Tissue Banking - Market Insights, Competitive Landscape, and Market Forecast - 2030

Tissue Banking - Market Insights, Competitive Landscape, and Market Forecast - 2030

Tissue Banking Market By Product (Equipment [Cryopreservation Equipment, Thawing Equipment, Quality Control Equipment, And Others] And Media And Consumables), Application (Therapeutics, Medical Research, And Others), and geography is expected to grow at a steady CAGR forecast till 2028 owing to the increasing prevalence of chronic diseases and increasing use of advanced methodology for tissue banking across the globe

The global tissue banking market is poised for significant growth, projected to achieve a remarkable Compound Annual Growth Rate (CAGR) of 5.88% during the forecast period from 2024 to 2030. The demand for tissue banking is being boosted by the increasing prevalence and incidence of chronic diseases, the rising aging population prone to chronic diseases, and potential cures for cancers, blood disorders, immune, genetic diseases, and others. Further, the shift in public perception toward cord tissue and blood storage, improving techniques for the use of cord tissues in cellular therapy, increase in the harmonization of biobanks and research collaboration, increasing use of advanced methodology for tissue banking, rising healthcare expenditure, and others, and innovation in product development among others, thereby contribute to the overall growth of the tissue banking market during the forecast period from 2024-2030.

Tissue Banking Market Dynamics:

The increasing prevalence of chronic diseases such as cancers, neurological diseases, metabolic diseases, diabetes, and others across the globe will increase the overall market of tissue banking.

For instance, according to the GLOBOCAN Statistics 2020, in the year 2020, about 19.3 million people were suffering from cancer and more than 10 million people died from cancer, worldwide. The same source reported that the incidence of cancer was growing at a rapid pace in the world and estimated that the number of new cases of cancer in both sexes is projected to reach around 30.2 million by 2040.

As per the Macmillan Cancer Support 2022, nearly 3 million people were living with cancer in the UK, rising to 3.5 million by 2025, 4 million by 2030, and 5.3 million by 2040.

According to the Centers for Disease Control and Prevention (CDC) 2023, in the United States in 2020, 1,603,844 new cancer cases were reported.

According to the GLOBOCAN Statistics 2020, in 2020 about 1,028,658 new cases of cancer were reported in Japan.

From the above data, it can be concluded that the increasing prevalence of cancers across the globe will increase the demand for tissue banking as stem cell transplants, a type of organ transplantation are most often used to treat people with cancers that affect blood cell, such as leukemia, lymphoma, multiple myeloma, and myelodysplastic syndromes. They may also be used for neuroblastoma, Ewing sarcoma, brain tumors that have come back in children, germ cell tumors, and testicular cancer.

The GODT - Organ Donation and Transplantation Activities 2021 stated that in 2021, there were a total of around 144,302 organ transplants worldwide. The kidney was the most transplanted organ worldwide followed by the liver and the heart. The increasing number of organ transplantations worldwide will increase the demand for tissue banking during the forecast period

Therefore, the above-mentioned factors will propel the tissue banking market during the forecast period from 2024-2030.

However, the need for high technical expertise and skilled personnel as the tissue banking organization is a complex system, insufficiency, and scarcity in tissue availability, and others may restrict the growth of the overall tissue banking market.

Tissue Banking Market Segment Analysis:

Tissue Banking Market by Product (Equipment [Cryopreservation Equipment, Thawing Equipment, Quality Control Equipment, and Others] and Media and consumables), Application (Therapeutics, Medical Research, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the product segment of the tissue banking market, the cryopreservation equipment category is expected to amass a significant revenue share in the year 2023. This can be ascribed to the advantages and applications associated with the segment.

Cryopreservation plays a significant role in tissue and organ banking. Cryopreservation involves maintaining the physiological function of cells, tissues, and organs at ultra-low temperatures (-80°C or -196°C), at which point cellular activities nearly cease.

Cryopreservation of cells and tissues ensures genetic stability and preserved function of a banked sample throughout storage. It also provides valuable time for quality and suitability assessments to ensure the best possible patient outcomes. This flexibility lends significant support to the increased adoption of tissue therapies and the development of new protocols and procedures.

Further, with the constant availability of cryopreserved cells and tissues, extensive quality testing can be performed to determine the suitability of the cells or tissue for transplantation without the need to obtain fresh samples.

Therefore, owing to the above-mentioned factors, the cryopreservation equipment category is expected to register significant growth, thereby driving the growth of the overall tissue banking market during the forecast period.

North America is expected to dominate the overall Tissue Banking Market:

Among all the regions, North America is estimated to account for the largest share of the Tissue Banking market in the year 2023. Owing to the significance of key growth factors such as the rising prevalence of chronic diseases such as cardiovascular disorders, diabetes, cancers, and others, rising burden of aging population prone to chronic ailments, increasing government initiatives, rising demand for transplantation, sophisticated healthcare infrastructure, regulatory approval for new devices, and high awareness about the advantages of organ transplantation, and others, the market for tissue banking is expected to witness prosperity in the region during the forecast period 2024-2030.

