by Tissue banking involves the acquisition, processing, preservation, storage and distribution of human tissues for purposes such as research, transplantation, reconstructive surgery and tissue engineering. Various tissues collected and stored in tissue banks include musculoskeletal tissues, skin, cardiovascular tissues, and ocular tissues. Advancements in reconstruction surgeries are driving the demand for biological tissues. Processed tissues are used in several surgical procedures including orthopedic, cancer, cardiovascular and transplant surgeries. The global tissue banking market offers invaluable benefits including optimized quality control to ensure safety of tissues for therapeutic use and facilitated access to life-saving biological materials.
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 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
One of the major trends in the tissue banking market is the growing demand for musculoskeletal tissue owing to rising incidences of bone and joint disorders. Musculoskeletal tissues such as bones, tendons, and ligaments are the most frequently transplanted biospecimens in tissue banks. For instance, according to the Arthritis Foundation, by the year 2040, around 78 million adults in the U.S. are estimated to have doctor-diagnosed arthritis. Rising obesity rates will further augment the number of orthopedic procedures requiring human tissues. Another key trend is the increasing stem cell banking primarily for therapeutic applications. Advancements in stem cell therapies have triggered higher collections and storage of different types of stem cells including embryonic stem cells, adult stem cells, induced pluripotent stem cells for treating chronic diseases such as cancer, diabetes, and neurological disorders. This is anticipated to propel the demand for customized stem cell banking services over the forecast period.
Porter’s Analysis:
- Threat of new entrants: The tissue banking market requires high capital investments for equipment, infrastructure and skilled workforce which act as a barrier for new players.
- Bargaining power of buyers: The presence of various competitors and availability of substitutes provides choices to the buyers, enhancing their bargaining power.
- Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes and no organized suppliers group in this market.
- Threat of new substitutes: Technology advances can lead to development of new substitutes like 3D bioprinting of tissues however existing tissue banking solutions have well established customer base.
- Competitive rivalry: The global tissue banking market is highly fragmented with large number of regional and local players competing on factors like quality, reliability and pricing.
Key Takeaways:
The Global Tissue Banking Market Size is expected to witness high growth. 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 10% over the forecast period 2023 to 2030.
Regional analysis:
North America dominates the global tissue banking market owing to increasing number of tissue donation and rising focus on personalized medicine in the region. The United States holds majority of the market share in the North America tissue banking market.
Key players:
Key players operating in the tissue banking market are AbD Serotec (a Bio-Rad company), AMS Biotechnology Limited, BioLife Solutions, Inc., Beckman Coulter, Inc., BioCision LLC, BioStorage Technologies, Inc., Custom BioGenic Systems, Eppendorf AG, EMD Millipore Corporation, Fisher BioServices, Inc., Genzyme Corporation, Hamilton Company, Merck KGaA, PHC Corporation, and Teva Pharmaceutical Industries Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
