The Tissue Banking market is estimated to be valued at US$ 1.81 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Tissue banking refers to the storage of tissues like bones, heart valves, veins etc. that are used for transplantation purposes. The stored tissues are screened for infectious diseases and infectious agents to ensure safety. They help address the increasing demand for transplantation as tissues can be stored and used whenever required. Some key applications of tissue banking include musculoskeletal tissue banking, cardiovascular tissue banking, skin tissue banking and cancer immunotherapy.
Market Dynamics:
The Tissue Banking market is primarily driven by the increasing incidence of trauma cases and accidents globally which is raising demand for bone and musculoskeletal tissue replacements. As per the World Health Organization (WHO), road accidents account for around 1.3 million deaths annually worldwide. Moreover, chronic diseases like cancer are rising rapidly which is also fueling demand for tissue transplantation. According to the National Cancer Institute, around 1.8 million new cancer cases are expected to be diagnosed in the US in 2023. However, concerns around the risk of disease transmission still persists which is a challenge for the market's growth. Stringent regulations regarding tissue donation and storage are also acting as a restrain.
SWOT Analysis
Strength: Tissue Banking Market
- Tissue banking helps in organ transplantation which significantly improves the quality of life of patients.
- Technological advancements in storage techniques ensures high viability and usability of tissues.
- Increased funding from government and private organizations for research activities drives the market growth.
Weakness:
- High cost associated with setting up and operations of tissue banks limits their establishment.
- Lack of awareness about tissue donation in developing regions hampers the market growth.
Opportunity:
- Untapped potential in emerging Asian and Latin American countries presents lucrative opportunities.
- Rising cases of chronic diseases and trauma injuries increases the demand for transplantable tissues.
Threats:
- Strict regulatory policies for tissue banking delays product approvals.
- Ethical issues associated with donation and commercialization of human tissues restricts the market.
Key Takeaways
The Global Tissue Banking Market is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing prevalence of chronic diseases and road accidents globally.
Market size: The tissue banking market size was valued at US$ 1.81 billion in 2023 and is projected to reach US$ 3.99 billion by 2030 growing at a CAGR of 10%.
Regional analysis: North America dominates the global market due to supportive regulatory environment and large patient base undergoing transplantation. However, Asia Pacific is expected to witness fastest growth over the forecast period owing to growing healthcare infrastructure and increasing healthcare expenditure in developing countries such as India and China.
Key players: Key players operating in the tissue banking market are AbD Serotec (a Bio-Rad company), AMS Biotechnology Limited, BioLife Solutions, Inc., Beckman Coulter, Inc., BioCision LLC, BioStorage Technologies, Inc., Custom BioGenic Systems, Eppendorf AG, EMD Millipore Corporation, Fisher BioServices, Inc., Genzyme Corporation, Hamilton Company, Merck KGaA, PHC Corporation, and Teva Pharmaceutical Industries Ltd.
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