Tissue Banking Market – Positive long-term growth outlook 2024

For the purposes of medical research and education, a tissue bank as an establishment collects and recovers human cadaver tissue. It may also refer to a site where biomedical tissue is kept under cryogenic conditions and is normally used in a more clinical sense.

The global tissue banking market is gaining traction due to escalating geriatric population, increasing number of blood donations, introduction of technologically advanced equipment, growing incidence of chronic diseases, favorable insurance and reimbursement policies, and rising per capita healthcare expenditure.

However, the development of the market is expected to be restricted by factors such as stringent regulatory norms governing the safety and functional aspects of tissues and the approval of new products. Also, many current systems are incapable of systematically keeping a record of the process of handling tissues and maintaining a complete historical record of the temperatures at which tissues have been stored, highlighting any prominent deviation from the given standard.

According to Transparency Market Research, the global tissue banking market is projected to reach US$2.1 bn by 2024, scoring a CAGR of 11.3% from 2016 to 2024.

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On the basis of equipment, the market is segmented into storage system, freezers, labelling and coding equipment, thawing equipment, and alarming and monitoring equipment. The segment of freezers held a significant share in the market in 2015 and is expected to grow during the forecast period on account of increasing demand for organ transplant, blood transfusions, regenerative medicines, cellular therapies, and vaccines. Moreover, escalating population, increase in health care expenditure, and the rising use of a variety of tissues in research institutes are driving the demand for freezers in the field of tissue banking.

Freezers are finding increased applications in the global market as they have the ability of plummeting temperatures anywhere from -18°C to an ultra-low -86°C for the long-term storage of tissues. The import and export of tissues has risen globally due to increased requirement of tissues for chronic diseases, which is expected to supplement the market growth of storage system in the next few years.

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Geographically, the global tissue banking market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa. Among the mentioned regions, North America led the pack and will continue to grow over the said period due to increase in the prevalence of cancer, cardiovascular diseases, and diabetes, growing geriatric population, and technological advancements. On account of government initiatives such as Cells Directives (EUTCD) and the European Union Tissues, which focuses on improving responsiveness about quality and safety standards for human cells and tissues across the European Union, the Europe market is expected to show a noticeable growth over the forecast period.

Asia Pacific is known to be the most lucrative market for tissue banking due to high target patient pool, large population base, growing disposable incomes, increasing government initiatives to provide better healthcare facilities and an increase in per capita healthcare expenditure. In addition, a consecutive rise in demand for regenerative medicines will supplement the tissue banking market in this region.

The prominent players in the global tissue banking market include Taylor-Wharton, Backman Coulter Inc., Sigma-Aldrich Corporation, Panasonic Biomedical, Custom Biogenic Systems, Inc., Brooks Automation, and BioLife Solutions, Inc.

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