The growing prevalence of blood cancer and anemia is by far the leading factor driving the global bone marrow transplant market. Changing lifestyle factors such as the increasing consumption of alcohol, unhealthy diets, and sedentary lifestyles are contributing to the rise in the incidence of cancer, thereby fuelling the market.
This is just one of the several conclusions in a market intelligence report by Transparency Market Research, titled “Bone Marrow Transplant Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024.” The report provides a comprehensive overview of various critical parameters of the market including its dynamics, regional segmentation, and competitive landscape.
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The improving infrastructure required for carrying out the procedures related to bone marrow transplant is working in favor of the market. Increasing research and development in logistical and biological factors of storing and consuming donated bone marrow are leading to easier and smoother processes, which is resulting in higher patient adoption rate and consequently, enhanced market growth. Moreover, technological advancements, rising disposable income, and growing bone marrow transplant registries are augmenting the market.
On the other hand, bone marrow transplant procedures require sophisticated paraphernalia, constant monitoring, and postoperative care settings. Hence, it leads to the hefty cost of these procedures, thereby hindering the growth of the market. This factor is exacerbated by the lack of insurance coverage for the treatment. Furthermore, the dearth of bone marrow donors is restraining the global market. The low levels of awareness about these procedures, especially in developing countries, are resulting in the lack of bone marrow donors.
The key regional markets analyzed in the report are North America, Asia Pacific, Latin America, Europe (Eastern and Western), and the Middle East and Africa. Europe is expected to represent the lion’s share throughout the forecast period. The advanced healthcare infrastructure, the expanding bone marrow registry, and the rise in the number of bone marrow transplant centers are contributing to the growth of the region. Asia Pacific and Latin America are likely to emerge as promising markets for bone marrow transplant owing to the high prevalence of blood cancer and the rising number of bone marrow transplant centers.
The majority of the leading players in the global bone marrow transplant market are strategizing to make the most of emerging markets instead of mature markets such as Europe and North America. They are increasingly focusing towards venturing into and expanding their presence in clinical applications by developing stem cell therapy products. Some of the key players in the market are American Type Culture Collection (ATCC) Inc., AllCells LLC, Lonza Group Ltd., Merck Millipore Corp., Stemcell Technologies, and Sanofi-Aventis LLC.
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