Tissue Banking Market

Global Tissue Banking Market Size (2023 to 2028)

The global tissue banking market is anticipated to grow at a CAGR of 7.76% from 2023 to 2028 and be worth USD 1.8 billion by 2028 from USD 1.23 billion in 2023.

A tissue bank is an organization that provides retrieval, selection, processing, distribution, and storage of donor allograft tissue. For possible therapeutic purposes, the procedure for collecting, processing, and storing transplantable human tissue is called a tissue bank. Depending on the tissue type, these tissues can be retrieved from living and deceased donors for allogeneic or autologous use.

Impact of COVID-19 on the global tissue banking market:

The outbreak began in early March 2020 and continued for over a year. Lockdowns and quarantines have resulted from the coronavirus outbreak. Many businesses have suffered losses due to shipping and travel restrictions. The unemployment rate rose as more deaths were reported. Due to the unexpected increase in the number of patients and the severe shortage of hospital resources such as oxygen cylinders, the financial situation has deteriorated.

The COVID-19 pandemic has positively impacted the global tissue banking market.

The pandemic has caused several deaths. For this reason, scientists relied on tissue banks to collect tissue samples, understand cellular responses and biological effects of infection, and find new therapeutic interventions and prevention methods. There has been increased use of tissue banks for collecting tissue samples to study the biological impact of the SARS-CoV-2 virus to identify new therapeutic interventions and prevention strategies. Additionally, the demand for tissue banking for drug discovery increases as new diseases are diagnosed.

MARKET DRIVERS:

The growing prevalence of chronic diseases, which, in turn, are driving ever-increasing drug discovery and development advances, is propelling the tissue banking market growth.

In addition, there has been an increase in government initiatives and a growing demand for transplants due to more transplant-related disorders. Technological advancements in medical research, clinical trials, biopharmaceuticals, and treating cellular and tissue disorders have also been made.

The growing use of advanced tissue banking methodology is expected to drive market growth.

Cryopreservation research focuses on preserving whole organs for long-term storage and viability, the success of which could be a significant medical breakthrough. Cryopreservation of tissues and organs without damaging them requires delicate handling using the principles of thermodynamics. Currently, organs such as the heart, liver, and pancreas can survive for a few hours outside the body. This technique can potentially extend this timeframe to days or even longer, thereby driving the market.

Additionally, advancements in regenerative medicine, biobanks, drug discovery, and increasing investments from governments, non-governmental organizations, and corporations are expected to drive the market. Recently, the emerging trend of cosmetic surgeries due to disposable income inflation and people's growing awareness of physical appearance is driving the market.

MARKET RESTRAINTS:

Tissue stability, injury and thawing issues, regulatory hurdles, reimbursement issues and ethical issues are the major factors restraining the global tissue banking market.

The high costs involved with tissue banking also slow the expansion rate. The market for tissue banking is anticipated to face difficulties due to a shortage of skilled workers and a lack of healthcare infrastructure in developing nations. The operation of the tissue bank is a sophisticated system that needs a lot of specialized and qualified personnel for its proper functioning in a dedicated facility. Minor errors in the established protocol can result in the loss of expensive tissue, harm recipients, and increase the risk of transmission of tumors and life-threatening diseases. Insufficient and scarcity of tissue availability is also a significant factor hindering the growth of the tissue banking market.

REPORT COVERAGE:

This global tissue banking market report has been segmented and sub-segmented into the product, application, end-user, and region.

Global Tissue Banking Market Analysis – By Product:

• Equipment
• Cryopreservation Equipment
• Thawing Equipment
• Quality Control Equipment

Based on the product, the equipment segment is expected to grow substantially in the global tissue banking market during the forecast period. The equipment segment includes cryopreservation, quality control, freezers, storage systems, thawing equipment, labeling equipment, and coding equipment. Key drivers of the equipment segment include an increase in biological research activities, the development of new products for better tissue storage, and increased government initiatives to conduct research trials on drug discovery processes based on tissues.

Global Tissue Banking Market Analysis – By Application:

• Therapeutics
• Medical Research

Based on the application, the therapeutics segment is anticipated to register the largest share of the market during the forecast period. Tissues stored in tissue banks can be used to meet various medical needs; for example, heart valves can be used in patients with heart conditions, corneal transplantation is used to give vision to people, tendons and ligaments are used in orthopedic surgery, and blood to treat blood disorders. However, clinical/therapeutic applications mainly use tissue banks involving different transplants, such as umbilical cord blood, stem cells, and others.

Global Tissue Banking Market Analysis – By End-User:

• Biobanks
• Hospitals and Clinics
• Research and Academic Institutes

The Biobanking segment is presumed to be the dominant segment in the global tissue banking market owing to the rise in the number of biobanks, increasing genomics research activities, and growing collection of disease-specific biological samples.

Global Tissue Banking Market Analysis – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

North America dominates the tissue banking market due to its strong position in healthcare infrastructure and many patients. The market in the region is growing due to access to developed infrastructures in countries like the U.S. and Canada. Additionally, the growing rates of chronic diseases and the need for transplantations in the region are helping the market flourish. The market is also growing due to the technological advancements in the region along with the rising geriatric populations and the support from government officials, and the presence of key market players.

Europe is poised to experience significant growth due to the increasing geriatric population and unhealthy lifestyle prevailing in the region. In addition, the market is also growing due to technological advancements along with the region's new product launches.

Asia-Pacific is expected to witness the highest growth rate in the forecast period due to rising health awareness and increasing demand for advanced medical technologies. As a result, the market is expected to flourish in the countries like India, China, Japan, South Korea, etc.

KEY MARKET PARTICIPANTS:

Beckman Coulter, Inc., Biocision, LLC, BioKryo GmbH, Biolife Solutions, Inc., Bluechiip Ltd., Brooks Automation, Inc., Chernobyl Tissue Bank, Cureline, Inc., Custom Biogenic Systems, Inc., Eppendorf AG, Hamilton Company, IMA Pharma, LifeLink Tissue Bank, Merck KgaA and PHC Europe B.V. are a few of the promising companies operating in the global tissue banking market profiled in this report.