LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global bone marrow transplant market to grow at a CAGR of more than 5% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global bone marrow transplant market for 2017-2021. The report also lists multiple myeloma, acute leukemia, Hodgkin lymphoma, non-Hodgkin lymphoma and solid tumors as the five major segments based on the indication.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global bone marrow transplant market:
- Technological advancement
- Increased prevalence of cancer
- Increase in federal funding in regenerative medicines
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Technological advancement
Advances in technology with respect to the development of better and sophisticated instruments are driving the market. For instance, Ranfac has developed patented technology "Marrow Cellution" to overcome issues associated with conventional transplant syringe. Limitations of traditional syringes in preventing contamination of peripheral blood can be overcome with the help of Marrow Cellution harvesting system where the user can take bone marrow fluid and cells from a larger area while restricting the infiltration of peripheral blood.
This also results into an enriched bone marrow harvest with key cells intact and hence, saves the effort of centrifugation before application, which otherwise is mandatory if done with a traditional syringe. Such advancements in technology will boost the overall market as they will improve the number of transplant with safer profiles and better success rates of the procedure.
“Although bone marrow transplant is widely used in the management of cancer, recently various other applications of bone marrow have been explored. Scientists are exploring the benefits of bone marrow transplant in the treatment of cardiovascular, autoimmune and neurological diseases, which augurs well for the growth of the market during the forecast period,” says Sapna Jha, a lead analyst at Technavio for research on infectious and rare diseases.
Increased prevalence of cancer
Cancer is the second largest cause of death globally, only to be preceded by heart diseases. As per CDC, one out of every four deaths in the US is due to various forms of cancers. The prevalence of cancer is expected to increase rapidly in the future. The anticipated increase in new cancer cases in the US, the world's largest pharmaceutical market, will further aid the growth of the bone marrow transplant market.
“Various forms of cancer such as multiple myeloma, acute leukemia, Hodgkin lymphoma, non-Hodgkin lymphoma and solid tumors are treated with bone marrow transplants. With improving cancer care, the CDC expects the number of cancer survivors to witness a strong increase from 11.7 million in 2007 to 18 million by 2020,” says Sapna.
Increase in federal funding in regenerative medicines
Many federal organizations offer funds to research institutes and small companies to help innovative ideas in the development of regenerative therapies. In the US, NIH is the major government funding organization. In 2016, NIH invested approximately USD 1.5 billion in stem cell research projects covering a wide range of areas such as cell biology. Currently, NIH is focusing on studies that include iPSC technology to study disease mechanism. The organization is focusing on iPSC technology as it shows potentiality in age-related macular degeneration treatment.
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