Hematopoietic stem cell transplantation, also known as bone marrow transplantation, is a medical procedure in which hematopoietic stem cells are injected into a patient with the aim of curing their condition such as leukemia, lymphoma or multiple myeloma by replacing their damaged or ineffective bone marrow. HSCT helps the patient by giving them healthy bone marrow that can produce new blood cells. The global Hematopoietic Stem Cell Transplantation (HSCT) Market is estimated to be valued at US$ 2.88 Bn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing Research into Alternative Stem Cell Sources
Researchers are increasingly investigating alternative stem cell sources for HSCT. Sources such as umbilical cord blood and peripheral blood are becoming more widely accepted alternatives to traditional bone marrow transplantation. Compared to bone marrow, these alternative sources offer benefits such as lower risk of complications, higher cell doses from a single donation and faster availability of transplant. Continued research into expanding the availability of these alternative sources is expected to positively impact the growth of the HSCT market over the forecast period.
SWOT Analysis
Strength: Hematopoietic stem cell transplantation (HSCT) is a proven and effective treatment option for various blood cancers and blood disorders. It helps replace damaged or destroyed blood cells.
Weakness: HSCT procedures carry a risk of complications and side effects such as infections, organ damage etc. Finding a matching donor is also difficult.
Opportunity: Rising incidences of blood cancers and other blood disorders are increasing the demand for HSCT procedures globally. Technological advancements are also improving outcomes and safety.
Threats: High costs associated with HSCT procedures restrict wider access and adoption in developing regions. Stringent regulations also delay new product approvals.
Key Takeaways
The global hematopoietic stem cell transplantation (HSCT) market is expected to witness high growth over the forecast period of 2023 to 2030. The market is projected to reach a value of US$ 2.88 Bn by 2024, rising at a CAGR of 11%.
Regional analysis: North America currently dominates the global HSCT market and is expected to maintain its position over the forecast period. Higher awareness, advanced healthcare infrastructure and presence of major market players in the region are driving market growth. Asia Pacific is anticipated to witness the fastest growth during the forecast period owing to rising cancer incidence, increasing healthcare spending and improving healthcare facilities.
Key players: Key players operating in the hematopoietic stem cell transplantation (HSCT) market are AllCells, Lonza, CellGenix Technologie Transfer GmbH, Merck Millipore Corporation, STEMCELL Technologies and Thermo Fisher Scientific. These players are focusing on new product launches, facility expansion and collaborations 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
