The treatment includes therapies such as nusinersen and onasemnogen abeparvovec gene therapy that target the underlying genetic causes of SMA. The growing adoption of gene therapy and RNA therapies for SMA treatment is driving the growth of the market.
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, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing investments in R&D activities for the development of advanced treatment options is one of the major trends in the SMA market. For instance, Roche is conducting various clinical trials to evaluate the efficacy and safety of risdiplam in treating different types of SMA. In addition, Biogen and Ionis Pharmaceuticals are jointly developing tofersen, an antisense oligonucleotide aimed at reducing levels of SMN2 splicing modifier protein for the potential treatment of SMA. Such ongoing advancements in molecular therapies for SMA are expected to boost the growth of the market during the forecast period.
Strength: The rising cases of spinal muscular atrophy presents an expanding patient pool, thereby driving opportunities in the market.
Weakness: High costs associated with the treatment and drug development process act as a barrier in the market.
Opportunity: Increasing research and development activities aimed at development of novel treatment therapies present lucrative growth prospects.
Threats: Stringent drug approval regulations delay market availability of new treatment options.
The global spinal muscular atrophy market is expected to witness high growth over the forecast period of 2024 to 2031. 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.
Regional analysis: North America currently accounts for the largest share of the global spinal muscular atrophy market due to presence of advanced healthcare infrastructure and favorable reimbursement policies in countries like the US. Europe is also a major market supported by increasing research funding and initiatives.
Key players: Key players operating in the spinal muscular atrophy market are Samsung Electronics, LG Electronics, Sony Corporation, Leyard Optoelectronic Co., Ltd., Scala, E Ink Holdings Inc., Deepsky Corporation Ltd., Intel Corporation, and Microsoft Corporation. Samsung Electronics and LG Electronics are the prominent players and account for a sizeable market share.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it