July 13, 2024
Spinal Muscular Atrophy Market

Rising Prevalence Of Genetic Disorders To Drive The Growth Of Spinal Muscular Atrophy Market

The global Spinal Muscular Atrophy Market is estimated to be valued at US$ 1813.48 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 genetic disorder that affects the nervous system and causes muscle wasting and weakness. It is a leading genetic cause of death in infants. SMA damages and destroys motor neurons, specialized nerve cells in the spinal cord that control important muscle movements like breathing, swallowing and walking. As motor neurons die, muscles weaken and shrink. The severity and progression of SMA depends on the type of SMA. SMA treatments aim to increase or preserve motor neuron functions and muscle strength by addressing the underlying genetic causes or compensating for lost functions. Currently, there are treatments available for SMA such as Spinraza and Evrysdi which have shown significant clinical benefits including improved or maintained motor function.

Market key trends:
One of the key trends in the spinal muscular atrophy market is the rising prevalence of new treatment options. Currently, there are two approved drug treatments for SMA – Spinraza by Biogen and Evrysdi by Roche. These drugs target the underlying genetic causes of SMA through different mechanisms of action. Spinraza is the first disease-modifying treatment for SMA approved by FDA and aims to increase the production of full-length SMN protein. Evrysdi is the first and only at-home treatment for SMA approved by FDA in 2021. It increases production of the survival motor neuron (SMN) protein by skipping exon 1 during SMN2 pre-mRNA splicing. Clinical trials have shown significant efficacy of both treatments in improving motor function and delaying disease progression in SMA patients. The approval and commercialization of additional therapies is expected to further boost the market growth.
Porter’s Analysis

Threat of new entrants: The threat of new entrants is low as the spinal muscular atrophy market requires high R&D investments and clinical trial costs. New companies also need to gain FDA approval.

Bargaining power of buyers: The bargaining power of buyers is moderate as the treatments available are limited and buyers have to rely on a few major manufacturers.

Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of a large number of component providers.

Threat of new substitutes: Currently, there are no effective substitutes for SMA treatments.

Competitive rivalry: The competitive rivalry is high as major players are engaging in new product launches, partnerships, and acquisitions to gain market share.

Key Takeaways

The global Spinal Muscular Atrophy Market Growth is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing approval and launch of novel drugs. The market size for 2023 is US$ 1813.48 Mn.

Regional analysis: North America currently dominates the global market due to growing awareness and favorable reimbursement policies. However, Asia Pacific is expected to witness fastest growth owing to rising healthcare spending in countries like China and India.

Key players: 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. Biogen leads the market with its blockbuster drug Spinraza followed by Swiss drug major Roche with Evrysdi.

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