October 3, 2024
Spinal Muscular Atrophy Market

The Growing Spinal Muscular Atrophy Market Driven by Rising Research and Development Activities

The spinal muscular atrophy market is estimated to witness high growth owing to rising research and development activities by key pharmaceutical companies. Spinal muscular atrophy (SMA) is a group of hereditary muscular disorders characterized by degeneration of motor neurons in the spinal cord leading to atrophy of muscles. The types of SMA are categorized based on severity of symptoms and age of onset and affect the supply of survival motor Neuron proteins needed for the functioning of motor neurons. Therapeutics available in the market include nusinersen, onasemnogene abeparvovec, and risdiplam.

The global spinal muscular atrophy market is estimated to be valued at US$ 2089.13 Bn in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period from 2024 to 2031.

Key players operating in the spinal muscular atrophy market are Samsung Electronics, Daktronics, Exceptional 3D, LG Electronics, Panasonic Corporation, Sony Corporation, Leyard Optoelectronic Co., Ltd., Scala, E Ink Holdings Inc., Deepsky Corporation Ltd., Intel Corporation, and Microsoft Corporation.

Key Takeaways

Key players operating in the spinal muscular atrophy market are focused on investing in research and development activities to develop novel therapeutics. Biogen launched spinraza in 2016 as the first FDA-approved treatment offering hope to patients. Novartis received approval for Zolgensma gene therapy in 2019, reported to be the most expensive drug in the world. Several small molecule drugs and gene therapies are in clinical trials which is expected to expand treatment options.

The market offers numerous opportunities for new market entrants with the high unmet needs of patients. Around 300,000-350,000 people globally are affected by the disorder representing a large patient pool. Emergence of novel therapies with benefits over existing ones will drive adoption and increase treatment rates.

Globally, the highest prevalence of SMA is reported in Asia Pacific and Europe. However, North America dominates the current spinal muscular atrophy market owing to availability of approved drugs and presence of key pharmaceutical companies. With rising diagnosis and awareness, other regions are also expected to witness significant growth over the forecast period.

Market Drivers

The key driver fueling the growth of the Spinal Muscular Atrophy Market Demand is rising research and development activities by biopharmaceutical companies. Significant investments are being made to develop advanced gene and cell therapies offering long term benefits. Ongoing clinical trials evaluating various drug candidates holds potential to transform the treatment landscape. Emergence of effective therapies is crucial considering the severe and life-threatening nature of the condition. This is anticipated to boost market revenues during the forecast period.
PEST Analysis
Political: The market is influenced by regulations and healthcare reforms that support the development of new treatment options for rare diseases like spinal muscular atrophy.

Economic: Growth in the per capita healthcare expenditure raises demand for therapies to manage congenital health conditions.

Social: Increased genetic testing and public awareness about SMA facilitates early diagnosis and treatment seeking behavior.

Technological: Advances in gene therapy and development of new drugs with novel mechanisms of action are expanding treatment pathways for SMA. R&D in this field continues to receive funding support.

Geographical Concentration

North America dominates the Global SMA Market in terms of value, supported by well-established healthcare infrastructure and reimbursement systems that facilitate patient access to high-cost therapies. The region accounted for over 35% market share in 2024.

Fastest Growing Region

Asia Pacific is projected to witness the highest CAGR during the forecast period. This can be attributed to rising healthcare budgets in countries like China, India and Japan. Economic development is enhancing diagnostics and treatment capacity for rare diseases across APAC.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. 

Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. 

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