The spinal muscular atrophy market comprises products such as Drugs and Equipment that are used to treat this genetic disorder. It is a leading genetic cause of infant mortality that affects the nervous system and leads to weakening of muscles due to a loss of motor neurons. Treatments are focused on addressing the symptoms to improve mobility and delay disease progression.
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 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. Growing patient population and increasing awareness about treatment options are major factors boosting the demand for SMA drugs and devices. The rising prevalence of SMA and continual approval of new drugs and devices are encouraging players to expand globally, especially in emerging markets.
Market Key Trends
An important trend gaining traction in the Global Spinal Muscular Atrophy Market Growth is new drug development and approvals. In the last few years, several pharmaceutical companies have received approval for gene replacement therapies and symptomatic treatments. For instance, Zolgensma and Evrysdi received FDA approval in 2019 and 2020 respectively for treating different SMA types. Such novel therapy options are improving clinical outcomes and overall life expectancy of SMA patients significantly. This has accelerated research activities to develop more targeted and effective treatments.
Porter’s Analysis
Threat of new entrants: High R&D costs and patent protection makes barriers for new companies to enter in the market. Bargaining power of buyers: Large customer base reduces influence of individual buyers on price setting. Bargaining power of suppliers: Established manufacturing facilities and suppliers reduces dependence on individual suppliers. Threat of new substitutes: New alternative therapies can emerge as substitutes based on ongoing research and development. Competitive rivalry: Intense competition exists among leading manufacturers to gain market share through new product innovations and strategic collaborations.
Geographical Regions
North America accounts for the largest share of the Global Spinal Muscular Atrophy Market in terms of value, owing to established healthcare infrastructure, high diagnosis rate, and wider adoption of advanced treatment options in the region.
Asia Pacific is poised to grow at the fastest pace during the forecast period. This is attributed to increasing healthcare spending, huge patient population, and rising awareness about spinal muscular atrophy in emerging countries of China and India.