Global Tissue Banking Market: Snapshot
For the purposes of medical research and education, a tissue bank as an establishment collects and recovers human cadaver tissue. It may also refer to a site where biomedical tissue is kept under cryogenic conditions and is normally used in a more clinical sense.
The global tissue banking market is gaining traction due to escalating geriatric population, increasing number of blood donations, introduction of technologically advanced equipment, growing incidence of chronic diseases, favorable insurance and reimbursement policies, and rising per capita healthcare expenditure.
However, the development of the market is expected to be restricted by factors such as stringent regulatory norms governing the safety and functional aspects of tissues and the approval of new products. Also, many current systems are incapable of systematically keeping a record of the process of handling tissues and maintaining a complete historical record of the temperatures at which tissues have been stored, highlighting any prominent deviation from the given standard.
According to Transparency Market Research, the global tissue banking market is projected to reach US$2.1 bn by 2024, scoring a CAGR of 11.3% from 2016 to 2024.
Excessive Usage of Variety of Tissues in Research Institutes to Propel Demand
On the basis of equipment, the market is segmented into storage system, freezers, labelling and coding equipment, thawing equipment, and alarming and monitoring equipment. The segment of freezers held a significant share in the market in 2015 and is expected to grow during the forecast period on account of increasing demand for organ transplant, blood transfusions, regenerative medicines, cellular therapies, and vaccines. Moreover, escalating population, increase in health care expenditure, and the rising use of a variety of tissues in research institutes are driving the demand for freezers in the field of tissue banking.
Freezers are finding increased applications in the global market as they have the ability of plummeting temperatures anywhere from -18°C to an ultra-low -86°C for the long-term storage of tissues. The import and export of tissues has risen globally due to increased requirement of tissues for chronic diseases, which is expected to supplement the market growth of storage system in the next few years.
Asia Pacific to Emerge as a Promising Market Due to Improved Disposable Income
Geographically, the global tissue banking market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa. Among the mentioned regions, North America led the pack and will continue to grow over the said period due to increase in the prevalence of cancer, cardiovascular diseases, and diabetes, growing geriatric population, and technological advancements. On account of government initiatives such as Cells Directives (EUTCD) and the European Union Tissues, which focuses on improving responsiveness about quality and safety standards for human cells and tissues across the European Union, the Europe market is expected to show a noticeable growth over the forecast period.
Asia Pacific is known to be the most lucrative market for tissue banking due to high target patient pool, large population base, growing disposable incomes, increasing government initiatives to provide better healthcare facilities and an increase in per capita healthcare expenditure. In addition, a consecutive rise in demand for regenerative medicines will supplement the tissue banking market in this region.
The prominent players in the global tissue banking market include Taylor-Wharton, Backman Coulter Inc., Sigma-Aldrich Corporation, Panasonic Biomedical, Custom Biogenic Systems, Inc., Brooks Automation, and BioLife Solutions, Inc.
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: Key Trends
The research report states that the global tissue banking market is likely to be worth US$2.1 bn by the end of 2024. During the forecast period of 2016 and 2024, the global market is projected to rise at a CAGR of 11.3%. The soaring demand for regenerative medicines, which are instrumental for creating functional and living tissues for repairing the impaired ones is expected to augment the demand for tissue banking. Such kind of replacement or repair is frequently seen in treating neurological and cardiovascular disorders, several types of cancers, and diabetes. The shortage of organ donations has led to a massive potential for regenerative medicine, which, in turn has triggered a massive demand for tissue banking.
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.