Increasing demand for regenerative medicines is poised to boost the Tissue Banking Market during the forecast period 2020-2025. The market size of Global Tissue Banking for 2019 is $42,599m and is set to grow at a CAGR of 4.0% during the forecast period 2020–2025
The Tissue Banking Market is growing at a tremendous rate with the developing research activities and growing focus of marketplace players on product improvement, along with the rising burden of chronic diseases. According to the World Health Organization (WHO), the foremost chronic diseases include cardiovascular sicknesses, cancer, breathing sicknesses, and diabetes that account for most deaths. Increasing government initiatives and rising demand for transplantation is poised to reinforce the studied market.
The cryopreservation is poised to witness leading market shares owing to ongoing product development and constant marketplace growth via mergers and acquisitions. Additionally, the extensive variety of programs like storage, managing, transportation and preservation of specimens and samples is poised to increase the market growth. The therapeutic segment is set to have tremendous boom poised to increase in chronic cases. Adding to that, the demand for skin, tendon, and cardiovascular tissues has resulted in increase of preservation in safe and sterilized tissue banks.
Tissue Banking Market Growth Drivers:
- Increasing Technological Advancement and Demand for Regenerative Medicines
Technological advancement within the healthcare sector like development in biobanking technology including the rise in regenerative tissue demand is poised to drive the market.
The global burden of chronic diseases is set to achieve 57%, by 2020. This trend is poised to affect the emerging countries the foremost, following to that, in developing areas. This is set to increase the demand of regenerative medicines for their capability of replacing, engineering and treating tissue loss poised to age related conditions, injuries and other issues
- Alarming and Monitoring Systems Segment is Poised to Show Better Growth in the Forecast Period:
The Alarming and Monitoring Systems segment is estimated to record the fastest CAGR of 9.5% during the forecast period 2020-2025. The key factor contributing to the growth of this market is increase in both research and focus of market players on product development, along with the rising burden of chronic diseases.
According to the World Health Organization (WHO), the chronic diseases like cardiovascular diseases followed by cancer, respiratory diseases, and diabetes account for most deaths around the world. Adding to this, Increase of government initiatives and rising demand for transplantation is set to to boost the studied market in the forecast period.
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RepliCel is investing in multiple regenerative medicine products. As of 2019, its three products (RCH-01, RCS-01, RCT-01) were in the development phase and its dermal injector device (RCI-02) is under pre-commercialization production and testing phase.
The application of nanotechnology has played a critical role in the process of tissue engineering. Treating neurological diseases is a significant challenge as early diagnosis and treatment initiation is crucial. However, the advent of new 3D designed nanofibers has proved to be a ready alternative to aid the regeneration of damaged neurons. Such advances have propelled the growth of tissue engineering products.
The Major Players in this Market Include
The leading players in the tissue banking market are AMS Biotechnology (Europe) Limited, Avantor, Inc (VWR International), BioCision LLC, Brooks Automation, Custom Biogenic Systems, Eppendorf AG, Hamilton Company, Merck KGaA and Thermo Fisher Scientific, Inc.
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