Tissue banking involves the collection, preservation and storage of human tissue for future medical applications such as treatment of injuries or diseases. Some of the commonly banked tissues include musculoskeletal tissues, cardiovascular tissues, skin tissues, neurological tissues and reproductive tissues. Tissue banking helps in addressing the gap between demand and supply of donated tissues for transplantation.

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 Dynamics:

Growing demand for cell and tissue-based therapies is one of the major drivers propelling the growth of the global tissue banking market over the forecast period. Cell and tissue-based therapies have wide applications in the treatment of chronic diseases such as cardiovascular diseases, diabetes, cancer and neurological disorders. According to the Alliance for Regenerative Medicine, over 657 cell therapy clinical trials were conducted worldwide as of September 2021. Preservation of donated tissues and cells is crucial to meet the growing demand for various cell-based therapies. Further, growing geriatric population is increasing the demand for various transplantation procedures that utilize banked tissues. According to the United Nations Population Fund, the number of people aged 60 years and above is projected to double to nearly 2.1 billion globally by 2050. The increased risk of chronic diseases and injuries among the aging population is fueling the demand for tissue-based therapies and transplantation. All these factors are expected to promote the growth of the global tissue banking market over the forecast period.

SWOT Analysis:

Strength: The tissue banking market has seen strong growth in recent years due to the rising prevalence of chronic diseases and increasing demand for regenerative medicines. There is also increasing investment in R&D activities related to tissue engineering by both public and private organizations. Moreover, advances in biomedical technologies have enabled efficient storage and transportation of tissues and cells.

Weakness: However, traditional tissue banking processes are complex and require high capital investments which can pose financial challenges for new entrants. Also, stringent regulations associated with tissue collection, processing, storage and distribution increases compliance costs. Lack of skilled professionals in some regions is another weakness.

Opportunity: The market has significant growth opportunities in developing regions due to increasing healthcare expenditures and rising awareness. Expanding applications of 3D bioprinting of tissues also opens new avenues. Furthermore, rising rates of organ transplantation and an aging population demanding advanced treatment options will fuel demand.

Threats: Significant threat comes from strict regulatory framework regulating tissue banking. Any non-compliance may affect product approvals and sales. Rising competition from alternative treatment therapies is another challenge for tissue banks. Threat of new substitutes and uncertainty regarding reimbursement policies can also impact the market.

Key Takeaways:

The Global Tissue Banking Market Size is expected to witness high growth. The market size for 2023 is projected to touch US$ 1.81 billion and rise to US$ 5 billion by 2030 at a CAGR of 10%.

Regional analysis:

North America currently accounts for the largest share due to presence of advanced healthcare system and increasing research activities. However, Asia Pacific is poised to grow at the fastest pace during the forecast period supported by improving healthcare infrastructure and rising medical tourism in countries like India, China and Japan.

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. AbD Serotec and BioLife Solutions dominate the market currently due to their extensive product portfolio and global presence.

Explorer more information on this topic, Please visit - 

https://www.pressreleasebulletin.com/tissue-banking-market-size-and-tredns-analysis/