July 24, 2024
Spinal Muscular Atrophy Market

Medical Devices is the largest segment driving the growth of Spinal Muscular Atrophy Market

The global Spinal Muscular Atrophy Market is estimated to be valued at US$ 1813.48 Mn or Million 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 is a genetic disease that affects the nerve cells in the spinal cord, taking away the ability to walk, eat, or breathe. Medical devices like ventilators, feeding tubes, walkers, wheelchairs are widely used to treat patients suffering from Spinal Muscular Atrophy.

Market key trends:

The rise in research funding for rare diseases like Spinal Muscular Atrophy is projected to boost the market growth during the forecast period. For instance, in 2022 Cure SMA, a non-profit organization awarded over US$ 5 million towards research on treatment of SMA. Similarly, increasing approvals of gene therapies like Zolgensma is also expected to accelerate the market growth. Zolgensma received FDA approval in 2019 and is considered a breakthrough therapy providing long lasting functional improvements in children with SMA.

SWOT Analysis:

  • Strength: The spinal muscular atrophy market has strong emerging pipeline products that may offer improved treatment outcomes. Companies are investing in R&D to develop novel gene therapies that can target the underlying cause of SMA by increasing the levels of functional SMN protein in motor neurons.
  • Weakness: High costs involved in the development of advanced gene and cell therapy for SMA treatment pose a challenge. The average cost of gene therapy is estimated to be over $1 million per patient. This increases the overall treatment cost.
  • Opportunity: Increasing incidence of SMA worldwide due to improved diagnosis offers growth opportunities. Majority of SMA cases can now be detected through new born screening programs, enabling early treatment intervention.
  • Threats: Challenges in manufacturing gene therapies at commercial scale poses a risk. Gene therapy production involves complex biological manufacturing processes and ensuring product quality and consistency across large patient populations is difficult.

Key Takeaways:

The Global Spinal Muscular Atrophy Market Demand is expected to witness high growth, exhibiting a CAGR of 13% over the forecast period, due to increasing newborn screening programs and diagnostic rates for SMA.

Regional Analysis:

North America dominated the global market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to presence of favorable reimbursement policies for rare disease treatments and strong healthcare infrastructure in the region. Europe held a high market share as well and is projected to exhibit 13.8% CAGR between 2023 and 2030.

Key players:

Key players operating in the spinal muscular atrophy market include 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. These companies are focused on expanding their gene therapy portfolios through partnerships and collaborations.

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