by Tissue banking involves the collection, preservation, and storage of human tissues for application in transplantation and research. The preserved tissues include bones, tendons, ligaments, skin, heart valves, cornea, and nerve tissues. Tissue banks provide tissues for applications such as orthopedic and musculoskeletal disorders, dental procedures, ophthalmology, and wound care. Rising prevalence of chronic and genetic disorders increasing demand for regenerative medicine therapies is expected to propel the Global Tissue Banking Market growth over the forecast period. For instance, as per the Centers for Disease Control and Prevention (CDC), chronic diseases such as heart disease, stroke, cancer, diabetes, and obesity account for most fatalities in the U.S. each year.
The Global Tissue Banking Market is estimated to be valued at US$ 1.81 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 Dynamics:
Rising demand for regenerative medicine therapies for treatment of chronic diseases as referred in the heading is a major driver for the Global Tissue Banking Market growth. Regenerative medicine therapies involve utilization of viable human tissues and cells for repair, replacement, or regeneration of damaged cells, tissues, and organs. Increasing research activities in the field of stem cell therapy, medical 3D printing using preserved tissues, and organ transplantation are further fueling the demand for well-maintained tissue banks. Additionally, growing prevalence of cancer and rising geriatric population undergoing surgical procedures will augment the number of tissue donations, thereby propelling the market growth over the forecast period. However, high cost of setting up and maintaining temperature-controlled, contamination-free facilities for tissue banking poses significant challenges for market players. Strict regulations pertaining to tissue collection, processing, storage and distribution will also hamper the industry expansion.
Segment Analysis
The Tissue Banking Market is dominated by the cardiovascular sub segment which has around 35% share. Cardiovascular tissues such as heart valves and blood vessels are in high demand for treatment of various heart related conditions. The rising cases of heart diseases Globally is the major factor contributing to the high growth of this sub segment.
PEST Analysis
Political: Regulations regarding tissue collection, processing and storage are well defined by regulatory bodies to ensure safety and efficacy. However, regulations differ across regions which impacts international trade.
Economic: The Tissue Banking Market is driven by rising healthcare spending Globally especially in developing nations. Growing geriatric population prone to chronic diseases further boosts market growth.
Social: Increased awareness about tissue donation and transplantation positively impacts the market. However, social and religious barriers still exist regarding the use of human tissues in some cultures.
Technological: Advanced technologies for tissue processing, 3D bioprinting and regenerative therapies are being developed. Such technologies will expansion of tissue applications and development of tissue-engineered products in the coming years.
Key Takeaways
Global Tissue Banking Market Demand was valued at US$ 1.81 Bn in 2023 and is anticipated to reach US$ 3.29 Bn by 2030, expanding at a CAGR of 10%.
Regional analysis: North America holds largest share currently owing to availability of advanced healthcare facilities and infrastructure. Asia Pacific region is expected to witness fastest growth during forecast period supported by rising medical tourism, healthcare investments and growing patient pool in nations like China and India.
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. These players are focusing on new product launches, partnerships and acquisitions to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
