Allogeneic Stem Cell Transplantation Market Estimated To Witness High Growth Owing To Rising Prevalence Of Cancer
Market Overview:
Allogeneic stem cell transplantation involves transferring stem cells from a donor to a recipient. These transplanted stem cells can replace damaged or destroyed stem cells in the recipient's body. Allogeneic stem cell transplantation is commonly used to treat cancers like leukemia, lymphoma, myeloma and some inherited blood disorders. The stem cells are taken from bone marrow, peripheral blood or umbilical cord blood.
Market Dynamics:
The allogeneic stem cell transplantation market is driven by the rising prevalence of cancer globally. As per the International Agency for Research on Cancer, cancer burden has risen to 19.3 million cases and 10 million cancer deaths in 2020. Allogeneic stem cell transplantation is frontline treatment for many blood cancers and hematological conditions. Additionally, ongoing clinical trials exploring the role of allogeneic stem cell transplantation in solid tumors is further expected to support market growth over the forecast period. Another major driver is the increasing number of umbilical cord blood donations. Private and public cord blood banking is on the rise providing more stem cell options for transplantation.
The global Allogeneic Stem Cell Transplantation Market Size is estimated to be valued at US$ 3.9 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis:
Strength:
- Increasing success rate of allogeneic stem cell transplantation owing to the advances in stem cell research.
- Growing prevalence of blood cancers such as leukemia that require stem cell transplantation treatments.
- Positive clinical outcomes and less risk of rejection compared to other alternatives.
Weaknesses:
- High costs associated with stem cell transplantation procedures limit access for many patients.
- Finding suitably matched stem cell donors is challenging due to HLA tissue matching requirements.
Opportunities:
- Rising healthcare expenditures in developing countries offer scope for market expansion.
- Emergence of cord blood as a viable alternative stem cell source with reduced risks of complications.
- Development of novel stem cell treatment therapies can help expand approved clinical applications.
Threats:
- Stringent regulatory framework for approval of new stem cell-based products and therapies increases compliance costs.
- Ethical and legal issues related to stem cell procurement practices pose risks.
Key Takeaways
The global Allogeneic Stem Cell Transplantation market is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing prevalence of blood cancers.
Regional analysis:
North America currently dominates the global market, with the largest market share of over 35%, due to rising healthcare spending and growing adoption of advanced transplantation procedures in the region. Asia Pacific is expected to exhibit the fastest growth over the forecast period owing to increasing healthcare infrastructure, rising disposable incomes, and growing incidence of cancers in developing countries of the region.
Key players:
Key players operating in the Allogeneic Stem Cell Transplantation market are Celgene Corporation, Mesoblast Ltd., Pluristem Therapeutics Inc., MEDIPOST Co., Ltd., Takeda Pharmaceutical Company Limited, Astellas Pharma Inc., Cellular Biomedicine Group, Inc., Biosolution Co., Ltd., StemCell Technologies Inc., Caladrius Biosciences, Inc., TiGenix N.V., ViaCord, Vericel Corporation, Regen Biopharma Inc., Gamida Cell Ltd., Histogenics Corporation, BrainStorm Cell Therapeutics Inc., Lineage Cell Therapeutics, Inc.
Read More: https://blogger-veritas.blogspot.com/2023/12/cord-blood-banking-is-fastest-growing.html
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