March 1, 2024

Spinal Muscular Atrophy Market is expected to be Flourished by Increasing Gene Therapies

Spinal muscular atrophy (SMA) is a genetic disease that affects the motor nerve cells in the spinal cord, taking away the ability to walk, eat, or breathe. The global spinal muscular atrophy market consists of drugs for the treatment of spinal muscular atrophy or SMA. SMA is caused by a mutation in the survival motor neuron 1 (SMN1) gene and is a leading genetic cause of death in infants.

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 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

In December 2020, the US FDA approved novantrone (nusinersen), the first drug approved for spinal muscular atrophy (SMA). Gene therapy approaches aim to deliver a functional copy of the SMN1 gene directly into motor neurons of SMA patients. Two gene therapy candidates, Zolgensma by AveXis/Novartis and ongoing phase 3 studies of risdiplam by Roche are driving significant growth. These therapies have the potential to halt or reverse the progression of the disease if administered early. The success of these gene therapies in clinical trials will boost the overall spinal muscular atrophy market during the forecast period.

Another driver is growing SMA patient pool. As per Cure SMA organization, SMA affects approximately 1 in every 11,000 live births. Around 450-500 new cases are diagnosed each year in the US alone. Rising incidence rates and growing SMA diagnosed population create consistent demand for effective treatment options such as gene therapies. This rising target patient pool is supporting market revenue growth.

Segment Analysis
The global spinal muscular atrophy market is segmented on the basis of drug type, route of administration, distribution channels and geography. Based on drug type, the market is dominated by nusinersen which accounted for over 45% market share in 2024 owing to its effectiveness against spinal muscular atrophy. Among route of administration, intrathecal segment generated highest revenue and expected to maintain its dominance during forecast period. Hospitals accounted for major share under distribution channel segment due to availibity of reimbursement policies and advanced healthcare facilities for administering drugs.

Pest Analysis
Political: Government agencies approval for drugs and funding for research activities impact the market.

Economic: Rising healthcare expenditures and increasing affordability drives the market growth.

Social: Increasing prevalence of genetic disorders and awareness programs influence the market.

Technological: Advancements in gene therapy and prognostic techniques aid early diagnosis and treatment which boosts the market.

Key Takeaways
The global spinal muscular atrophy market is expected to witness high growth at a CAGR of 7.8% during the forecast period of 2024 to 2031.

North America dominates the market and is expected to maintain its lead position owing to increasing research funding and presence of leading manufacturers. Europe is the second largest market led by Germany, UK and France. Asia Pacific is projected to witness fastest growth due to rising healthcare expenditure, growing genetic disorders and increasing clinical trials.

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 players are majorly focusing on R&D investments to develop new drugs with better efficacy and less side effects for treatment of spinal muscular atrophy.

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