by The Spinal Muscular Atrophy Market is estimated to be valued at US$ 1813.48 Mn or 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.
Market Overview:
Spinal muscular atrophy (SMA) is a group of inherited disorders that causes muscles to weaken over time due to a loss of motor neurons. The main symptoms include progressive muscle weakness and atrophy. The severity and onset of symptoms can vary significantly between different types of SMA. SMA is caused by a genetic defect in the survival motor neuron 1 (SMN1) gene. Current treatment options include gene therapy, supportive care, and symptom management. Gene therapies aim to overcome the genetic defects and halt or reverse the progression of SMA.
Market Dynamics:
Rising prevalence of SMA across the globe is expected to drive the market growth during the forecast period. According to CureSMA organization, SMA affects approximately 1 in 11,000 live births and is a leading genetic cause of death in infants. Increasing birth rates, growing focus on orphan drugs, and launch of novel gene therapies are some other major factors anticipated to boost demand for SMA therapeutics. Furthermore, growing R&D investments to develop pipeline drugs and expanding access to gene therapy in developing regions is likely to offer lucrative opportunities over the next few years. However, high costs associated with SMA therapy and reimbursement issues in some countries may hamper the market growth to some extent.
Segment Analysis:
The global spinal muscular atrophy market is segmented into type and treatment. Based on type, the market is segmented into type I, type II, type III, and type IV. Among these, the type I segment dominates the market owing to the severity of the disease and its early onset. Type I SMA is the most severe form of the disease and leads to death by the age of two in the majority of cases.
PEST Analysis:
- Political: Government regulations to promote research and development for orphan and rare diseases have favored market growth. Various initiatives aimed at increasing awareness have also provided support.
- Economic: Rising healthcare expenditure and disposable income levels in developing nations provide numerous opportunities.
- Social: Growing prevalence of genetic and neuromuscular disorders drives demand. Increasing awareness initiatives by patient advocacy groups supplement this.
- Technological: Advancements in gene therapy and drug development have expanded treatment options. Novel treatment approaches centered on RNA targeting offer promise.
Key Takeaways:
The Global Spinal Muscular Atrophy Market Growth is expected to witness high, exhibiting 13% CAGR over the forecast period, due to increasing investment in research and development of novel treatment options.
Regional analysis: North America dominates the global market and is expected to continue its dominance over the forecast period. This can be attributed to growing prevalence of SMA, rising healthcare expenditure, presence of major market players, and new product approvals. Asia Pacific is anticipated to exhibit the fastest growth owing to developing healthcare infrastructure and growing patient pool.
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. Most of these major players are focusing on launching innovative products to expand their product portfolios. For instance, Biogen’s Evrysdi became the first at-home treatment approved for SMA in 2021.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
