The Global Tissue Banking Market is estimated to be valued at US$ 1.81 Bn or Billion 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 involves the collection, processing, preservation, and distribution of tissues for clinical and research purposes. The processed tissues are used in biomedical research, burn, orthopedic, and transplantation applications. Tissue banking helps in the preservation of tissues and cells of human origin tissues with an aim to use them for therapeutic purposes later.
Market key trends:
One of the key trends in the tissue banking market is the rising adoption of regenerative medicines. Regenerative medicine uses stem cells and tissues to regenerate, repair, or replace damaged cells and organs. The development of novel stem cell therapies and tissue engineering techniques are expected to drive the market growth during the forecast period. Researchers are exploring the potential therapeutic uses of stem cells derived from tissues like adipose tissue, bone marrow, skin, and umbilical cord to treat various chronic diseases.
Segment Analysis
One of the key trends in the tissue banking market is increasing investment by both private and public sectors in regenerative medicine research. Rising research in cell therapy and regenerative medicine has increased the demand for viable and high-quality biological samples. With increasing success of clinical trials involving stem cells and other tissues, more funding is being directed towards developing off-the-shelf and personalized cell therapy products. This is positively impacting the growth of the tissue banking market.
SWOT Analysis
Strengths: Advanced technologies for processing and storing tissues and automated handling reduce human errors. Stringent regulations ensure safety and ethical sourcing of biological samples.
Weaknesses: High capital investment and operating costs of setting up a tissue bank poses challenges for small players. Quality maintenance and preventing sample damage/degradation during storage and transportation is difficult.
Opportunities: Rising chronic disease incidence rate increases demand for tissue grafts and biobanking services. Growing investments in regenerative medicine research opens up opportunities.
Threats: Complex regulatory landscape differs across regions increasing compliance burden. Slow translation of research leads to oversupply of some tissue types in the banks.
Key Takeaways
The Global Tissue Banking Market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing prevalence of chronic diseases. Tissue banking provides preventive treatment through transplantation of healthy tissues and cells for various chronic illnesses.
Regionally, North America dominated the global tissue banking market in 2023, supported by focus on advanced research, growing biobanking efforts and presence of leading market players. However, Asia Pacific is likely to exhibit the highest growth rate over the forecast period with increasing healthcare investments and rapidly developing research infrastructure in countries such as China and India.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
