July 20, 2024

Projected adoption of tissue freezing technology to boost the growth of Tissue Banking Market

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 Overview:
Tissue banking refers to the storage of various tissues like stem cells, umbilical cord blood, placenta, and others for future use in transplantation and research purposes. Tissue banking helps in advancing regenerative medicine research and provides therapeutic materials to treat complex diseases such as cancer, musculoskeletal disorders and burns. Vital tissues are stored over a long period of time and processed using techniques like cryopreservation through freezing or lyophilization through freeze drying. These tissues can be accessed when needed for various medical requirements.

Market key trends:
One of the major trends in the tissue banking market is the adoption of innovative tissue freezing technology. With the advancement of cryopreservation techniques, industry players are developing advanced freezing strategies to store tissues for longer durations while maintaining quality and viability. For instance, slow freezing technology allows controlled freezing of tissues at subzero Celsius temperatures which minimize ice formation within cells and prevent damage. Such innovations are supporting effective long-term preservation of tissues and propelling the market growth. Additionally, increasing government funding for regenerative medicine research and public-private investments in stem cell banking infrastructure are some other key factors expected to drive the tissue banking market over the forecast period.

Porter’s Analysis
Threat of new entrants: The tissue banking market requires high investments in infrastructure such as advanced storage systems, laboratories and handling large tissue samples. These factors create barriers for new companies to enter this market easily.
Bargaining power of buyers: The bargaining power of buyers is moderate in this market. Hospitals and research organizations have a good bargaining power due to the options available from different tissue banks.
Bargaining power of suppliers: Tissue sample suppliers like hospitals have moderate to low bargaining power as tissue banks rely on quality tissue samples for their research.
Threat of new substitutes: There are limited substitutes available to store and preserve different types of tissues other than current tissue banking practices. Substitutes if available require a lot of research and approvals and will high cost.
Competitive rivalry: The global tissue banking market is fragmented with the presence of global and regional players. Key players focus on innovations, collaborations, and increasing their geographic footprint.

Key Takeaways
The Global Tissue Banking Market is expected to witness high growth, exhibiting CAGR of 10.% over the forecast period, due to increasing prevalence of chronic diseases such as cancer.
The North America region is expected to dominate the tissue banking market during the forecast period. This is attributed to advanced healthcare infrastructure, increasing disease prevalence, and presence of top market players in the region.
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. Key players focus on expanding their geographic footprint through partnerships and mergers & acquisitions.

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