Global Spinal Muscular Atrophy Treatment Market 2019-2023 | Increase in Funding for R&D to Boost Demand | Technavio
Technavio analysts forecast the global spinal muscular atrophy treatment market to grow at a CAGR of close to 23% during the forecast period, according to their latest market research report. The growth momentum of the market is expected to accelerate in the year-over-year growth.
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Technavio analysts forecast the global spinal muscular atrophy treatment market to grow at a CAGR of close to 23% by 2023. (Graphic: Business Wire)
Rising awareness of treatment and diagnosis of spinal muscular atrophy is one of the major trends being witnessed in the global spinal muscular atrophy treatment market 2019-2023. The awareness about the treatment and diagnosis of spinal muscular atrophy is increasing among patients. Cure SMA plays an important role in spreading awareness about the disease. Furthermore, a working group led by Cure SMA, comprising 15 experts on spinal muscular atrophy, has developed guidelines to help caregivers and clinicians decide when to administer therapy to infants with spinal muscular atrophy.
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According to Technavio analysts, one of the key factors contributing to the growth of the global spinal muscular atrophy treatment market is the increase in funding for R&D:
Global spinal muscular atrophy treatment market: Increase in funding for R&D
The increase in government funding for the R&D of treatments for spinal muscular atrophy is expected to drive the market during the forecast period. According to the Canadian organization of rare disorders, in 2018, a petition was signed for funding SPINRAZA for the treatment of Canadian patients with spinal muscular atrophy. In 2018, Novartis entered into an agreement to acquire AveXis, a clinical-stage gene therapy company, to develop therapies for the treatment of spinal muscular atrophy.
According to a senior analyst at Technavio, “In 2017, the National Institute of Health (NHI), one of the world’s leading medical research centers, provided a funding of approximately $11 million for the R&D of drugs for the treatment spinal muscular atrophy. In 2018, the funding by NHI for R&D was $12 million.”
Global spinal muscular atrophy treatment market: Segmentation analysis
The global spinal muscular atrophy treatment market research report provides market segmentation by type (type 1, type 2, type 3, and type 4) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2018, accounting for more than 73% share. It was followed by EMEA and APAC respectively. The dominance of the Americas is attributed to the initiatives by several organizations to provide patient care, increase in funding for R&D, and rise in the number of clinical trials for the development of new therapies.
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Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
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