The global tissue banking market features a large number of highly competitive market players, accentuating the fragmented nature of the competitive landscape, notes Transparency Market Research (TMR). Entry for the new and smaller vendors is expected to be difficult, thanks to the necessity for a vast investments in the domain. The major companies including Taylor-Wharton, Backman Coulter Inc., Thermo Fisher Scientific, Panasonic Biomedical, and Brooks Automation have been engaged in business strategies such as acquisitions and mergers.
A number of companies have been attempting to offer innovative products. For instance, in May 2017, Natera, Inc., a pioneering genetic testing company, announced the launch of a new offering for cord blood stem cells. Evercord, the new service is designed to enable expecting parents in the collection, storing, and potentially retrieving their newborn baby’s cord tissue and blood for therapeutic use in regenerative medicine and transplantation. The project has been undertaken in partnership with one of the most reputable umbilical cord blood banks in the U.S., Bloodworks Nothwest.
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The global market for tissue banking is expected to reach a revenue worth US$2.1 bn by 2024, expanding steadily at a CAGR of 11.3% between 2016 and 2024.
Augmenting Incidence of Diseases in North America Spawns Growth
By geography, North America surfaced as the dominant market in the global tissue banking market in 2015. The rising prevalence of cardiovascular diseases, diabetes, and cancer have been boosting the demand for tissue banking across this region. The tissue banking market in Asia Pacific is expected to yield considerable profit over the forthcoming period. By equipment, freezers accounted for the largest share in the global tissue banking market in the same year, driven by the augmenting demand for regenerative medicine, organ transplants, cellular therapies, and blood transfusions.
Escalating Popularity of Regenerative Medicine Assists Expansion
The demand for regenerative medicine has been expanding at a significant pace, owing to the capability of this solution of creating living, functional tissues which are used in the replacement or repairing of tissues lost due to disease, age, congenital defects, or physical damage. This trend is primarily being propelled by an alarming increase in the incidence of neurological and cardiovascular disorders, apart from diabetes and cancer.
Furthermore, the rapid advancement of transplant medicine as well as the unfulfilled medical needs of the aged baby boomer generation have also been fuelling the demand for organs and tissues, contributing toward the expansion of the global tissue banking market. Studies reveal that more than 500,000 people in the U.S. opt for a transplant each year. This number is likely to go up further, aiding the growth of the global market for tissue banking.
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On the downside, the market might face some key bottlenecks due to the lack of adequate infrastructure for storing, freezing, labeling, coding, and monitoring of tissue banks in several regions. Apart from this, the strict regulations applicable to tissue banking, tedious product approval procedures, and incapability of several existing systems of keeping necessary historical records are some other restraining forces of the market for tissue banking. However, the development of innovative products and services is expected to create substantial growth opportunities.
The information presented in this review is based on a Transparency Market Research report, titled, “Tissue Banking Market – (Equipment Type – Freezers, Storage system, Thawing Equipment, Labelling and Coding Equipment, and Alarming and Coding equipment; Application – Clinical and Therapeutic, Research and Development, and Drug Discovery; End users – Hospitals, Tissue Banks, Research and Academics Institutes and Diagnostic Laboratories) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 – 2024”.