Tissue banking involves the collection, processing, storage and distribution of human tissues for the purpose of transplantation and research. It provides a cost-effective method of ensuring adequate supplies of tissues are available when required for surgical procedures. Tissues commonly stored include skin, bones, tendons and heart valves. There has been a significant rise in tissue transplantation procedures in recent years due to the increasing prevalence of trauma injuries, cancer and chronic medical conditions. Furthermore, tissue allografts are often the best treatment option compared to permanent prosthetics to restore natural body function.
The Global 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 key trends:
One of the key trends in the Tissue Banking Market is the shift towards automated freezing and thawing of tissues. Traditional manual methods are labor intensive and can damage tissues. Automated systems help standardize the process and minimizes temperature fluctuations which better maintains tissue viability. Companies are developing advanced freezers and computer-controlled platforms to quickly and gently freeze and thaw tissues. This helps increase the quantity of tissues that can be processed while improving quality. Another notable trend is the growing use of allografts derived from adipose or fat tissues. These soft tissue grafts are easily accessible and can be harvested minimally invasively. They also have anti-inflammatory and immune modulating properties making them suitable for a variety of applications in wound care and reconstructive surgeries.
Porter’s Analysis
Threat of new entrants: The Tissue Banking Market requires high investment for R&D, equipment, and infrastructure setup which makes the entry difficult for new players.
Bargaining power of buyers: The buyers have moderate bargaining power due to presence of various established players offering wide range of products. However, specialized needs increase buyer dependency on few vendors.
Bargaining power of suppliers: The suppliers have low to moderate bargaining power due to availability of substitute raw materials and outsourcing options available with manufacturers.
Threat of new substitutes: Moderate threat from new substitutes like stem cell banking and drug therapies which are emerging as alternative to tissue banking especially for regenerative applications.
Competitive rivalry: Intense competition exists among existing players to gain major market share through expansion, new product launches, and partnerships.
Key Takeaways
Global Tissue Banking Market Demand is expected to witness high growth during the forecast period of 2023 to 2030.
Regional analysis: North America dominates the Global Tissue Banking Market currently due to presence of major players and ongoing research activities in the region. Asia Pacific is expected to witness fastest growth due to rising healthcare expenditures, growing medical tourism, and increasing awareness.
Key players: Key players operating in the Tissue Banking Market are AbD Serotec, 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it