The latest market report published by Credence Research, Inc. “Tissue Banking Market by Equipment Type (Cryopreservation systems, Labeling and Coding Equipment, Thawing Equipment, Quality Control Equipment, Alarming and Monitoring Systems), by Application (Clinical/Therapeutic, Medical Research, Cosmetics), By Tissue Type (Heart Valves, Cornea & Bone, Skin, Brain & Spinal Cord, Cord Tissues) – Growth, Future Prospects, and Competitive Analysis, 2018 – 2026” the market for tissue banking was valued at US$ 1,656.7 million in 2017 and is anticipated to reach US$ 3,674.5 million by 2026 for a CAGR of 9.2 per cent during the 2018-2026 forecast period.
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The worldwide market for tissue banking demonstrates a successful rise in the forecast period from 2018 to 2026 due to an rise in the incidence of heart disease, diabetes, cancer and other lifestyle diseases. New technology assessment in tissue banking technology, increased production and demand for regenerative drugs globally and improved tissue conservation methods through sophisticated machinery, media & consumables are driving market development during the forecast era. The production of high quality devices with enhanced costs in the machinery segment, such as cryopreservation systems, labeling and coding equipment, thawing equipment and quality control equipment, is also a key driver of general development. In the present situation, tissue-banking technology has congratulated the collection of newly frozen tissue samples, further used for multiple apps such as skin repair, burn cases, repair of damaged heart muscles following a serious attack, therapy of spinal cord injury and other repair of cord tissue. These tissues in the bank play a vibrant role in the studies of multiple illnesses, illnesses (cardiology, bone tissue, respiratory, kidney) and overall health.
Other key variables driving general market demand include advancements in the intelligent digital biobanking sector, fresh technology assessment in robotic sample handling and processing technology, the use of sophisticated software systems used for laboratory storage management. Major manufacturing variables include the development of better storage equipment along with high-quality technologies, and the increase in human tissue apps, primarily cardiac tissue, cord tissue, skin, spinal cord, and brain tissue type, contributes to the highest income share during the forecast period. Rising mergers, acquisitions and strategic partnerships between private players, along with new product development in the machinery segment, are displaying profitable growth in the forecast period. The use of top services in tissue banking is increasing considerably, especially in developed countries. Advanced screening and treatment of tissue specimens, tissue retrieval, serological and microbial testing is gaining traction on the market. Increased processes for heavy storage and conservation in the clinical and therapeutic sectors also generate income worldwide.
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Cryopreservation in the machinery segment has a maximum share during the forecast period owing to excessive need and demand for freezers. In addition, increasing R&D advances in tissue banking technology, the application of in-house sample storage in labs, large investments in biobanks and personalized medicine will further boost income development during the forecast era.
The increased cost of the equipment, less awareness about the treatment and management of tissue processing, lack of skilled professionals in the developing nations, are few external factors restraining the overall growth of the tissue banking market globally. Other external factors include less or no infrastructure in the developing economies, chances of tissue injury during thawing and preservation, increased regulations for medical devices by governing bodies mainly in the U.S., Europe, China, and Japan.
Key Market Movements:
- Globally, the tissue banking market remains to exhibit a profitable growth with a CAGR of 9.2% for the period from 2018 to 2026
- Higher technology assessment in the equipment segment is gaining traction in the market
- Eastern Europe, Latin America, and the Asia Pacific to show promising opportunities and shows growing CAGR during the forecast period owing to rising awareness among the individuals about advanced tissue banking technology and regenerative medicines
- Increasing number of advanced healthcare settings, easy accessibility of branded equipment along with high storage and preservation. Enhanced digital applications with top quality services and increasing healthcare spending in China, India, Mexico, Russia, Brazil, and Japan will contribute to the growth of the market during the forecast period.
- Major players in this vertical are Beckman Coulter, Inc., BioLife Solutions, Inc., Thermo Fisher Scientific Inc.KGaA, Brooks Automation, Inc., Bluechiip Limited, VWR Corporation, PHC Corporation, Custom Biogenic Systems, Inc., Merck, Hamilton Company, Biostorage Technologies, Inc. and others
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By Equipment Type (2016–2026; US$ Mn)
- Cryopreservation systems
- Labeling and Coding Equipment
- Thawing Equipment
- Quality Control Equipment
- Alarming and Monitoring Systems
By Application Segment (2016–2026; US$ Mn)
- Medical Research
By Tissue Type Segment (2016–2026; US$ Mn)
- Heart Valves
- Cornea, Bone
- Brain & Spinal Cord
- Cord Tissues
By Geography Segment (2016–2026; US$ Mn)
- North America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America