Spinal muscular atrophy (SMA) is a genetic disease that affects the nerves that control voluntary muscle movement. SMA causes muscles used for activities like crawling, rolling over, sitting up, and walking to become weaker over time. The global spinal muscular atrophy market consists of therapeutic products used for the treatment of SMA. Key products in the market include nusinersen and onasemnogene abeparvovec. Nusinersen is the first and only approved drug that addresses the underlying genetic root cause of SMA by increasing production of full-length survival motor neuron (SMN) protein. Onasemnogene abeparvovec is a gene therapy approved for SMA that delivers a functional copy of the SMN1 gene into patients’ cells. The increasing R&D activities for developing novel therapies and rising awareness about SMA are some of the key factors anticipated to boost the market growth.
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.
Key Takeaways
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. Nusinersen, marketed by Biogen is the leading product in the SMA market, generating over US$ 2 Bn in annual sales. The increasing awareness about SMA and supportive government regulations for orphan drugs are expected to generate numerous growth opportunities for players in the market. Major companies are focused on expanding their geographical presence in emerging markets such as Asia Pacific and Latin America to capitalize on high growth opportunities.
Market Drivers
Increasing R&D investments: Significant increase in R&D funding from industry players and government organizations for developing novel gene therapies and drugs for SMA is a major market driver. Players are conducting clinical trials to explore new molecular targets and therapeutic approaches to treat SMA.
Growing disease awareness: Initiatives by patient advocacy groups and non-profit organizations towards creating awareness about symptoms, diagnosis, and treatment options for SMA have been instrumental in boosting early diagnosis rates. This is positively impacting the demand for therapies.
Market Restraints
High cost of treatment: Therapies for SMA treatment have high costs, limiting widespread adoption. For instance, the list price of nusinersen is over US$ 750,000 for the first year of treatment and over US$ 375,000 annually thereafter, making it the most expensive drug worldwide. Affordability issues pose a major challenge.
Lack of trained healthcare professionals: Shortage of neurologists, pediatric neurologists, and other medical experts trained to diagnose and treat SMA poses geographical challenges in providing access to care. This acts as a restraint for market growth in developing regions.
Segment Analysis
The Spinal Muscular Atrophy market is dominated by the type 1 segment. Type 1 SMA is the most severe form of SMA that affects many essential muscle groups like those used for breathing and swallowing. Patients with type 1 SMA experience these symptoms from birth or within the first 6 months of life. The type 1 segment holds the largest market share as it requires immediate medical intervention and specialized treatments to help manage life-threatening issues. Other key segments include type 2 and type 3 SMA; however, type 1 accounts for nearly 40-50% of total SMA cases, making it the dominant sub-segment.
Global Analysis
The North American region holds the largest share of the global Spinal Muscular Atrophy market and is expected to maintain its dominance during the forecast period. This is attributed to factors like rising healthcare expenditure, presence of developed healthcare infrastructure, increasing research funding, and favorable reimbursement policies, especially in the US. Additionally, growing diagnosis rates and frequent product launches by key players in the region are fueling market growth. The Asia Pacific region is projected to witness the fastest growth during the forecast period due to increasing patient awareness, growing healthcare spending, improving diagnostic capabilities, and a massive patient pool in countries like China, India, and Japan. Improving access to treatments and rapid economic development offer significant growth opportunities to market players in Asia Pacific's SMA market.
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