March 2, 2024

The Global Tissue Banking Market Is Estimated To Be Valued At US$1.63 Billion

Market Overview:

The Tissue Banking Market is experiencing significant growth due to various factors such as advancements in regenerative medicine, increasing demand for organ transplantation, and the rising prevalence of chronic diseases. Tissue banking plays a crucial role in providing a repository of human tissues used in various medical procedures and research activities.

However, there are certain obstacles in the market that need to be addressed. One major obstacle is the lack of awareness and understanding among healthcare professionals and patients about the importance of tissue banking. This leads to low acceptance and utilization of tissue banking services.

The global Tissue Banking Market Size is estimated to be valued at US$1.63 billion in 2023 and is expected to exhibit a CAGR of 10.8% over the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.

Market Key Trends:

One key trend in the tissue banking market is the increasing adoption of automated tissue banking systems. These systems help in streamlining the tissue collection, processing, storage, and distribution processes, thereby reducing manual errors and improving efficiency. For example, Thermo Fisher Scientific Inc. offers automated tissue banking solutions that ensure sample integrity, traceability, and compliance with regulatory requirements.

Segment Analysis:

The tissue banking market is segmented based on the type of tissue, including musculoskeletal, cardiovascular, reproductive, gastrointestinal, and other tissues. Among these, the musculoskeletal tissue segment is expected to dominate the market due to the rising number of orthopedic surgeries and an increase in sports-related injuries. Musculoskeletal tissues, such as bone and cartilage, are widely used in joint replacements and reconstructive surgeries.

Key Takeaways:

Market size: The global tissue banking market is expected to witness high growth, exhibiting a CAGR of 10.8% over the forecast period, due to increasing demand for organ transplantation and advancements in regenerative medicine. For example, the growing geriatric population worldwide is driving the demand for tissue-based therapies and procedures.

Regional analysis: North America is expected to be the fastest-growing and dominating region in the tissue banking market due to well-established healthcare infrastructure, high healthcare expenditure, and a large number of organ transplant procedures performed in the region. The presence of key players such as Thermo Fisher Scientific Inc. and Brooks Automation Inc. also contributes to the growth of the market in this region.

Key players: Key players operating in the global tissue banking market include Thermo Fisher Scientific Inc., Brooks Automation Inc., VWR Corporation, BioLife Solutions Inc., PHC Corporation, Custom Biogenic Systems Inc., and Merck KGaA. These companies are focusing on strategic collaborations, product launches, and mergers and acquisitions to strengthen their market presence and expand their product portfolios.

In conclusion, the global tissue banking market is projected to show significant growth in the coming years. The market’s growth is driven by factors such as increasing demand for organ transplantation, advancements in regenerative medicine, and the adoption of automated tissue banking systems. However, the market still faces challenges related to awareness and understanding among healthcare professionals and patients. To overcome these challenges, it is crucial to educate and raise awareness about the importance of tissue banking in improving patient outcomes and advancing medical research.