The global tissue banking market is witnessing significant growth owing to the increasing application of tissues in regenerative medicine, transplantation surgeries and research activities. Tissue banking involves the collection and storage of human tissues in a biological bank to be used for transplantation purposes. Processed tissues and grafts that can be stored in tissue banks include bones, tendons, skin and heart valves. Storage facilities for tissue banks employ advanced freezing or freeze-drying techniques to preserve tissues for extended periods of time without compromising their viability. Some key advantages of tissue banking include increased transplant success rates, reduced wait times and overall cost savings for healthcare systems.
The global Tissue Banking Market is estimated to be valued at US$ 636.7 million in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Ongoing technological advancements in tissue storage facilities are fueling the growth of the global tissue banking market. Traditional freezing methods are being replaced by advanced vitrification techniques that facilitate long-term cryogenic storage of tissues at ultra-low temperatures without causing any damage to cell viability. For instance, a new intracellular glassification technique called cryo-transmission electron microscopy (Cryo-TEM) enables preservation of biological structures and biomolecules within tissues at liquid nitrogen temperatures. Such innovations are enabling tissue banks to scale up their inventory while ensuring highest quality of stored grafts. This trend of adopting cutting-edge freezing technologies is expected to boost market revenues over the forecast period.
Threat of new entrants: The tissue banking market requires high initial investments for infrastructure development and certification which poses significant entry barriers for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as the demand for tissue banking services is growing. However, the availability of substitutes also impacts the buyers.
Bargaining power of suppliers: Tissue suppliers have moderate bargaining power as quality tissue and biomaterial suppliers have established presence while key stakeholders prefer long-term supplier relationships.
Threat of new substitutes: Substitutes like stem cell therapies pose threat to the tissue banking market. However, tissue banking has established applications in regenerative medicine making complete substitution difficult.
Competitive rivalry: The tissue banking market comprises large tissue banks and few regional players. Market consolidation is observed as large players are focusing on acquisitions to expand service offerings.
The Global Tissue Banking Market Demand is expected to witness high growth over the forecast period of 20 years supported by increasing demand for regenerative medicine and organ transplantation.
North America dominates the tissue banking market owing to increased funding for research activities and presence of sophisticated healthcare infrastructure. The growing prevalence of chronic diseases and availability of reimbursements further support market growth in the region.
Key players operating in the tissue banking market are Thermo Fisher Scientific Inc., Brooks Automation, Worthington Industries Inc., Custom Biogenic Systems Inc., Bluechiip Ltd., PHC Corporation, Beckman Coulter Inc., Merck KGaA. These players are focusing on new product launches, partnerships and expansion of tissue banking facilities to strengthen their market presence.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it