The spinal muscular atrophy market comprises products associated with the treatment of spinal muscular atrophy such as nusinersen, masitinib, and gene therapies. Nusinersen drug was the first approved drug by the FDA for the treatment of spinal muscular atrophy. The drug treats spinal muscular atrophy through targeting the underlying genetic root cause of the disease by modulating pre-mRNA splicing.
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. Nusinersen was approved by FDA in 2016 and developed by Biogen. It is presently dominating the spinal muscular atrophy market. The growing adoption of nusinersen drugs in developed regions and increasing awareness regarding treatment options for spinal muscular atrophy is fueling market growth. Additionally, various players are focusing on expanding their presence in developing regions like Asia Pacific and Latin America to tap the potential opportunities.
Growing demand for early diagnosis and treatment of spinal muscular atrophy is supporting the market growth. Rising parental concern for children suffering from spinal muscular atrophy and increasing screening programs globally is positively impacting the market. Furthermore, ongoing research and increasing product pipeline for spinal muscular atrophy especially cell and gene therapies will provide major growth opportunities in the coming years.
Market key trends
Gene therapies hold promising future for spinal muscular atrophy treatment. Various gene therapy candidates are in pipeline which can modify the underlying cause of spinal muscular atrophy by increasing the production of functional SMN protein. Zolgensma by AveXis, a gene therapy received FDA approval in 2019 and is considered as one of the most expensive drugs in the world. Its approval established gene therapy as a viable treatment option for spinal muscular atrophy. Increasing R&D investments by manufacturers especially in gene and cell based therapies will drive future market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: New biotech firms can enter the market with novel genetic therapies for SMA but development and approval is a long and capital intensive process.
Bargaining power of buyers: Patients have limited bargaining power and depend on the availability of drugs from pharmaceutical companies to treat their condition.
Bargaining power of suppliers: A small number of biotech firms currently supply treatments for SMA so they have significant bargaining power over drug pricing.
Threat of new substitutes: No effective alternative treatment options currently exist for SMA so threat of substitution is low.
Competitive rivalry: Competition is intensifying as multiple pharmaceutical companies race to develop and commercialize new gene therapies and other innovative treatments.
Geographical Regions
North America currently accounts for the largest share of the global SMA market value due to the availability of highly expensive therapies and high diagnosis rates. The United States FDA has approved three disease-modifying therapies to date.
Asia Pacific is poised to become the fastest growing regional market between 2024-2031 as supportive government initiatives expand access to treatment and diagnosis improves across countries like China and India with large patient populations. Japan also represents a major Asian market.
