April 12, 2024
Tissue Banking Market

Tissue Banking Market Is Powering Medical Research With Cryopreservation

The global tissue banking market is a rapidly growing industry primarily driven by rising investments in regenerative medicine research. Tissue banking involves the process of cryopreservation and storage of different types of human tissues such as stem cells, bone, skin, cardiovascular, and neurological tissues for future use in medical research and transplantation procedures. Tissues collected from donors are stored in biorepositories to develop new treatments, conduct clinical trials, and preserve scarce tissues. The market offers a wide range of banking services including collection, processing, testing, storage, and distribution of tissues. It plays a vital role in advancing medical science by providing researchers access to preserved human tissues for drug development and disease modeling studies.

The Global Tissue Banking Market is estimated to be valued at US$ 2.09 Billion in 2024 and is expected to exhibit a CAGR of 13% over the forecast period from 2024 to 2030.

Increased public-private investments in regenerative medicines, rising prevalence of chronic diseases, and growing organ transplantation procedures are fueling demand for preserved human tissues in research and therapeutic applications. However, technical complexities associated with long-term tissue storage and high setup costs of tissue banking facilities remain key challenges.

Key Takeaways

Key players operating in the Tissue Banking market are Lennox, Videocon, Harvest Air Conditioner, HotSpot Energy Inc., Aussie Solar World, Solair World International, Icesolair, Gree, Midea Group Onyx Solar ac. These companies collectively account for over 45% of the global market share due to their diverse product portfolio and widespread geographical presence.

The rising prevalence of cancer, cardiovascular diseases, and neurological disorders is generating substantial demand for preserved human tissues in clinical research. According to estimates, over USD 100 billion is invested annually in medical research utilizing banked biospecimens globally. Tissue banking helps address the increasing demand by providing reliable access to well-characterized human samples.

Major tissue banking companies are focusing on geographic expansion strategies to capture the high growth opportunities in emerging markets such as Asia Pacific and Latin America. Strategic partnerships with key healthcare providers and investment in advanced biobanking infrastructure are helping companies solidify their presence across international markets.

Market Key Trends

One of the key trends gaining traction in the Tissue Banking Market Demand is the incorporation of advanced technologies like robotics, automated liquid handling systems, and RFID tracking to maximize workflow efficiency. Automation is helping increase human tissue processing throughput, minimize manual errors, and optimize cold chain management. This is allowing stakeholders to reduce operational costs and turnaround times for retrieval and distribution of preserved samples. As the market matures, integration of emerging technologies will continue to play a critical role in driving competitiveness and supporting long-term growth of the tissue banking industry.

Porter’s Analysis

Threat of new entrants: It is moderate as significant capital investments are required to set up tissue banks and gain regulatory approvals.

Bargaining power of buyers: It is high as buyers have a large number of existing players to choose from.

Bargaining power of suppliers: It is moderate as buyers can switch between suppliers of equipment, consumables and services.

Threat of new substitutes: Potential threat is low as no close substitutes exist for banking living human tissues and organs.

Competitive rivalry: Intense as the industry players compete on technological advancements, quality, pricing and service offerings to clients.

The North American region currently dominates the tissue banking market in terms of value mainly due to the growing incidence of cancer and other chronic diseases in the United States. The Asia Pacific region is poised to be the fastest growing market during the forecast period due to rising healthcare expenditure, increasing outsource of tissue banking services, and growing prevalence of diseases across major countries like China, India and Japan.

The European region also accounts for a significant share in the global tissue banking market driven by ongoing research activities, rising number of organ transplantations, and implementation of international quality standards for tissue banking practices by organizations like EUDPD and NetCord-Fact.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it