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Bone Marrow Transplantation Market Growth Rate, Latest Trends, Industry Insights And Forecast To 2033
Bone Marrow Transplantation Market Growth
According to The Business Research Company's, The bone marrow transplantation market size has grown strongly in recent years. It will grow from $11.09 billion in 2023 to $11.75 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to increasing prevalence of hematologic disorders, improved healthcare infrastructure, rising awareness and education, aging population, government initiatives and support.
The bone marrow transplantation market size is expected to see strong growth in the next few years. It will grow to $14.38 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to advancements in immunotherapy, increasing demand for allogeneic transplants, expanding applications in non-hematologic diseases, personalized medicine and precision therapeutics, global collaboration and partnerships. Major trends in the forecast period include technological advancements, increasing demand for allogeneic transplants, rising applications in non-malignant diseases, emergence of car-t cell therapies, enhanced pre-transplant diagnostics.
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Market Drivers and Trends:
The rising prevalence of cancer and other diseases is expected to propel the growth of bone marrow transplantation going forward. Cancer is a severe disorder in which the body's cells reproduce fast and uncontrollably, resulting in abnormal growth. A bone marrow transplant aims to cure various illnesses and cancers by infusing healthy bone marrow cells into a person after their sick bone marrow has been treated to remove the abnormal cells. It helps in curing the rising occurrence of cancer and other illnesses. For instance, in 2022, according to the reports shared by the American Cancer Society Inc., a US-based nonprofit organization, approximately 1.9 million fresh instances of cancer are projected to be diagnosed, leading to an estimated 609,360 cancer-related fatalities in the United States in 2022. Therefore, the rising prevalence of cancer and other diseases will drive the bone marrow transplantation market.
Technological advancements are a key trend gaining popularity in the bone marrow transplantation market. Major healthcare companies operating in the bone marrow transplantation technology market are involved in developing new and improved technology to provide their customers with new methods to sustain their position in the market. For instance, in November 2023, BioIntelliSense, a US-based health monitoring and clinical intelligence company, and UC Davis Health, a US-based hospital launched a continuous monitoring program for bone marrow transplant patients. This innovative in-hospital initiative is designed for individuals undergoing Bone Marrow Transplant and Hematology or Oncology services. The program utilizes BioIntelliSense FDA-cleared BioButton wearable devices, alongside algorithm-based data analytics and a clinical intelligence system. Its purpose is to continuously monitor subtle shifts in vital signs and detect potential signs of patient deterioration. This proactive approach enables actionable clinical decisions and timely interventions to ensure patient well-being.
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Major Key Players of the Market:
Merck Millipore Corporation; Sanofi SA; STEMCELL Technologies Inc.; HemaCare Corporation; AllCells LLC; Lonza Group Ltd.; Conversant Bio Company; Lifeline Cell Technology LLC; Mesoblast Ltd.; PromoCell GmbH; ATCC Inc. (American Type Culture Collection); Diadexus Inc.; Qiagen N.V.; AGendia Inc.; ReachBio LLC; Gamida Cell Ltd.; Abbott Laboratories Inc.; The Emmes Company LLC; Allogene Therapeutics Inc.; Amgen Inc.; Angiocrine Biosciences Corp.; Astellas Pharma Inc.; Atara Biotherapeutics Inc.; Bluebird Bio Inc.; Cellectis S.A.; Celyad SA; Erythrocyte Regeneration and Clinical Therapeutics Inc.; Gammacell AB; Gilead Sciences Inc.; Graphite Bio Inc.; Incyte Corporation; Intellia Therapeutics Inc.; Legend Biotech Corporation; Magenta Therapeutics Inc.; Novartis AG
Bone Marrow Transplantation Market 2024 Key Insights:
• The bone marrow transplantation market will grow to $14.38 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
• Increasing Disease Prevalence Propelling Bone Marrow Transplantation Market Growth
• Innovative Advancement Revolutionizing Bone Marrow Transplant Market
• North America was the largest region in the bone marrow transplantation market in 2023
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