Rising cancer prevalence to spur the bone marrow transplant market
Bone marrow is the soft vascular tissue existing in the long bones’ interior, which is predominantly responsible for the formation of blood cells (hematopoiesis), storage of a fat, and production of lymphocytes. Bone marrow transplant, also called as hematopoietic stem cell transplantation, is the medical process that is implemented to substitute the destroyed or damaged bone marrow owing to disease, infections, or adverse effect of the medication. A normal bone marrow transplant consists of replacement of blood stem cell that moves to the bone marrow to generate new blood cell and hence, enhances the development of new marrow.
When the bone marrow is injured owing to disease, then allogeneic transplant is used, while when bone marrow is undamaged at the disease initiation but it gets injured owing to therapy, then autologous transplant is used. Thus, it is possible to save a life with an effective bone marrow transplant, which itself can be a key driver of the worldwide market.
Bone marrow transplantation process is suggested to treat severe stages of non-Hodgkin & Hodgkin lymphomas, leukemia, multiple myeloma, thalassemia, aplastic and sickle cell anemia, and so on.The high prospective of the bone marrow transplants and the enduring researchers in this domain to decrease the side-effects and risks of the process will create more avenues and offer better healthcare facilities to several people around the world.
The key factor fueling the growth of the bone marrow transplant market consists of the rising occurrence of anemia and blood cancers. In the future, the incidences of cancers are expected to rise rapidly. Further, the technological advancements in this particular field, in term of better and sophisticated instruments, are driving the growth of the market.
The others contributing to the growth of the market are the expanding bone marrow transplant registries, rising spending in logistic services, rising survival rate after therapy, growing per capita healthcare expenditure, and enhancement in healthcare infrastructure. Apart from this, several federal organizations provide funds to small companies and research institutes to aid innovative ideas in the development of regenerative therapies.
However, the lack of bone marrow donors, ambiguity about compensation, and the huge price of treatment are few of the factors that are anticipated to hamper the market growth globally.