Tissue banking refers to the storage and use of human tissue and cells for clinical applications. Tissue banking involves collecting donated human tissues such as bone, skin, heart valves, corneas, and stems cell from healthy donors and patients. The stored tissues are processed, sterilized and stored for future therapeutic uses such as transplantation, research purposes, and cell therapy. Tissue banks help in saving lives by providing transplantable tissues and cells to doctors and researchers. The global tissue banking market is estimated to be valued at US$ 636.7 million in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing cell therapy segment is estimated to provide high growth opportunities for the tissue banking market. Cell therapy involves using live whole cells or parts of cells to treat diseases such as cancer, cardiac disorders, neurological disorders, and others. With advancements in stem cell therapy and regenerative medicine, cell therapy holds huge potential for treating currently incurable diseases. The Banking of various stem cells including adult stem cells, induced pluripotent stem cells(iPSCs), embryonic stem cells(ESCs) derived cells which can further differentiated into clinically relevant cell types plays a vital role in cell therapy development and commercialization. This growing demand for banked cell types from cell therapy companies, academic institutes is estimated to provide lucrative market opportunities for tissue banking market over the forecast period.
Porter’s Analysis
Threat of new entrants: The tissue banking market requires significant capital investments for infrastructure and testing equipment. Stringent regulations further increase entry barriers.
Bargaining power of suppliers: There are numerous suppliers that provide critical materials like cryogenic vials for tissue storage. However, switching costs are low.
Bargaining power of buyers: Customer base consists of healthcare providers, research organizations and drug discovery companies. Their need for reliable tissue samples increases their bargaining power.
Threat of substitutes: While alternative testing models are being explored, tissue samples remain critical for research. Therefore, threat from substitutes is low.
Competitive rivalry: The market is dominated by a few global players. Intense competition on factors like quality, reliability and customer service further increases rivalry.
SWOT Analysis
Strengths: Tissue banking enables development of new drugs and therapies. Growing patient awareness and research augments demand.
Weaknesses: High infrastructure and compliance costs. Shortage of skilled professionals.
Opportunities: Increasing stem cell therapy research. Growing collaboration between private-public labs. Rising incidence of cancer & other diseases boosts market scope.
Threats: Stringent regulations delay approvals. Concerns about ethical sourcing and donor consent.
Key Takeaways
The Global Tissue Banking Market Size is expected to witness high growth in the coming decade.
North America dominates currently due to supportive regulatory environment and high healthcare spending. Asia Pacific is anticipated to record fastest gains owing to rising healthcare standards, increasing biobanking investments and presence of key contract service providers.
Key players operating in the tissue banking market are Thermo Fisher Scientific, Danaher, Qiagen, Hamilton Company, Brooks Automation, Tecan Group, Promega, Merck,Hamilton Company, Brooks Automation, Tecan Group, Promega, Merck, and VWR Corporation. Regional analysis focuses on collection, preservation and storage techniques adopted by major tissue banks across countries to meet the growing needs of researchers, patients and biopharmaceutical companies.
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