July 19, 2024
Tissue Banking Market

Tissue Banking Market is Expected to be Flourished by Rising Demand for Organ Transplants

Tissue banking involves the storage of different types of tissues such as stem cells, placenta, umbilical cord blood, and amniotic membrane from donors for future therapeutic uses. The global tissue banking market is segmented on the basis of tissue type and end users. Some of the tissue types included in this market are heart valves, corneas, bones, skin, tendons & ligaments, and stem cells. The end users of this market include hospitals, tissue banks, research & academic institutes, and other end users. Tissue banks play a key role in disease management, medical research, and new drug development. They provide tissues and organs for surgical procedures like organ transplants.

The global tissue banking Market is estimated to be valued at US$ 1.81 Bn 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:

The rising prevalence of chronic diseases and genetic disorders has increased the need for organ transplants, fueling the demand for tissue banking. As per the headline given, organ transplant is expected to flourish the tissue banking market. According to the Global Observatory on Donation and Transplantation, in 2021, over 142,000 solid organ transplants were performed globally. However, there still exists a huge gap between demand and supply of organs for transplantation. As of 2022, over 100,000 candidates were waiting for organ transplants in the United States alone. Tissue banking helps address this issue by storing tissues and organs from donors for future transplantation purposes.

Another key driver propelling the tissue banking market growth is the increasing investments in regenerative medicine research. Tissue banks provide tissues required for regenerative medicine research related to stem cell therapies, tissue engineering, and drug discovery. As the adoption of regenerative medicine increases for treating chronic diseases, the demand for well-regulated tissue banking services is also expected to surge.

Segment Analysis:

The tissue banking market is dominated by the hospitals and clinics segment which accounts for over 50% of the overall market share. This is because hospitals and clinics are a major source of tissue donations and most transplantation procedures are conducted in these facilities. Therefore, tissues must be appropriately stored and supplied to these end-users.

PEST Analysis:

  • Political: The tissue banking industry is regulated by strict regulations regarding the ethics of donation, processing, storage and distribution of tissues which is imposed by regulatory bodies. This ensures quality and safety standards are followed.
  • Economic: The increasing prevalence of chronic diseases and rising geriatric population driving the demand for transplantation procedures is fueling the growth of the tissue banking market. However, high setup and operating costs of tissue banks pose a challenge.
  • Social: Higher awareness among people regarding the benefits of tissue donation and transplantation in saving lives is increasing the number of voluntary donors. However, religious and ethical beliefs restrict some communities from donation and transplantation.
  • Technological: Adoption of advanced technologies like biomolecular preservation techniques and robotic instrumentation for automation is helping enhance efficiencies in tissue recovery, processing and storage while reducing costs. Traceability solutions ensure proper documentation.

Key Takeaways:

The Global Tissue Banking Market Demand is expected to witness high growth over the forecast period supported by the rising organ failure cases worldwide. The global tissue banking Market is estimated to be valued at US$ 1.81 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.

Regional analysis

The North American region holds the major share in the tissue banking market primarily due to presence of advanced healthcare facilities, growing prevalence of chronic diseases, rising awareness about tissue donation and transplantation, and availability of reimbursement for tissue banking related procedures in the region.

Key players

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