Global Tissue Banking Market: Analyst’s Estimations

On the back of the prevalence of several chronic diseases and increasing government support for the healthcare industry, medical research practices are in full flow and a larger pool of students are being groomed to graduate as caregivers. Tissue banks are of high importance for these research and educational establishments, providing for human tissues and blood products that they store in a controlled environment. While the United States Navy Tissue Bank is widely believed to be the first of its kind, a number of larger tissue banks have mushroomed in the recent past as the there is strong demand for them. According to this business intelligence study, the demand in the global tissue banking market will propagate at an impressive CAGR of 11.5% during the forecast period of 2017 to 2024. In terms of revenue, the tissue banking market is projected to produce opportunities worth US$2,169.0 mn by the end of 2024. In terms of volume, there will be an estimated demand for 449,254.4 units by 2024, considerably more than 177,919.7 mn units that were required in 2017.

Apart from the thriving healthcare industry and government support, some of the others factors expected to drive the tissue banking market over the course of the aforementioned forecast period are: advancements in biobanking technology and increasing demand for regenerative medicines. On the other hand, issues pertaining to stable and efficient storing, regulatory compliances, and lack of donation are some of the restraints obstructing the tissue banking market from attaining even greater growth rate. However, growing number of cord blood transplants and increasing demand for blood-derived cell products are expected to open new revenue avenues in the market in the near future.

tissue banking market

Freezers to Remain Key Equipment Segment until 2024

On the basis of equipment type, the tissue banking market has been segmented into freezers, storage systems, alarming and monitoring equipment, thawing equipment, and labelling and coding. As of 2017, 37,030 units of freezers were required across the world, which translated into a revenue of US$535.3 mn, and the segment is estimated to hold onto its leading position until 2024 too. Freezers are used to store tissue and biological products for long durations. Increasing usage of different types of tissue in research institutes and hospitals drives demand for freezers. Increasing prevalence of chronic diseases such as cancer, cardiac diseases, and neurological disorders, and increasing demand for regenerative medicines are likely to boost the freezers segment. On the other hand, storage systems are the second most lucrative segment, promising to generate a revenue of US$642.7 mn by 2024. Rising demand for regenerative medicines has increased the import and export of different types of tissue in various regions. This is expected to fuel the growth of the storage systems segment.

Clinical Therapeutics and R&D Activities Leading Application Segments

Application-wise, the tissue banking market has been bifurcated into research and development, drug discovery, and clinical and therapeutic. The clinical and therapeutic category raised more than 44% of the total demand in 2017 and is expected to retain its leading position. Tissue banking has a number of applications in clinical and therapeutic field. The various tissues preserved include hematopoietic progenitor cell products (HPC, apheresis, bone marrow, and cord blood), stem cells, donor lymphocyte infusions, and other therapeutic cell products. Research and development activities provide for the second most prominent chunk of demand in the tissue banking market, and they too are anticipated to hold onto their second leading position. Human materials (blood, sputum, tissues, urine, etc.) are being widely used in various research and development programs to monitor the effect of various components such as chemicals, therapeutics, and environment on human health. This makes tissue banking a crucial part of R&D programs.

The report also evaluates the potential of demand that can be expected out of all important end users, viz. tissue bank, hospitals, biotech companies, and research and academic institutes. By the end of 2024, hospitals and tissue banks are expected to generate the two most prominent chunks of demand.

Asia Pacific Tissue Banking Market to Expand at Strongest CAGR

Region-wise, North America is the most lucrative, followed by Europe. These two regions generated a demand worth of US$924.3 mn and 591.5 mn in the tissue banking market as of 2017. However, over the course of the forecast period of 2017 to 2024, the demand from the region of Asia Pacific is primed to expand at a much strong CAGR of 12.1%, promising to attain a valuation of US$345.6 mn by 2024. Increasing number of baby boomers, rising geriatric population, growing number of chronic diseases, and well developed health care facilities drive the tissue banking market in North America. On the other hand, increasing health care expenditure, growing number of tissue banks, rising health care insurance coverage, improvement in health care facilities, and vast population base are likely to drive the tissue banking market in Asia Pacific.

Thermo Fisher Inc., Brooks Automation, Worthington Industries, Inc., Panasonic Healthcare Co., Ltd., and Custom Biogenic Systems Inc. are some of the key companies operating in the global tissue banking market.

Global Tissue Banking Market: Overview

Tissue banking refers to recovery and collection of human cadaver tissue for medical purposes. The tissues are stored under cryogenic conditions for keep them safe and usable. Technological developments, growing geriatric pool, and increasing blood donations are collectively expected to fuel the growth of the global tissue banking market in the coming years.

The research report on the global tissue banking market offers a detailed outlook on the market dynamics. The market has been assessed using Porter’s five forces analysis and SWOT analysis to determine the various factors likely to influence the trajectory of the overall market.

Global Tissue Banking Market: Segmentation

In terms of application, the global tissue banking market is segmented into clinical and therapeutic, drug discovery, and research and development. Of these, the freezers segment held a dominant share in the global market in 2015. This application is projected to witness a high demand in the coming years due to a growing need for organ transplants, regenerative medicines, blood transfusions, vaccines, and cellular therapies. The segment also stands to benefit from the exponential population growth, increasing expenditure on healthcare, and increasing usage of a wide range of tissues for research and development purposes.

The demand for freezers is expected to improve in the coming years as they are being developed to offer temperatures as low as -86°C for storage of tissues on a long-term basis. The demand for storage of tissues will continue to rise in the coming years due to widespread of chronic diseases that are likely to propel import and export of tissues.

Global Tissue Banking Market: Regional Outlook

Geographically, the global tissue banking market is segmented into Asia Pacific, Europe, North America, the Middle East and Africa, and Latin America. Over the past few years, North America has held a dominant position in the global market as region has a well-established healthcare facility and access, which has allowed a high rate of diagnosis of various diseases. Thus, awareness and diagnosis of various diseases such as cancer, diabetes, and cardiovascular conditions in North America has propelled the region’s growth over the past few years.

Europe followed North America’s lead with government initiatives such as Cells Directives (EUTCD) and the European Union Tissues. This move is aimed at improving the responsiveness of safety and quality standards for human cells and tissues across the region. Meanwhile, Asia Pacific is also expected to offer lucrative opportunities for growth to the global market due an exponentially growing patient pool, improving disposable incomes, and robust government initiatives to improve healthcare facilities.

Key Players Mentioned in the Report are:

The important leading players operating in the global tissue banking market are Taylor-Wharton, Sigma-Aldrich Corporation, Backman Coulter Inc., Custom Biogenic Systems, Inc., Panasonic Biomedical, BioLife Solutions, Inc, and Brooks Automation.

The global tissue banking market is segmented based on:

  • Equipment
    • Freezers
    • Storage System
    • Thawing Equipment
    • Labelling and Coding Equipment
    • Alarming and Monitoring Equipment
  • Application
    • Clinical and Therapeutic
    • Research & Development
    • Drug Discovery
  • End-user
    • Hospitals
    • Tissue Banks
    • Research and Academics Institutes
    • Diagnostic Laboratories
  • Geography
    • North America
      • U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
      • France
      • Spain
      • Italy
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • Australia
      • Rest of Asia Pacific
    • Latin America
      • Brazil
      • Mexico
      • Rest of Latin America
    • Middle East & Africa
      • Saudi Arabia
      • South Africa
      • Rest of Middle East & Africa