Hematopoietic stem cell transplantation (HSCT) market gaining significant traction due to increasing prevalence of blood cancer
The hematopoietic stem cell transplantation (HSCT) market has witnessed substantial growth in the recent years owing to the rising prevalence of various blood cancers such as leukemia, lymphoma and multiple myeloma. HSCT involves transplantation of healthy stem cells to replace a patient's diseased bone marrow. It is often used as a treatment option for patients who have received high-doses of chemotherapy and/or radiation therapy to treat various cancers. The global HSCT procedure volume has increased significantly over the past decade, driving demand for stem cell collection, processing and cryopreservation products.
The Global Hematopoietic stem cell transplantation (HSCT) Market is estimated to be valued at US$ 15.26 Mn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Hematopoietic stem cell transplantation (HSCT) are BASF SE, Eastman Chemical Company, Merck KGaA, Evonik Industries AG, Tokyo Chemical Industry Co., , td., Alfa Aesar, TCI America, MP Biomedicals, Santa Cruz Biotechnology, Inc., Energy Chemical.
The growing prevalence of various types of blood cancers is a major factor fueling the demand for Hematopoietic Stem Cell Transplantation (HSCT) procedures. According to statistics, around 1 million new cases of leukemia, lymphoma, and myeloma are diagnosed globally every year. This increase in the incidence of blood cancers is significantly contributing to the expansion of the Hematopoietic stem cell transplantation (HSCT) Market share as more patients require these life-saving treatments for blood disorders and malignancies.
Globally, the number of HSCT centers has increased remarkably over the past few years especially in Asia Pacific and Latin America regions. This is another key factor propelling the hematopoietic stem cell transplantation market growth. The market players are also focused on expanding their presence in high growth emerging markets to cater to the increasing demand.
Market Key Trends
The emergence of peripheral blood as a major stem cell source is one of the key trends being witnessed in the hematopoietic stem cell transplantation market. Previously, bone marrow was the primary stem cell source for HSCT procedures. However, significant technological advancements have enabled the use of peripheral blood stem cells which are easier to collect with fewer complications. This shift from bone marrow to peripheral blood as the main stem cell source for HSCT is expected to drive market revenues over the forecast period.
Porter's Analysis
Threat of new entrants: High cost of setting up manufacturing facilities and research and development activities for HSCT products acts as a barrier.
Bargaining power of buyers: The presence of many established players limits the bargaining power of buyers in the global HSCT market.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitutes and regulated nature of industry.
Threat of new substitutes: Limited threat of substitution exists as Hematopoietic Stem Cell Transplantation (HSCT) is still considered the most effective treatment option for hematologic malignancies and genetic disorders. This ongoing reliance on HSCT Market challenges and opportunities the procedure remains a cornerstone of treatment for these conditions, the market also faces challenges such as high costs, complex procedures, and the need for specialized medical expertise. However, these challenges create opportunities for innovation, improved patient outcomes, and expanding access to HSCT treatments globally.
Competitive rivalry: The global HSCT market is highly competitive due to presence of many global and regional players. Market consolidation through mergers and acquisitions between players is influencing competitive rivalry.
Geographical regions
North America accounts for the largest share of the global HSCT market, mainly due to high adoption of HSCT procedures in the region. According to reports, around 55,000 HSCT procedures were performed in the US in 2020. Asia Pacific is emerging as the fastest growing regional market for HSCT. Rising healthcare expenditure, growing awareness about HSCT, and increasing initiatives by market players are some factors supporting market growth in Asia Pacific. China and India are expected to offer significant opportunities due to expanding patient pool suffering from blood disorders.
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