The Spinal Muscular Atrophy Market is driven by Increasing Adoption of Gene Therapy
Author : naufan cmi | Published On : 14 Mar 2024
The spinal muscular atrophy market overview involves treatments focused on slowing down muscle damage and weakness caused by spinal muscular atrophy (SMA). SMA is a genetic disease characterized by loss of motor neurons which affects the voluntary muscles of the body. As a result, weakness and wasting of muscles occurs. The genetic therapies for spinal muscular atrophy treat the underlying genetic cause of the disease by targeting mutations in the SMN1 gene. With advancements in gene therapy, alternative drug delivery options such as intrathecal administration and gene therapy to treat SMA are gaining traction.
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.
The growing demand in market can be attributed to rising genetic testing and screening rates for SMA which enables early diagnosis and timely treatment interventions. Gene therapies such as Zolgensma and Evrysdi have gained significant market share in the SMA therapeutics segment.
Globally, with rising healthcare expenditures, increasing disposable incomes, and growing consumer awareness of innovative disease treatment alternatives, the spinal muscular atrophy market is expected to witness high growth opportunities in regions such as Asia Pacific and Latin America.
Market drivers
Increasing adoption of gene therapy is a major driver for the spinal muscular atrophy market growth. Gene therapy offers potential cure by replacing the defective SMN1 gene responsible for SMA. With one-time administration, gene therapies provide long lasting effects andaddress the root cause of disease. For example, Zolgensma by Novartis is the first gene therapy approved for spinal muscular atrophy and offers significantly positive outcomes for babies with SMA. This drives its increasing usage globally.
The current geopolitical situation is impacting the growth of the Spinal Muscular Atrophy market. Russia’s invasion of Ukraine has disrupted supply chains and increased raw material costs. This will adversely affect the production and availability of drugs used to treat Spinal Muscular Atrophy. Sanctions on Russia will also reduce the market size as patients from Russia will have limited access to new therapies. Rising inflation and economic uncertainties caused by the war means healthcare budgets are under more pressure. This could delay the adoption of novel and expensive gene therapies to treat SMA.
Manufacturers will need to look at alternatives sources and plan well in advance to secure supply of critical inputs. They should also explore establishing facilities in different geographies to reduce dependence on any single region. Partnering with local companies can help gain approvals and market access faster in new territories. Given treatment costs, manufacturers may have to consider value-based pricing models and partnerships with healthcare payers to ensure therapies remain affordable and accessible to patients.
In terms of value, North America accounts for the largest share of the Spinal Muscular Atrophy market currently due to the concentration of prominent drug manufacturers and higher treatment rates. Europe is the second largest region supported by consistent healthcare spending and government schemes that approve new drugs faster. However, the Asia Pacific region is poised to be the fastest growing market in the forecast period driven by rising incomes, greater disease awareness and improving access to healthcare in large countries like China and India.
The growth in the Asia Pacific region will be further boosted by cooperation between international biopharma companies and local China-based manufacturers. This will accelerate drug development and facilitate more affordable versions tailored for local needs. Governments are also making efforts to better screen newborns for genetic disorders like SMA to enable early diagnosis and treatment. Overall, as living standards rise across Asia, the demand for novel therapies to treat rare diseases will increase the most in this region over the next decade.
