”, the market is driven by rise in prevalence of chronic diseases and advancements in bio banking technology.
Americas held the largest market share in the Global Tissue Banking Market:
Americas region holds the largest market share and growth in the Global Tissue Banking Market and is anticipated to reach $17.9 billion by 2023 at a CAGR of 4.26%. However, APAC witnesses highest growth during the forecast period and is expected to reach $18.05 billion by 2023 at a CAGR of 7.01%. Americas region is the biggest market for tissue banking presently. The drivers for tissue banking market in the Americas region are public awareness programs, increased spending on healthcare and rise in aging population. There are large number of profit and non-profit companies in the US which act as the mediator between the donor and the recipient. The key end-users including Clinical/Therapeutic, Cosmetic, and Medical Research. In the US, there are 59,271 registered cornea donors which in turn help to perform 40,000 transplants annually.
Selected Market Life Cycle Analysis done in the full report:
The tissue banking market is currently in growth stage because of increased awareness about tissue donation and the increased focus on research to produce regenerative medicine. The blood banking market is expanding mainly through cord blood banking. Umbilical cord and tissue banking widens the options for future potential medical uses. The appetite to intervene aging process has led to flourishing of stem cell research. Hence, the stem cell banks are mushrooming over the globe and the stem cells can be preserved for more than 20 years making it the most lucrative market in tissue banking.
In almost all the countries, the law allows tissue donation with the consent of donor. In the United States, according to federal law, approval of family members is also required for tissue donation. Tissue donation saves the lives of many recipients but there also some grey areas in this market like profiteering a body's worth, ignoring the consent of family members, tissues for illegal immigrants and involving minorities etc.
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Excerpts on Market Growth Factors:
Key factors that drive Global Tissue Banking Market are growth in the government initiatives and funding for stem cell research alongside evolution in regenerative medicine. Other factors such as evolution in regenerative medicine and increasing public awareness of stem cell treatments etc;
The increased awareness among people about tissue donation, government initiatives and increased healthcare spending will propel the market towards strong growth.
The market for Tissue Banking in the United States is expected to grow significantly in the light of the increased awareness about tissue donation and the large number of private and public tissue banks
The market in Australia is booming because of healthcare policies of the government and the drive among people to save millions of lives.
Increasing per capita income, improving infrastructure and private investment will boost the growth for tissue banking in Asia Pacific region.
The fastest emerging market in tissue banking is umbilical cord banking because of increased preference to regenerative medicines in response to the growing prevalence of chronic diseases.
Biobanking is becoming a lucrative market due to growing advancements in biotechnology, bio-informatics and genomics.
The predominance in strategic collaborations to stern up the product portfolio also resulting in the inclination of the growth.
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Key players of Global Tissue Banking Market:
The global tissue banking market was chiefly dominated by Eppendorf AG, Brooks Automation, Inc, Tecan group, RTI Surgical, Inc. and Thermo Fisher Scientific.
The major leading players driving this market include Eppendorf AG, Brooks Automation, Inc, Tecan group, RTI Surgical, Inc. and Thermo Fisher Scientific. Other prominent players contributing to the market are CCLG Tissue Bank, Taylor-Wharton International LLC, Cureline Inc., Tissue Banks International and many others.
Key distributors such as Asterand Bioscience, Indivumed Inc. GmbH, IVTech Srl, Life Technologies Corporation, ABS, Becton Dickinson, GE Healthcare, Qiagen, Lifespan Biosciences, Inc;, National Disease Research Interchange (NDRI), Oncodesign, Morphosys AG, Promocell GmbH, Proteo Genex, Inc; Tristar Technology Group LLC, UK Human Tissue Bank, Xenotech, LLC, among others.
Companies such as Primegen Biotech, LLC DBA Reprocyte, Biolife Solutions Inc., and Sewon Cellontech Co., Ltd. have acquired patent for their respective tissue banking products.
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