April 13, 2024

Spinal Muscular Atrophy Market is Estimated to Witness High Growth Owing to Technological Advancements in Gene Therapy

Spinal muscular atrophy (SMA) is a genetic neuromuscular disease characterized by muscle wasting and weakness caused due to the loss of nerve cells in the spinal cord affecting the muscles and movement. The major symptoms include weakness of arms and legs, poor head and neck control, trouble swallowing and breathing. SMA primarily affects motor neurons resulting in severe paralysis and muscle atrophy. Currently, there are three drugs approved by the US FDA for the treatment of SMA – Spinraza, Zolgensma, and Evrysdi. However, ongoing developments in gene therapy techniques are expected to further improve treatment options for SMA patients.

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. These players are involved in conducting research and development activities in gene therapy techniques such as CRISPR/Cas9 genome editing tools and gene replacement methods for more effective SMA treatments.

The rising awareness about SMA and availability of approved therapeutics present significant growth opportunities in the market. The ongoing clinical trials evaluating new drugs such as Branaplam (Novartis), AGIL-FA (Agilent Technologies) are expected to further expand treatment options if approved.

Advancements in gene therapy through gene replacement and gene editing techniques such as CRISPR/Cas9 are contributing significantly to the market growth. These novel technologies have the potential to treat the underlying cause of SMA by repairing or replacing the mutated SMN1 gene.

Market Drivers

Increasing government funding and venture capital investments for SMA drug development is a major growth driver for the market. Large amounts of funding from organisations such as CureSMA and Spinal Muscular Atrophy Foundation aid research activities. Moreover, fast track designations and orphan drug designations by regulatory agencies are encouraging pharmaceutical companies to develop new therapies.

Current challenges in Spinal Muscular Atrophy Market:
The Spinal muscular atrophy market
is currently facing several challenges. The treatment options available are very limited and expensive. Only two treatment options- gene therapy and spinal cord stimulation are available which increases the treatment costs significantly. The early diagnosis of SMA is also a challenge due to lack of adequate diagnostic infrastructure and technicians in developing regions. This results in delayed treatment care. Another major challenge is lack of awareness about SMA among general public as well as healthcare professionals. This delays appropriate medical care to affected patients.

SWOT Analysis
Strength: Growing research and development investment from companies and support from government agencies. Advancements in gene therapy and spinal cord stimulation treatment options offer hope.
Weakness: Limited treatment options and high costs of available therapies. Lack of cure and risk of relapse post-treatment.
Opportunity: Untapped emerging markets hold potential for market growth. Collaborations between pharmaceutical companies, academia and patient advocacy groups can enhance product pipeline.
Threats: Stringent regulatory approvals and reimbursement policies add delays. Impact of Covid-19 pandemic on supply chain and clinical trials.

Geographical regions with market concentration:
North America currently dominates the global SMA market with the highest revenue share. High healthcare spending and reimbursement facilities promote early adoption of advanced therapies in the US. Europe holds the second largest revenue share with growing research in the UK and Germany.

Fastest growing region:
Asia Pacific region is poised to be the fastest growing market for Spinal Muscular Atrophy during the forecast period. Rising healthcare investments, increasing disposable incomes, large patient pool and growing medical tourism are driving the regional market. Supportive government policies are also expected to boost treatment access in developing Asian countries over the coming years.

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