May 26, 2024
Tissue Banking Market

Tissue Banking Market is Expected to be Flourished by Increasing Organ Transplantation Procedures

Tissue banking refers to the process of preserving human tissue for future transplantation. It involves recovering donated organs and tissues from deceased or living donors, processing them in a laboratory to disinfect and store at sub-zero temperatures. Tissues commonly banked includes heart valves, bone, skin, cornea and heart arteries. With growing aging population worldwide along with rising cases of chronic illnesses, demand for organ transplantation has increased substantially. This has driven tissue banking practices to meet such clinical needs. The global tissue banking market offers several potential applications in healthcare sector. It supports the medical procedures of organ transplant, wound care management and reconstruction surgeries. Tissue banking protocols help address the organ shortage issue by proper storage and regulated distribution of donated tissues.

The global tissue banking Market is estimated to be valued at US$ 636.7 million in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Increasing Organ Transplantation Procedures

As highlighted in the heading, one of the key drivers contributing to the growth of tissue banking market is the rising organ transplantation procedures globally. According to the statistics, over 140,000 organ transplant surgeries were performed in 2021 worldwide. This shows a significant rise compared to previous years owing to growing acceptance of organ donation and demand for treatment of end-stage organ failures. Tissue banking plays a crucial role in supporting such clinical needs through effective storage and distribution of donated tissues and organs.

Growing Prevalence of Chronic Diseases

Another driver complementing the increasing transplantation trend is the rising prevalence of chronic and life-threatening illnesses such as cancer, cardiovascular diseases, diabetes etc. These diseases often damage vital organs over time requiring transplantation. As per estimates, chronic diseases account for over 70% of all deaths globally each year. With aging population prone to such health conditions, demand for replacement tissues and organs is expected to steadily grow in future boosting the tissue banking industry.

Segment Analysis

The tissue banking market is segmented into component services, tissue type, and bank type. The component services segment is dominating the market, accounting for over 60% share. Storage services hold the largest share as most tissue banks outsource this service to third-party logistics providers.

PEST Analysis

Political: Regulations regarding tissue donation and processing are strong drivers. The recent NOTA regulations in the US mandate transparency for tissue banks.

Economic: Rising healthcare expenditure and disposable incomes boost tissue banking adoption. The volume-based pricing model ensures steady revenue streams for market players.

Social: Increased awareness and acceptance of tissue donations across cultures propel the market growth. Over 90% Americans support organ and tissue donation.

Technological: Advanced cryopreservation techniques like vitrification extend shelf lives and expand applications. Track-and-trace solutions enhance quality management and regulatory compliance.

Key Takeaways

The Global Tissue Banking Market Size is expected to witness high growth over the forecast period.

Regional analysis: North America accounts for over 40% share due to well-established healthcare infrastructure. Asia Pacific will emerge as the fastest growing regional market backed by unmet clinical needs, healthcare reforms, and supportive legislation.

Key players: Key players operating in the tissue banking market are Thermo Fisher Scientific, Brooks Automation, Worthington Industries, and Custom Biogenic Systems. These leaders focus on quality, innovation and strategic collaborations to strengthen their positions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it