Introduction to Tissue Banking Market
Tissue banking can be characterized as a collection of different tissues, such as blood, bone, heart valves, skin, cornea, veins, delicate tissues from donors, which are harvested, cleaned, handled and safeguarded by setting suitable storage conditions for use during medical procedure or medicinal research. Tissue banking is a novel method to treat infections or blood and immune disorders. Regenerative prescription includes harvesting cells, tissues and organs which are influenced by illnesses, injury and maturing.
Tissues are the sum of similar cells that acts together to play out a particular function in a human body. Tissue banking indicates the capacity of human tissues and organs in cryogenic conditions for potential restorative research and applications in treating various disorders.
Tissue banking has applications such as utilization of bone allografts in spinal combination medical procedure, ligaments allografts for knee tendon substitution, heart valves for treatment of internal heart deformations in kids, reasonable and feasible skin dressing for patients, powdered bone utilized in dental fixes, hematopoietic undeveloped cells and marrow used to supplant bone marrow.
Market Size and Forecast
The global tissue banking market is anticipated to record a CAGR of 12.4% over the forecast period i.e. 2019-2027. The market is segmented by tissue into skin, heart valves, corneas and umbilical cord out of which skin tissue is anticipated to hold the major share of market. The market is also segmented on the basis of equipment into cryopreservation, thawing and quality control, on the basis of application into cosmetic, therapeutic and medical research and on the basis of service into screening and serological testing.
Currently, global tissue banking market is observing vibrant growth owing to increasing demand for synthetic tissues for different purposes of medical purposes and for cosmetics.
The global tissue banking market is booming on the back of rising demand of manufactured synthetic tissues which can be used for the various purposes such as cancer, surgery, knee alignment replacement.
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Increasing Demand for Regenerative Tissues
Regenerative medicine is the process of creating functional tissues in order to repair or replace tissue, which has been damaged due to age, disease or congenital defects. Tissue banking has the potential to solve the problem of shortage of organs available through donation. Rapid development of transplant medicine has fueled the demand for tissues and organs far exceeding the available donor organs.
According to Eye Bank Association of America, there were 133,576 absolute tissue recuperations from 68,102 benefactors in 2018. The transplant rate expanded from 68.3% in 2017 to 69.4% in 2018, depicting better efficiencies by U.S. eye banks.
Advancements in Technology
Tissue banking has improved areas of science such as bio-repository and bio-specimen science. Usage of robotic sample handling, processing and artificial intelligence along with software specifically designed for storage management in the facilities have improved the tissue banking process.
Lack of availability of donors and high cost of transplant surgeries are anticipated to be the major factors restraining the growth of global tissue banking market. Additionally, lack of highly experienced and qualified individuals to perform the transplant surgeries is also posing as a factor restraining the demand for the tissue banking market.
Our-in depth analysis of the global tissue banking market includes the following segments:
- Heart Valves
- Umbilical Cord
- Quality Control
- Medical Research
- Serological Testing
On the basis of regional analysis, the global tissue banking market is segmented into five major regions i.e. North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is panned to observe substantial growth in the global tissue banking market on the back of high per capita health care expenditure, increasing prevalence of cardiovascular diseases and availability of advanced health care facilities have resulted in people spending more on health care further increasing the demand for new product launches and technological advancements. Such factors are anticipated to drive the tissue banking market over the forecast period.
North America is expected to be followed by Asia pacific due to increase in population and rising healthcare budget of major economies like China and India. With rising investment in upgrading to latest technologies supported by the rise in medical tourism in this area, the demand for tissue banking is expected to increase at a high rate.
Middle East & Africa is expected to hold a moderate share in the global tissue banking market over the forecast period due to gradual increase in the usage of different allograft products especially in the GCC countries. Various bio banking organizations are expected to drive the market over the forecast period. Numerous government and private organizations are working toward developing tissue banks to address the increasing demand for tissue transplant and related procedures in the region.
The global tissue banking market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Top Featured Companies Dominating the Market
- Tissue Banks International
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Thermo Fisher Scientific Inc.
- Brooks Automation, Inc.
- VWR Corporation
- BioLife Solutions, Inc.
- PHC Corporation
- Custom Biogenic Systems, Inc.
- Bluechiip Limited
- Merck KGaA
- Beckman Coulter, Inc.
- Hamilton Company
- Other prominent players