Bone Marrow Transplant Market to Discern Magnified Growth of 3.5% CAGR During 2020 to 2027 With Industry Size, Trends, Growth and Demand !!
Bone marrow is a soft vascular tissue present in the interior of long bones. It consists of two types of stem cells: hematopoietic and mesenchymal stem cells. Bone marrow is primarily responsible for hematopoiesis (formation of blood cells), production of lymphocytes, and storage of fats.
The global bone marrow transplant market is estimated to account for US$ 13,750.7 Mn in terms of value and 121,661 procedures in terms of volume by the end of 2027.
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Bone marrow transplant is a surgical procedure that involves the replacement of damaged or infected bone marrow. This procedure is done by transplanting blood stem cells that travel to the bone marrow where they produce new blood cells and encourage the growth of new marrow. Bone marrow is the fatty tissue inside human bones, which produces different components of blood such as red blood cells that carry oxygen and nutrients throughout the body; white blood cells that fight against infection; and platelets responsible for the formation of clots. Bone marrow transplant replaces damaged stem cells with healthy cells and produces optimum levels of white blood cells, platelets, or red blood cells to avoid infections, bleeding disorders, or anemia.
According to the Centre for Disease Control (CDC), around 14.1 million people worldwide were diagnosed with cancer in 2012, leading to 8.2 million fatalities. Furthermore, around 19.3 million new cases of cancer are projected to be diagnosed by 2025. Also, the rising prevalence of sickle cell anemia around the globe is predominantly fueling the growth of bone marrow transplant, thereby fueling the growth of the overall bone marrow transplant market.
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Bone Marrow Transplant Market
Based on transplantation type
- Allogeneic Bone marrow Transplantation
- Autologous Bone Marrow Transplantation
Based on the disease indication
- Aplastic Anemia
- Sickle-cell Anemia
- Solid tumors
- Myeloproliferative Neoplasms
Based on the end-user
- Multispecialty Clinics
- Ambulatory Surgical Centers
According to the Centre for Disease Control and Prevention (CDC), cancer is one of the most prevalent chronic diseases, with around 20.3 million cases diagnosed in 2014. The U.S government is taking various initiatives to prevent and cure cancer disease as a result of which, large investments in this field are expected in the near future. For instance, the National Institutes of Health (NIH), an institute of the U.S. Department of Health and Human Services (HHS), is the primary federal agency for conducting and supporting medical research. It is composed of 27 Institutes and Centers, including the National Cancer Institute (NCI), and which provides leadership and financial support to researchers in the U.S. and throughout the world.
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The growing prevalence of cancers and anemia around the globe is the major factor fueling the growth of the global bone marrow transplant market. And also, advancement in technology, enhancing healthcare infrastructure, and increasing investment in logistic services are some of the major factors projected to propel the global bone marrow transplantation market. Whereas, high cost associated with treatment and an dearth of bone marrow donors are expected to pose a challenge to the market growth.
Europe would retain its dominance in the global bone marrow transplant market in the foreseeable future and this can be attributed to the strong presence of bone marrow transplant centers and growing bone marrow registries in the region. Latin America is projected to witness a rapid increase in the volume of bone marrow transplant industry, owing to the rising number of potential candidates for the procedure. On the other hand, Asia Pacific has a relatively low prevalence of bone marrow related diseases and thus would not experience rampant growth in the near future. However, the region is expected to emerge as a hub for medical tourists seeking bone marrow because of easy access to high-quality healthcare services at relatively low costs.
Key players operating in the global bone marrow transplant market include STEMCELL Technologies, Merck Millipore Corporation, Sanofi-Aventis LLC., AllCells LLC., ReachBio LLC., Conversant Bio, Cruline Human biospecime PRO, PromoCell GmbH, and Lifeline Cell Technology.
Major companies in the market are focused on various growth strategies such as gaining product approval from regulatory authorities, in order to gain a competitive edge in the market. For instance, in October 2017, AstraZeneca plc, a U.K.-based pharmaceutical company, and Acerta Pharma, its hematology research and development center of excellence, received the U.S. Food and Drug Administration (FDA) approval to Calquence (acalabrutinib), which is indicated for adult patients with mantle cell lymphoma.
Key players in the market are involved in various business strategies such as gaining product approval from regulatory authorities, in order to expand their product portfolio. For instance, in July 2019, Karypharma Therapeutics Inc., an oncology-focused pharmaceutical company, received the U.S. FDA approval for XPOVIO (selinexor), which is indicated for the treatment of patients with relapsed or refractory multiple myeloma.
Key companies in the global market are focused on various growth strategies such as gaining product approval from regulatory authorities, in order to enhance their market presence. For instance, in January 2019, Novartis International AG, a Swiss pharmaceutical company, received the U.S. FDA approval for its crizanlizumab (SEG101) breakthrough therapy, which is indicated for the prevention of vaso-occlusive crises (VOCs) in patients with sickle cell disease (SCD).About Us:
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