Farmington, April 22, 2023 (GLOBE NEWSWIRE) -- The Global Tissue Banking Market size was valued at USD 1.63 billion in 2022 and is projected to grow by $3.70 billion by 2030, at a CAGR of 10.8% from 2023 to 2030. The procedure of collecting, preparing, and preserving transplantable human tissues for potential therapeutic applications is known as tissue banking. The obtained tissues are used to restore and replace the damaged or lost tissues of patients. In addition, they are utilized to restore damaged heart muscles, treat spinal cord injuries, and heal severe burns on the epidermis. Currently, advances in clinical trials and biomedical research contribute to the worldwide demand for tissue preservation and banking.
Request Sample Copy of Report “Tissue Banking Market Size, Share & Trends Estimation Reports By Type Outlook (Freezers, Thawing Equipment, Storage System, Alarming and Coding Equipment, Labelling and Coding Equipment), By Application (Hospitals, Tissue Banks, Biotech Companies, Research and Academics Institutes), By Region and Forecasts, 2023-2030.”, published by Contrive Datum Insights.
Segmentation Overview:
Type Outlook:
Based on the product, the market is segmented into accessories, consumables, equipment, and media. The equipment segment will grow at a substantial rate between the forecast period. The equipment segment includes freezers, storage systems, thawing equipment, labeling equipment, and coding equipment among others. The key drivers driving the equipment segment include increasing bio-research activities, new product developments for a better store of tissues, and increasing government initiatives for conducting research trials on the tissue-based drug discovery process.
Application Outlook:
Based on the application, the market is divided into biobanking, drug discovery, regenerative medicine, and therapeutics among others. The biobanking segment will be the dominant segment in the global tissue banking market owing to an increase in the number of biobanks, increasing genomic research activities, and the growing collection of disease-specific bio-samples.
Regional Analysis:
Based on the region, the North American region holds a strong position in the global market, and the trend will continue during the forecast period, whereas the Asia Pacific region will be the fastest-growing region. The increasing R&D activities along with the presence of leading biopharma and pharma companies in the United States are supporting the growth in the region. The Asia Pacific will propel with the highest CAGR in the global market. The growing healthcare industry, an increasing number of organ donors, and the adoption of advanced technologies in clinical trials are boosting the market growth for the APAC region.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 10.8% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 3.70 Billion |
| By Type |
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| By Application |
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| By Industries |
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| By Companies |
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| Regions and Countries Covered |
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| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Dynamics:
Drivers
- Rising aging population
Additionally, the utilization of human tissue allografts is expanding globally because of an aging population and an increased number of people having surgical procedures. These tissues are utilized to restore limb function, lessen pain, and enhance the quality of life for patients. Additionally, the industry is being driven by the new trend of cosmetic surgery as a result of rising disposable income and rising body consciousness among people.
- Rise in chronic diseases
Growing chronic illness prevalence, rising healthcare spending on developing new pharmaceuticals, and expanding tissue engineering technology are some of the main drivers of the tissue banking market. According to recent data released by the WHO, chronic diseases are one of the world's biggest problems, and they are responsible for roughly 60% of all fatalities globally. The market is expanding as a result of developing clinical studies, rising organ donation and storage, and developments in the biopharmaceutical sector.
Opportunities
- Technological advancements
The prevalence of chronic diseases, advancements in drug discovery and development, and increased financing for R&D by both governmental and non-governmental organizations, along with advances in regenerative medicine, all contribute to the growth of the worldwide tissue banking market. In addition, biotech start-ups are creating biobanks that are fuelling the market's expansion even more. For instance, Orig3n, is working on building the most diverse biobank, harnessing the power of induced pluripotent stem cell technology for accelerating regenerative medicine.
Restraints/Challenges
- High cost
On the other hand, the high cost associated with this market will obstruct the growth rate. The dearth of skilled professionals and lack of healthcare infrastructure in developing economies will challenge the tissue banking market.
This tissue banking market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the tissue banking market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Key Segments Covered:
Top Market Players:
- Thermo Fisher Inc.
- Brooks Automation
- Worthington Industries Inc.
- Custom Biogenic Systems Inc.
- Panasonic Healthcare Co. Ltd.
- BioLife Solutions, Inc
- Merck & Co. Inc. (Sigma-Aldrich Corporation),
- Hamilton Bonaduz AG
- Beckman Coulter Inc.
- Others.
By Type
- Freezers
- Thawing Equipment
- Storage System
- Alarming and Coding Equipment
- Labelling and Coding Equipment
By Application
- Hospitals
- Tissue Banks
- Biotech Companies
- Research and Academics Institutes
By Industries
- Government
- Healthcare
- Retail
- Manufacturing
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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