- Ionis Pharmaceuticals
- Regeneron Pharmaceuticals Inc.
- Pfizer Inc.
- Abbott
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Factors Contributing to Market Growth:
- Drivers:
The increasing prevalence of the rare genetic disease spinal muscular atrophy among the population stands out as a significant factor propelling the growth of the spinal muscular atrophy market.
Technological advancements in the treatment of spinal muscular atrophy, coupled with a surge in research and drug development for its treatment, contribute substantially to the expansion of the spinal muscular atrophy market.
- Restraints:
The high cost associated with available treatments and a lack of awareness about diagnostic techniques and available treatments for spinal muscular atrophy are key factors impeding the growth of the spinal muscular atrophy market.
- Opportunities:
Opportunities for growth in the forecast period are presented by ongoing technological advancements in spinal muscular atrophy treatment, improved healthcare facilities resulting from increased research and drug development, government initiatives aimed at spreading awareness about symptoms, causes, and available treatments for spinal muscular atrophy, and a steady rise in healthcare investments. These factors collectively create lucrative growth prospects for the market.
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