Albany, NY, Feb. 23, 2018 (GLOBE NEWSWIRE) -- The global tissue banking market is estimated to reach a valuation of US$2.1 billion by the end of 2024. The market is projected to expand at a CAGR of 11.3% during 2016–2024.
Extensive Demand for Regenerative Medicines among Aging Population to Boost Market
The drive for the tissue banking market stems from the pressing need for adequate amounts of tissues, primarily for clinical use and research. The growing demand is attributed to the need for harvesting and using transplantable human tissues for replacing and repairing lost or damaged tissues lost on account of aging, physical damage, congenital defects, or diseases. The widening prevalence of cardiovascular diseases (CVD) and neurological disorders, various cancer types, and diabetes in several developing and developed countries is stoking the demand for safe tissue processing, storage, and transportation.
The rapidly aging baby boomer generation in a number of developed nations is expected to bolster the demand for tissue banking activities. A rise in geriatric population in several developed nations is also expected to accentuate the growth of the overall tissue market. The extensive use of bio-banking of normal and tumor cells and stem cells from bone marrow is also accentuating the growth of the market.
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The growing popularity of regenerative medicines in hospitals, research and academics institutes, and diagnostic laboratories is a notable factor boosting the tissue market. The rising discretionary spending on healthcare, combined with favorable insurance and reimbursement policies, is a notable aspect accentuating the growth of the market.
The various equipment type used for tissue banking activity are freezers, storage system, labelling and coding equipment, alarming and coding equipment, and thawing equipment. Of these, the freezers segment accounted for a substantial share in the market in 2015 and is projected to rise at a prominence pace through the forecast timeline. The growth of this segment in fueled by an extensive demand for increasing demand for tissue banking in organ transplant, blood transfusions, cellular therapies, vaccines, and regenerative medicines. This is attributed to its suitability for long-term storage of tissues over an extended range of -18°C to -86°C.
Regionally, Asia Pacific is set to be the most attractive market and is anticipated to rise at a phenomenal pace during the forecast period. The regional market is driven by a large patient population and rapid improvements made in the healthcare infrastructure in recent years.
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Stringent Set Protocols key Challenge, Research Institutions to Witness Vast Uptake of Transplantable Tissues
The harvesting, processing, and storage of human tissues is riddled with marked complexity and any lapse, even minor, may affect the life of recipients. The copious amounts of funds required for setting a dedicated tissue banking facility is another crucial factor likely to impede the growth of the market to an extent. The need stringent adherence to set protocols for tissue banking activities is a crucial factor likely to cripple the growth of the market.
Be that as it may, recent advances made in regenerative medicines in several developed nations and the rising demand for tissue transplantation for the treatment of chronic diseases and cancer are notable factors expected to accentuate the growth of the market. The market is also expected to benefit from advancements in cryogenic storage technologies. The vastly growing demand for a variety of transplantable tissues in research centers is also expected to provide a robust fillip to the market’s growth.
The global tissue banking market features an intensely competitive landscape with the marked presence of a copious number of big original equipment manufacturers and the presence of relatively small number of dedicated facilities that offer services related to tissue banking, finds Transparency Market Research (TMR). The top players operating in the market include Backman Coulter Inc., Panasonic Biomedical, Taylor-Wharton, Brooks Automation, and Thermo Fisher Scientific. Leading companies are focusing on strategic mergers and acquisitions and substantially investing in expanding their product pipelines to attractive regional markets. Several players are also developing technologically advanced equipment for tissue banking activities to gain a competitive edge over others.
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As the global tissue banking market requires substantially heavy investments to set facilities and the employment of markedly high technical expertise, the landscape is likely to witness surge in competition, observes TMR. The threat of entry from small vendors is, therefore, low. The market is characterized by the strict tissue transplant acts and regulations, which further dissuades the entry of small players.
About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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