The Spinal Muscular Atrophy Market is estimated to be valued at US$ 1813.48 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.
The Spinal Muscular Atrophy (SMA) Market is fragmented due to the presence of several international and regional players. These players are adopting several strategies such as new product launches and collaborations to increase their market share.
Market Overview:
Spinal muscular atrophy (SMA) is a group of inherited disorders that destroys motor neurons, or nerves, in the spinal cord leading to muscle atrophy and weakness. SMA affects voluntary muscle movements, and early-onset and most severe types impact people's ability to walk, eat, and breathe. With the increasing cases of SMA and advancement in treatments, the market is expected to witness significant growth over the forecast period.
Market key trends:
One of the major trends in the spinal muscular atrophy market is the ongoing research and development of gene therapy. Gene therapy aims to introduce a normal copy of the SMN1 gene into motor neurons to combat the defective gene which causes SMA. In 2017, the first gene replacement therapy called Zolgensma was approved by the FDA to treat SMA. It is considered to be one of the most expensive drugs in the world. The clinical pipeline is also filled with several gene therapy candidates which are under clinical evaluation to cure SMA. The success of Zolgensma has set a precedent and these newer therapies have potential to drive significant growth of the market if approved.
Porter’s Analysis
Threat of new entrants: The spinal muscular atrophy market requires high investments in R&D for drug development. Stringent regulations also pose barriers to entry.
Bargaining power of buyers: Individual consumers have low bargaining power due to lack of alternatives for treatment. However, governments and large organizations can negotiate prices.
Bargaining power of suppliers: A few biotech companies have proprietary technologies and patents for developing novel treatments, giving them strong bargaining power.
Threat of new substitutes: No major substitute treatments exist currently for SMA. Gene therapy is a potential substitute but is still in development phase.
Competitive rivalry: The market currently has a few approved drugs with patent protection. Rivalry is expected to intensify as late stage pipeline candidates enter the market.
SWOT Analysis
Strengths: Growing research into disease pathology, availability of approved drugs.
Weaknesses: High costs of treatment, lack of alternatives, complexity of underlying biology.
Opportunities: Untapped emerging markets, growth in diagnostic rates, rising healthcare spending.
Threats: Patent cliff of early drugs, pricing pressures, regulatory delays in approval.
Key Takeaways
The global Spinal Muscular Atrophy Market Growth is expected to witness high growth, exhibiting a CAGR of 13% over the forecast period, due to increasing diagnostic rates and availability of novel treatment options.
The market is expected to be dominated by North America over the forecast period owing to the high adoption of advanced treatment methods and presence of favorable reimbursement policies in the region. Asia Pacific is anticipated to exhibit the fastest growth due to rising healthcare spending and growing awareness.
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.
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