by Tissue banking refers to the procedure of storing transplantable human tissues with an aim to use them for transplant later. Tissues include bones, tendons, heart valves, skin, corneas and others. Tissue banking helps in meeting the increasing demand for transplantation in conditions like cancer, burns and traumatic injuries. Tissues are recovered from both living and deceased donors, processed, tested for infections and cryopreserved for future use. The global tissue banking market comprises of companies involved in collection, processing, storage and distribution of tissues. Products in the market include equipment, consumables and software for tissue banking. With advancements in regenerative medicine, cell therapy and 3D bioprinting, the demand for banked tissues is growing rapidly.
The global tissue banking market is estimated to be valued at US$ 1.81 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Growth in regenerative medicine industry: Regenerative medicine offers treatment of diseases by repairing or replacing damaged tissues and organs. Areas like stem cell therapy, bone and skin grafts are heavily dependent on banked tissues. Expanding applications of regenerative medicine are fueling the demand for quality tissues from banks, thereby driving the market growth.
Increased funding for research: Rising incidence of chronic diseases along with growing elderly population has increased government and private funding for R&D in tissue engineering and regenerative medicine. Substantial investments are encouraging development of advanced tissue banking technologies and services to meet the clinical needs. This acts as a key growth driver for the market.
Segment Analysis
Tissue Banking market is dominated by the cardiovascular segment which holds around 28% of the total market share. Cardiovascular tissues such as heart valves require storage facilities owing to the rising cases of heart diseases across the globe. The growing number of transplantation procedures along with the increasing success rate of such procedures are further driving the demand of cardiovascular tissues in the tissue banking market.
PEST Analysis
Political: Regulations regarding tissue transplantation procedures vary in different countries and regions which can impact the growth of the tissue banking market. However, favorable regulations in developed nations are encouraging market growth.
Economic: Rising healthcare expenditure along with increasing healthcare coverage are supporting the market growth. The demand for tissue banking is surging with economic growth in developing countries.
Social: Rising public awareness about tissue donation and transplantation are positively impacting the market. In addition, social campaigns to promote organ and tissue donation are boosting the industry.
Technological: Advanced technologies for tissue processing, storage and transportation are expanding the applications of tissue banking. Technologies like 3D bio-printing can revolutionize the market in the coming years.
Key Takeaways
The Global Tissue Banking Market Share is expected to witness high growth at a CAGR of 11% during the forecast period of 2023 to 2030. The market size is projected to reach US$ 3.32 Bn by 2030 from US$ 1.81 Bn in 2023.
Regional analysis: North America leads the global tissue banking market and is expected to maintain its dominance through 2030. This can be attributed to the growing geriatric population, increasing prevalence of chronic and lifestyle diseases, sophisticated healthcare infrastructure and supportive insurance policies in the region.
Key players: Key players operating in the tissue banking market are IBM Corporation, Microsoft Corporation, Dassault Systems S.A., Oracle Corporation, X1 Technologies Inc., SAP AG, Attivio Software Incorporation. These players are focusing on new product launches, collaboration and acquisitions to strengthen their market position. For instance, in 2022 IBM acquired Anthropic to enhance its artificial intelligence capabilities.
Note:
Source: Coherent Market Insights, Public sources, Desk research
We have leveraged AI tools to mine information and compile it
