April 21, 2024

Spinal Muscular Atrophy Market is Primed for Growth Owing to Rising Prevalence of Neuromuscular Disorders

Spinal muscular atrophy (SMA) is a genetic disease that damages the nerves and affects the muscles. It causes weakness and wasting in the muscles of the legs, arms, neck and other areas of the body.

The global SMA 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 2024 to 2031.

Key Takeaways

Key players operating in The Spinal Muscular Atrophy (SMA) 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.

Second paragraph is talking about the key opportunities in market which includes increasing research funding for rare disease treatment, rising awareness about SMA, and growing diagnosis rates. The third paragraph is about the global expansion of the market with opportunities in emerging markets like Asia Pacific and Latin America owing to rising healthcare investments in these regions.

Market drivers

The key driver for the growth of spinal muscular atrophy market is the rising prevalence of neuromuscular disorders. SMA is one of the most common genetic causes of death in infants. According to Cure SMA organization, it is estimated that 1 in every 11,000 live births are diagnosed with SMA. Further, lack of effective treatment options available is also fueling the growth of SMA market as companies are investing heavily in development of novel therapeutics.

PEST Analysis
Political: The regulatory environment for spinal muscular atrophy drugs has become favorable in recent years, with orphan drug designations and priority reviews accelerating development and approvals. However, pricing and reimbursement policies vary greatly across regions and remain a challenge.

Economic: The rising healthcare expenditure and growing cases of spinal muscular atrophy have been the major drivers of growth. However, the high treatment costs associated with SMA drugs have also raised sustainability concerns.

Social: Growing patient advocacy and support groups have increased awareness about SMA and accelerated research. However, the social stigma and low quality of life associated with the condition continues to impact patients and caregivers.

Technological: Advancements in gene and cell therapies hold promising prospects for developing curative treatments for SMA. Ongoing research into new drug targets and delivery mechanisms also aim to enhance efficacy and durability of response.

Geographical Regions with Highest Market Value
North America accounts for the largest share of the global SMA market due to favorable reimbursement policies, strong biopharmaceutical industry, and early adoption of new therapies. Europe is the second largest region driven by initiatives to improve access to orphan drugs. The Asia Pacific region is witnessing faster growth supported by rising healthcare investments, growing incidence, and increasing willingness to pay for innovative treatments.

Fastest Growing Region
The Asia Pacific region is poised to register the fastest growth during the forecast period, fueled by rapid economic development, growing patient pools, increased healthcare awareness, expanding insurance coverage, and rising government support for the biopharmaceutical industry across major Asian countries. Rising discretionary incomes have also made expensive SMA drugs more affordable for patients in Asia.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it