by The Bone Marrow Transplant Market is estimated to be valued at US$ 6,303.19 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. It is often used to treat cancers like leukemia, lymphoma and multiple myeloma or disorders like aplastic anemia, sickle cell anemia, thalassemia and more. The market includes services and products required for bone marrow or hematopoietic stem cell transplantation.
Market Dynamics:
The increasing prevalence of blood cancer is one of the major drivers of this market. According to National Cancer Institute, around 174,250 new cases of blood cancer were diagnosed in the United States in 2022. Blood cancer treatment often requires bone marrow or stem cell transplant. With rising cancer incidence, the demand for transplant procedure is expected to rise significantly over the forecast period.
Another driver is the approval and commercialization of new stem cell therapies. Research & development in regenerative medicines and stem cell therapeutics is leading to safer and more effective transplant procedures. For instance, the approval of CAR T-cell therapies and other immune cell therapies will upsurge the demand for stem cells and expand the clinical applications of transplant procedures. This is expected to positively impact the market growth during 2023-2030.
Segment Analysis
The global bone marrow transplant market is dominated by the allogeneic subsegment due to the increasing number of patients suffering from blood cancer and blood-related disorders. Allogeneic bone marrow transplant is performed when the donated marrow comes from a donor who is not identical genetically to the patient. According to the statistics, around 70% of all bone marrow transplants are allogeneic as it is easier to find an unrelated donor match compared to an autologous transplant which uses the patient’s own stem cells.
PEST Analysis
Political: Governments across major countries are focusing on increasing funding for stem cell research and clinical trials involving bone marrow transplants which is positively impacting the market growth.
Economic: The rising per capita healthcare expenditure globally is driving more patients to opt for expensive procedures like bone marrow transplant for the treatment of life-threatening diseases.
Social: Increasing public awareness about diseases treatable through bone marrow transplant and the availability of donor registries is enhancing the social acceptability of this procedure.
Technological: Advancements in transplant procedures and development of better preservation techniques for maintaining the viability of stem cells during transportation are supporting the market expansion.
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 incidence of blood cancer worldwide. The market size for 2023 is estimated to be US$ 6303.19 Mn.
North America dominated the global market in 2022 owing to rising healthcare expenditure, availability of advanced treatment facilities and presence of major market players in the region. The Asia Pacific is projected to be the fastest growing market during the forecast period due to growing discretionary income, development of healthcare infrastructure and increasing medical tourism across China, India and Southeast Asian countries.
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 leading market players are focusing on new product launches, expansions and acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