The growing prevalence of cardiovascular diseases and other chronic diseases is anticipated to increase market growth. For instance, according to the Centers for Disease Control and Prevention (CDC) 2023, heart disease is the leading cause of death for men, women, and people of most racial and ethnic groups in the United States. The source concluded that about 1 in 20 adults age 20 and older have coronary artery disease (CAD) and every year, about 805,000 people in the United States have a heart attack.

The increasing prevalence of cardiovascular diseases will increase the demand for tissue banking in the country as it can be used to systematically collect, store, and distribute cardiac tissue and other samples for research dedicated to the improved understanding, care, and treatment of individuals with cardiovascular disease.

The Canadian Diabetes Association 2022 report concluded that in 2022 more than 5.7 million Canadians were living with diabetes (type 1 & type 2 diagnosed + type 2 undiagnosed). Moreover, as per the same source, 11.7 million Canadians were living with diabetes or prediabetes.

The increasing prevalence of diabetes will increase the demand for tissue banking in the country as researchers have demonstrated that placenta-derived cells are beneficial for Type 2 diabetes patients due to their angiogenic and immunomodulatory properties.

Additionally, government organizations are heavily investing in various tissue-banking projects, which is further fueling the market growth.

For instance, in October 2021, the National Human Genome Research Institute intended to extend its current gene expression resources to developing tissues by providing USD 38.5 million over five years. The goal of this project is to create a publicly accessible tissue bank and database that will provide fundamental and clinical researchers in the US with data on the expression of human developmental genes in a variety of pediatric tissue types. It is anticipated that these investments will support the region's overall market growth.

Thus, the above-mentioned factors are likely to propel the growth of the tissue banking market in the region during the forecast period from 2024-2030.

Tissue Banking Market Key Players:

Some of the key market players operating in the tissue banking market include ROKIT HEALTHCARE, INC., AMS Biotechnology (Europe) Limited, Avantor, Inc., Sartorius AG, Azenta US, Inc., Bio-Rad Laboratories, Inc., Eppendorf SE, Hamilton Company, Merck KGaA, Thermo Fisher Scientific Inc., LifeLink Tissue Bank, BioLife Solutions, ThermoGenesis Holdings, Inc., PHC Holdings Corporation, Taylor-Wharton, and others.

Recent Developmental Activities in the Tissue Banking Market:

In November 2022, the Department of Health (DoH), Abu Dhabi, the regulator of the healthcare sector in the United Arab Emirate, and United States-based Eversight, one of the non-profit eye banks in the world, partnered to establish the country’s first Eye and Tissue Bank.

In June 2022, LifeLink Tissue Bank launched the Birth Tissue Donation Program, the first of its kind in the Tampa Bay area, in partnership with Tampa General Hospital (TGH).

Key Takeaways from the Tissue Banking Market Report Study

Market size analysis for current tissue banking market size (2023), and market forecast for 6 years (2024-2030)

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global tissue banking market.

Various opportunities available for the other competitors in the tissue banking market space.

What are the top-performing segments in 2023? How these segments will perform in 2030?

Which are the top-performing regions and countries in the current tissue banking market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for tissue banking market growth in the coming future?

Target Audience who can be benefited from this Tissue Banking Market Report Study

Tissue banking service/product providers

Research organizations and consulting companies

Tissue banking-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in tissue banking products and services

Various End-users who want to know more about the tissue banking market and the latest technological developments in the tissue banking market.

Frequently Asked Questions for the Tissue Banking Market:

1. What is tissue banking?

The procedure of gathering, processing, and conserving transplantable human tissues for possible therapeutic purposes is known as tissue banking. The tissues recovered are used to repair and replace the patients' damaged or missing tissues.

2. What is the market for global tissue banking?

The global tissue banking market is poised for significant growth, projected to achieve a remarkable Compound Annual Growth Rate (CAGR) of 5.88% during the forecast period from 2024 to 2030.

3. What are the drivers for the global tissue banking market?

The demand for tissue banking is being boosted by the shift in public perception toward cord tissue and blood storage, improving techniques for the use of cord tissues in cellular therapy, potential cure for cancers, blood disorders, and immune and genetic diseases, increase in the harmonization of biobanks and research collaboration, increasing prevalence and incidence of chronic diseases, rising aging population prone to chronic diseases, increasing use of advanced methodology for tissue banking, rising healthcare expenditure, and others thereby contributing to the overall growth of the tissue banking market during the forecast period from 2024-2030.

4. Who are the key players operating in the global tissue banking market?

Some of the key market players operating in the tissue banking market include ROKIT HEALTHCARE, INC., AMS Biotechnology (Europe) Limited, Avantor, Inc., Sartorius AG, Azenta US, Inc., Bio-Rad Laboratories, Inc., Eppendorf SE, Hamilton Company, Merck KGaA, Thermo Fisher Scientific Inc., LifeLink Tissue Bank, BioLife Solutions, ThermoGenesis Holdings, Inc., PHC Holdings Corporation, Taylor-Wharton, and others.

5. Which region has the highest share in the tissue banking market?

North America is expected to dominate the overall tissue banking market during the forecast period from 2024-2030. Owing to factors such as the rising prevalence of chronic diseases, the rising burden of the aging population, increasing government initiatives and rising demand for transplantation, sophisticated healthcare infrastructure, regulatory approval for new devices, and high awareness about the advantages of organ transplantation among others, the North America tissue banking market is expected to growth in coming years.