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 disease that causes weakness and wasting (atrophy) of voluntary muscles due to degeneration of motor neurons in the spinal cord. The symptoms can range from severe to mild and include difficulty walking, feeding, and breathing problems. Currently, there are treatment options available that target the underlying genetic cause of SMA. The global SMA market is driven by the robust product pipeline, increased R&D investments by key players, and rising prevalence of SMA. While Biogen’s Spinraza was the first FDA-approved SMA treatment, more recently Roche received approval for its drug Evrysdi. With strong patent protections and demonstrated clinical efficacy, these drugs are expected to dominate the market in coming years. However, as the disease mechanisms are better understood and new targets are identified, the treatment landscape is evolving at a fast pace with several experimental drugs in late-stage trials. This positive pipeline is anticipated to boost growth of the global SMA market over the forecast period.
Market Key Trends:
Gene therapy is emerging as a promising treatment approach for SMA. Several gene therapy candidates are under clinical trials targeting motor neurons directly or modifying SMN expression levels. For instance, Zolgensma by Novartis received FDA approval in 2019 as the first gene therapy for SMA. It utilizes an adeno-associated virus (AAV) vector to deliver a functioning SMN gene to motor neurons and halt disease progression. Another gene therapy candidate Onasemnogene abeparvovec by AveXis (owned by Novartis) has shown significant motor function improvements in pivotal trials and its BLA submission is under review. Such disease-modifying gene therapies offer a potentially curative option compared to chronic treatments. Their approval and commercialization will substantially improve long-term outcomes for SMA patients. Growing recognition of SMA as a public health issue is also driving newborn screening programs globally. This facilitates early diagnosis and improves access to treatment. With better awareness and screening, the prevalence of SMA is increasing which will further augment the market growth over the forecast period.
Porter’s Analysis:
- Threat of new entrants: The high capital requirements and stringent regulations make the entry of new players difficult in this market.
- Bargaining power of buyers: The presence of few alternative treatment options gives buyers less bargaining power.
- Bargaining power of suppliers: A few major players dominate the supply side, increasing their bargaining power.
- Threat of new substitutes: Alternative treatment options like physiotherapy offer limited substitution threat.
- Competitive rivalry: Major companies compete based on pipeline drugs and geographical expansion.
Key Takeaways:
The Global Spinal Muscular Atrophy Market Size is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing research and development activities.
Regional analysis: North America holds the major share in the global SMA market and is expected to continue dominating during the forecast period. Rising awareness and high adoption of novel therapies are major drivers responsible for its large share.
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 dominated the market with its product Spinraza in 2023. The company has an extensive pipeline which is anticipated to strengthen its market position in upcoming years.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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