Tissue Banking Market Owing To Increasing Demand For Transplantation
Tissue Banking market |
The
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 tissues like bones, heart valves,
veins etc. that are used for transplantation purposes. The stored tissues are
screened for infectious diseases and infectious agents to ensure safety. They
help address the increasing demand for transplantation as tissues can be stored
and used whenever required. Some key applications of tissue banking include
musculoskeletal tissue banking, cardiovascular tissue banking, skin tissue
banking and cancer immunotherapy.
Market Dynamics:
The Tissue Banking market is primarily driven by the increasing incidence
of trauma cases and accidents globally which is raising demand for bone and
musculoskeletal tissue replacements. As per the World Health Organization
(WHO), road accidents account for around 1.3 million deaths annually worldwide.
Moreover, chronic diseases like cancer are rising rapidly which is also fueling
demand for tissue transplantation. According to the National Cancer Institute,
around 1.8 million new cancer cases are expected to be diagnosed in the US in
2023. However, concerns around the risk of disease transmission still persists
which is a challenge for the market's growth. Stringent regulations regarding
tissue donation and storage are also acting as a restrain.
SWOT Analysis
Strength: Tissue Banking Market
- Tissue banking helps in organ transplantation which significantly improves
the quality of life of patients.
- Technological advancements in storage techniques ensures high viability and
usability of tissues.
- Increased funding from government and private organizations for research
activities drives the market growth.
Weakness:
- High cost associated with setting up and operations of tissue banks limits
their establishment.
- Lack of awareness about tissue donation in developing regions hampers the
market growth.
Opportunity:
- Untapped potential in emerging Asian and Latin American countries presents
lucrative opportunities.
- Rising cases of chronic diseases and trauma injuries increases the demand for
transplantable tissues.
Threats:
- Strict regulatory policies for tissue banking delays product approvals.
- Ethical issues associated with donation and commercialization of human
tissues restricts the market.
Key Takeaways
The Global
Tissue Banking Market is expected to witness high growth, exhibiting a
CAGR of 10% over the forecast period, due to increasing prevalence of chronic
diseases and road accidents globally.
Market size: The tissue banking market size was valued at US$ 1.81 billion in
2023 and is projected to reach US$ 3.99 billion by 2030 growing at a CAGR of
10%.
Regional analysis: North America dominates the global market due to supportive
regulatory environment and large patient base undergoing transplantation.
However, Asia Pacific is expected to witness fastest growth over the forecast
period owing to growing healthcare infrastructure and increasing healthcare
expenditure in developing countries such as India and China.
Key players: 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.
Comments
Post a Comment