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.
Tissue banking involves the collection, storage, and processing of human tissues for clinical use including skin, cardiac, bone, and vascular grafts. It is used for innovative therapies in reconstructive surgeries, disease research, and drug development. Cord blood banking is emerging as the fastest growing segment due to rising prevalence of various chronic diseases and cancer.
Tissue banking stores donated human tissue allografts and conducts quality testing to make them available for medical procedures such as orthopedic, dental and reconstructive surgeries. It helps meet the demand for tissues and organs for transplantation procedures.
Market Key Trends:
One of the key trends driving the tissue banking market growth is the increasing demand for transplantable tissues and organs. According to the Global Observatory on Donation and Transplantation, over 140,000 solid organ transplant procedures were performed globally in 2020. However, the demand for tissues still far exceeds the supply, offering significant opportunities for market players. Additionally, rising number of regenerative medicine clinical trials is also fueling the demand for processed tissues in research activities.
The tissue banking market is segmented into equipment and consumables. Within equipment, the freezers segment accounts for the largest share owing to rising demand for storage of temperature sensitive biomaterials. Freezers provide long term storage at sub-zero temperatures without affecting the quality and integrity of tissues.
Within consumables, the accessories segment dominates due to significant consumption of vials, tubes, and containers for efficient storage and processing of samples. Growing demand for cryogenic vials and storage bags for storing biopsies and surgical specimens will fuel growth of this segment.
The Global Tissue Banking Market is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing demand for biobanking services from the life sciences industry for R&D activities.
Regional analysis – North America dominates the global market owing to presence of advanced healthcare infrastructure and rising prevalence of chronic diseases. Also, increasing stem cell research in the US drives the regional market growth.
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.