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Sep 4, 2020 5:00 PM ET

Tissue Banking Market Anticipated to Grow at a CAGR of 4.0% During Forecast Period 2020-2025

iCrowd Newswire - Sep 4, 2020

The market size of Global Tissue Banking for 2019 is $42,599m and is set to grow at a CAGR of 4.0% during the forecast period 2020–2025 owing to a rise in tissue transplant cases and rising incidences of cancers, cardiovascular diseases, and diabetes. The market is witnessing several trends such as a shift in public perception toward cord tissue and blood storage, improving techniques for the use of cord tissues in cellular therapy, and potential cure for cancers, blood disorders, and immune and genetic diseases. With the increase in the harmonization of biobanks and research collaboration, the tissue banking market is set to grow positively during the forecast period.

By Type – Segment Analysis

In the Tissue Type segment, Blood tissue accounted for the largest share, followed by soft tissue in 2019. Blood donation has increased substantially in the past few years. In the U.S., approximately 36,000 units of red blood cells are needed every day. In Europe, approximately 1700 people opted for blood vessel tissue donation in 2013. The countries such as Spain, Italy, and Sweden are the major countries with a high number of donors.

By Equipment – Segment Analysis

In Equipment type, Cryopreservation Systems segment dominated the market in 2019. Cryopreservation is the process of cooling followed by the storage of frozen cells to provide a continuous supply of genetically stable living cells by inhibiting all biochemical activities which are to be used for procedures such as organ donation, bone marrow transplant, and others.

By Application – Segment Analysis 

In 2019, Clinical/ Therapeutic dominated the Application segment of the Tissue banking market and is set to grow at a CAGR of 4.3%. Tissues preserved in tissue banks can be used for fulfilling a variety of medical needs of people for example heart valves can be used in patients with heart disorders, corneal transplantation used to give visibility to blind people, tendons, and ligaments used in orthopedic surgery, and blood to treat blood disorders. Clinical/therapeutic applications majorly use tissue banking for it involves different types of grafting such as cord blood, stem cell, and others.

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By Geography – Segment Analysis

North America region held 35% of the global tissue banking market in 2019. This is owing to advanced technology and high awareness regarding tissue donation among the medical personnel and healthcare professionals. Europe is set to attain a significant growth owing to the increasing geriatric population and unhealthy lifestyle prevailing in the region. Asia-Pacific is poised to record rapid growth rates on the account of government initiatives for expanding medical facilities coupled with the presence of key market players in the region.

Drivers – Tissue Banking Market

Technological advancement in the healthcare sector such as development in biobanking technology coupled with a rise in regenerative tissue demand drives the market growth. The regenerative medicines cure different kinds of damaged tissues covering aging issues to injuries, which is poised to drive the demand for the Tissue Banking Market.

Challenges – Tissue Banking Market

The high transplant cost, bioethical issues and unavailability of tissue banks in many remote countries coupled with stringent government rules and regulations regarding testing and clearance documents negatively impact the growth of the global tissue banking market over the forecast period.

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The Major Players in this Market Include

The leading players in the tissue banking market are AMS Biotechnology (Europe) Limited, Avantor, Inc (VWR International), BioCision LLC, Brooks Automation, Custom Biogenic Systems, Eppendorf AG, Hamilton Company, Merck KGaA, and Thermo Fisher Scientific, Inc.

Key Takeaways

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