The latest report by IMARC Group, titled “Tissue Banking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global tissue banking market size reached US$ 1.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.1 Billion by 2028, exhibiting a growth rate (CAGR) of 11.65% during 2023-2028.
Factors Affecting the Growth of the Global Tissue Banking Industry:
- Increasing Prevalence of Chronic Diseases:
The global increase in chronic diseases such as diabetes, cardiovascular disorders, and cancer significantly contributes to the expansion of the Tissue Banking Market. Chronic conditions often require complex medical interventions, including organ transplants and reconstructive surgeries, which rely heavily on the availability of healthy tissues and organs. Tissue banks play a crucial role in providing these essential materials. The demand for tissue banking is also propelled by the aging global population, which is more susceptible to chronic diseases and degenerative conditions. As the prevalence of these diseases continues to rise, the need for tissue banks to supply viable tissues for treatments and research purposes also increases, driving market growth in this sector.
- Government Initiatives:
Government initiatives and funding have been pivotal in propelling the market forward. Many governments worldwide have recognized the importance of tissue banking in healthcare and have thus implemented favorable policies and funding programs to support this sector. This includes funding for research in tissue engineering and regenerative medicine, as well as establishing regulations and standards for tissue donation, procurement, and storage. Such initiatives not only provide financial support but also help in maintaining quality standards, ensuring the safety and ethical sourcing of tissues. Additionally, public awareness campaigns about the importance of tissue donation have led to an increase in the number of donors, further fueling the growth of the tissue banking market. This governmental support underscores the sector's significance in advancing medical science and improving patient outcomes.
- Technological Advancements:
The market is significantly driven by advancements in biopreservation technologies. This involves developing and improving methods for storing biological materials, such as tissues and organs, at low temperatures to maintain their viability for medical purposes. These technological improvements have increased the efficacy and longevity of preserved tissues, making them more viable for transplants and medical research. As a result, there is a growing demand for tissue banking services across various medical fields, including organ transplantation, regenerative medicine, and therapeutic applications. Moreover, the integration of cutting-edge technologies like cryopreservation and vitrification has further boosted the market, as these methods allow for long-term storage without compromising tissue integrity, opening up new possibilities in biomedical research and treatment.
Competitive Landscape with Key Player:
- AMS Biotechnology
- Beckman Coulter Inc. (Danaher Corporation)
- Bio-Rad Laboratories Inc.
- Brooks Life Sciences Inc. (Brooks Automation Inc.)
- Eppendorf AG
- Merck KGaA
- PHC Corporation
- QIAGEN N.V.
- Sartorius AG
- Taylor-Wharton
- Thermo Fisher Scientific Inc.
- VWR International LLC (Avantor Inc).
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/tissue-banking-market/requestsample
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Product:
- Equipment
- Cryopreservation Equipment
- Thawing Equipment
- Quality Control Equipment
- Others
- Media and Consumables
Equipment accounts for the largest market share as the tissue banking industry requires a range of specialized equipment for the collection, processing, storage, and preservation of biological tissues.
Breakup by Application:
- Therapeutics
- Medical Research
- Others
Therapeutics holds the largest market share due to the advancements in regenerative medicine, tissue transplantation, and cell-based therapies.
Breakup by Tissue Type:
- Cardiovascular Tissue
- Lung Tissue
- Kidney Tissue
- Pancreas Tissue
- Liver Tissue
- Eye Tissue
- Others
Cardiovascular tissue represents the leading segment due to the growing prevalence of cardiovascular diseases and escalating need for transplant surgeries to address these conditions.
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America leads the market as it boasts a well-developed healthcare infrastructure with state-of-the-art facilities and a robust network of hospitals and research institutions.
Tissue Banking Market Trends:
There is a rising demand for stem cell banking, driven by the potential for stem cells to treat various diseases and injuries. Tissue banks are increasingly storing and providing access to stem cell samples for therapeutic purposes. Besides, tissue banks are adopting advanced cryopreservation techniques to enhance the long-term storage of tissues and cells. This ensures the preservation of tissue integrity and viability over extended periods. Moreover, tissue banking is aligning with the trend of personalized medicine. Tissues and cells are being banked to match specific patient profiles, allowing for customized treatments and therapies.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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