Bone Marrow Transplant Is Estimated To Witness High Growth Owing To Increasing Prevalence Of Cancer
The Bone marrow transplant market is estimated to be valued at US$ 6303.19 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Bone marrow transplant involves replacing damaged or destroyed bone marrow with healthy bone marrow stem cells. Bone marrow is the soft, spongy material found inside bones. Stem cells from the bone marrow can develop into red blood cells, white blood cells or platelets. Bone marrow transplant is commonly used to treat diseases such as leukemia, lymphoma and multiple myeloma. It may also be used to treat other diseases or conditions like severe sickle cell disease or certain solid tumors.
Market Dynamics:
The bone marrow transplant market is expected to grow at a significant rate owing to the increasing prevalence of cancer across the globe. According to World Health Organization (WHO), cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. Additionally, two major drivers influencing the market growth are rising geriatric population and increasing awareness regarding bone marrow transplant therapy. The number of people aged 60 or older is projected to nearly double, from 962 million globally in 2017 to about 2.1 billion in 2050 according to United Nations report. Aged population is more prone to chronic diseases which increases the demand for bone marrow treatment. Moreover, ongoing clinical trials, increasing research funding and advancement in transplantation therapy are also fueling the market growth over the forecast period.
SWOT Analysis:
Strength: The bone marrow transplant market has strong growth potential due to increasing prevalence of blood cancer. There is a rise in the number of bone marrow transplantation procedures globally. Several technological advancements have enhanced the success rate of these procedures.
Weakness: High costs associated with bone marrow transplant procedures restrict wider access and adoption. Stringent regulatory frameworks delay the approval of new treatment options.
Opportunity: Growing investments by market players to develop innovative treatment solutions presents lucrative opportunities. Rising geriatric population susceptible to blood cancers will drive the demand.
Threats: Side effects and risks associated with transplant procedures act as a challenges. Lack of matching donors is also a major restraint.
Key Takeaways:
The global Bone Marrow Transplant Market Share is expected to witness high growth, exhibiting CAGR of 4.0% over the forecast period, due to increasing prevalence of blood cancers. According to recent study, over 1.3 million new cases of blood cancers were recorded annually worldwide. Bone marrow transplant is a major treatment option for conditions like leukemia, lymphoma and multiple myeloma.
Regional analysis: North America dominated the bone marrow transplant market with largest market share in 2023. This is attributed to growing patient awareness, robust healthcare infrastructure and new product approvals. However, Asia Pacific is anticipated to exhibit fastest growth during the forecast period, owing to rising healthcare spending, increasing incidence of blood cancers and growing medical tourism.
Key players: Key players operating in the bone marrow transplant market are Lonza, Merck KgaA, Sanofi, AllCells, STEMCELL Technologies Inc., Charles River Laboratories, Beike Biotechnology Co., Ltd., FUJIFILM Cellular Dynamics, Inc., CORESTEM, Inc., Gamida Cell, Lifeline Cell Technology, Mesoblast Ltd, and PromoCell GmbH. The market is consolidated in nature with top players investing in new technologies to gain competitive edge.
Read More,
English
Arabic
Français
Español
Português
Deutsch
Dutch
Italiano
Russian
Romaian