by Tissue banking refers to the storage of human tissue samples for future purposes such as transplantation, research and investigational use. There has been rising awareness about cord blood and tissue preservation for future treatment of life threatening diseases.
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 key trends:
Increasing awareness of cord blood and tissue preservation: Over the past few years, there has been a significant rise in awareness among parents about preservation of umbilical cord blood and tissues at birth which can be life-saving for the child or a family member requiring a transplant in future. This increased awareness has been a major driver fueling growth of the Tissue Banking Market. With rising involvement of private and public sectors in education and promotion of tissue and cord blood banking facilities, more people are opting for such preservation services. This growing awareness about benefits of tissue banking is estimated to propel market growth over the forecast period.
SWOT Analysis
Strength: The Tissue Banking Market has strong demand for preservation of tissues due to increasing prevalence of chronic diseases requiring transplantation.
Weakness: High cost associated with equipment and infrastructure for tissue banking may restrain market growth.
Opportunity: Growing healthcare infrastructure and rising healthcare expenditure in emerging economies creates growth opportunities.
Threats: Stringent regulations pertaining to quality and safety of preserved tissues pose major challenges.
Key Takeaways
Global Tissue Banking Market Demand is expected to witness high growth over the forecast period of 2023-2030. The Global Tissue Banking Market is estimated to be valued at US$ 1.81 billion in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
North America is currently the dominant as well as fastest growing regional market for tissue banking. Rising incidence of cancer requiring advanced treatment therapies drives the North American Tissue Banking Market growth.
Key players operating in the Tissue Banking Market are AbD Serotec, 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
