The latest market report published by Credence Research, Inc. “Tissue Banking Market: Growth, Future Prospects, and Competitive Analysis, 2018 – 2026” the tissue banking market was valued at US$ 1,656.7 Mn in 2017 and expected to reach US$ 3,674.5 Mn by 2026 at a CAGR of 9.2 % during the forecast period from 2018 to 2026.
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Market Insights
The global tissue banking market shows fruitful growth during the forecast period from 2018 to 2026 attributed to an increase in the prevalence of heart diseases, diabetes, cancer, and other lifestyle diseases. New technology assessment in tissue banking technology, the rise in manufacturing and demand for regenerative medicines worldwide and enhancement in tissue preservation techniques through advanced equipment, media & consumables is driving the market growth during the forecast period. Production of top quality systems with increased cost in the equipment segment such as cryopreservation systems, labeling, and coding equipment, thawing equipment, and quality control equipment is also a major factor driving the overall growth. In the current scenario, tissue-banking technology has felicitated the collection of freshly frozen tissue specimens, further used for various applications such as skin repair, burn cases, repairing of damaged heart muscles after a severe attack, treatment of spinal cord injury and other cord tissue repair. These tissues placed in the bank play a dynamic role in research into various disorders, diseases (cardiology, bone tissue, respiratory, kidney), and general healthcare.
Other major factors driving the overall demand in the market include advancement in the smart digital biobanking industry, new technology assessment in robotic technology for sample handling and processing, utilization of advanced software systems utilized for storage management in the labs. Major industrial factors include expansion of better facilities with high storage capacity along with top quality systems, and increasing applications for human tissues mainly heart tissues, cord tissue, skin, spinal cord, and the brain tissue type is contributing maximum revenue share during the forecast period. Rising mergers, acquisitions and strategic collaborations by private players along with new product development in the equipment segment is showing lucrative growth during the forecast period. Utilization of top services in the tissue banking is growing significantly, majorly in the developed nations. Treatment with advanced screening & processing of tissue specimen, tissue retrieval, serological and microbial testing is gaining traction in the market. Increasing procedures along high storage and preservation in the clinical and therapeutic segment is also generating revenue globally.
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Cryopreservation in the equipment segment holds maximum share during the forecast period, due to excessive need and demand for freezers. In addition, growing advancements in R&D for tissue banking technology, implementation of in-house sample storage in laboratories, high investments in biobanks and personalized medicine is further going to spur revenue growth during the forecast period.
The increased cost of the equipment, less awareness about the treatment and management of tissue processing, lack of skilled professionals in the developing nations, are few external factors restraining the overall growth of the tissue banking market globally. Other external factors include less or no infrastructure in the developing economies, chances of tissue injury during thawing and preservation, increased regulations for medical devices by governing bodies mainly in the U.S., Europe, China, and Japan.
Key Market Movements:
- Globally, the tissue banking market remains to exhibit a profitable growth with a CAGR of 9.2% for the period from 2018 to 2026
- Higher technology assessment in the equipment segment is gaining traction in the market
- Eastern Europe, Latin America, and the Asia Pacific to show promising opportunities and shows growing CAGR during the forecast period owing to rising awareness among the individuals about advanced tissue banking technology and regenerative medicines
- Increasing number of advanced healthcare settings, easy accessibility of branded equipment along with high storage and preservation. Enhanced digital applications with top quality services and increasing healthcare spending in China, India, Mexico, Russia, Brazil, and Japan will contribute to the growth of the market during the forecast period.
- Major players in this vertical are Beckman Coulter, Inc., BioLife Solutions, Inc., Thermo Fisher Scientific Inc.KGaA, Brooks Automation, Inc., Bluechiip Limited, VWR Corporation, PHC Corporation, Custom Biogenic Systems, Inc., Merck, Hamilton Company, Biostorage Technologies, Inc. and others
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