Biogen’s Spinraza Is The Largest Segment Driving The Growth Of The Spinal Muscular Atrophy Market

The global Spinal Muscular Atrophy Market is estimated to be valued at US$ 1813.48 Mn or Mn 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 (SMA) is a genetic disease that affects motor neurons in the spinal cord. It progressively destroys the motor neurons leading to weakness and wasting of the voluntary muscles responsible for activities such as crawling, walking, head and neck control, and swallowing. Early diagnosis and treatment are essential to manage the condition.

Market key trends:
One of the key trends in the market is increasing research and development activities for the development of novel therapies. Currently, Spinraza by Biogen is the only approved treatment for all types of SMA in both adults and children. However, other companies are also developing new treatment options. For instance, Novartis is developing gene therapy candidate AVXS-101. In clinical trials, it showed promising results in infantile-onset SMA patients. It has the potential to deliver long-term benefits with a single dose. This is expected to fuel the demand for more effective treatment options in the SMA market during the forecast period.
SWOT Analysis
Strength: Spinal Muscular Atrophy drugs in late stages of development can potentially treat the cause of the disease and slow its progression. Weakness: High treatment cost of SMA drugs poses major affordability challenges. Opportunity: Growing research and development activities to develop new drugs for SMA. Threats: Expiry of patents of existing drugs can increase competition.

Key Takeaways

The global Spinal Muscular Atrophy Market Growth is expected to witness high growth, exhibiting CAGR of 13.% over the forecast period, due to increasing research focus on developing new treatment options.

Regional analysis

North America is expected to dominate the global SMA market during the forecast period. This is attributed to the presence of major pharmaceutical players and growing awareness about SMA treatment in the region. Asia Pacific is anticipated to exhibit fastest growth in the coming years, led by rising healthcare expenditure and patient pool in China and India.

Key players

Key players operating in the Spinal Muscular Atrophy market are 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.

Additionally, rising focus on orphan drugs development and availability of ongoing clinical trials assessing the efficacy of emerging treatment options are further expected to propel market growth during the forecast period. However, high cost associated with SMA treatment remains a major market challenge.

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