Tissue banking involves the storage of tissues in cryogenic conditions for long periods of time for future transplantation. It helps preserve tissues such as bones, tendons, heart valves, skin tissues and corneas for decades before use in transplantation procedures. The process of tissue banking involves processing the tissues to ensure they remain sterile, testing for infectious diseases and storing them at very low temperatures. Tissue banking is crucial for treating chronic ailments including orthopedic disorders, musculoskeletal injuries and cardiovascular diseases.
The Global tissue banking market is estimated to be valued at US$ 2.09 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2030.
Increasing elderly population, rising prevalence of chronic and lifestyle diseases, growing number of tissue transplantations and trauma cases are major factors fueling the demand for tissue banking. The process of tissue banking helps effectively deal with the supply-demand imbalance associated with tissues. It also allows time for thorough disease screening and diagnosis before transplantation.
Key Takeaways
Key players operating in the tissue banking market are Lennox, Videocon, Harvest Air Conditioner, HotSpot Energy Inc., Aussie Solar World, Solair World International, Icesolair, Gree, Midea Group Onyx Solar. These players are engaged in expanding their global footprint and enhancing their tissue processing capabilities through strategic partnerships and acquisitions.
Major opportunities in the market include increasing focus on establishing public cord blood and tissue banks in developing countries. Rapid technological advancements are also enabling effective long term preservation of tissues. Companies are investing heavily in R&D to develop innovative purification and cryopreservation techniques.
The market is witnessing increased global expansion activities with players focusing on emerging economies in Asia Pacific and Latin America. Favorable regulatory environment and rising medical tourism in these regions are attracting several international tissue bank operators.
Market Drivers
Increasing prevalence of chronic and lifestyle diseases: Growing obesity levels, sedentary lifestyle habits and unhealthy dietary patterns have led to a significant rise in chronic illnesses globally. Since tissues are crucial for treating many orthopedic, cardiovascular and musculoskeletal conditions, this is expected to propel demand.
Rising geriatric population: The elderly population above 65 years worldwide is growing at an unprecedented rate. They are more prone to health complications requiring tissue transplantation. This augurs well for the market.
Market Restraints
High capital investment requirements: Setting up Tissue Banking Market Demand involves large capital expenditure on advanced equipment, facilities, trained personnel and quality systems. This poses challenges, especially for regional players.
Stringent regulatory framework: Tissue banking is tightly regulated to ensure efficacy and safety. Frequent changes in guidelines and compliance with different regulatory bodies across nations increases complexity and costs.
Segment Analysis
Tissue Banking involves the collection, storage and distribution of human cells/tissues for medical research and therapy. The tissue banking market can be categorized into segments - stem cell banking, cord blood banking, and equipment. Among these, cord blood banking currently dominates the tissue banking market. Cord blood stem cells are rich in hematopoietic stem cells which can be used to treat over 80 diseases. The high success rate of cord blood transplants in treating blood cancers has made parents opt for cord blood banking services. This segment is expected to remain the largest during the forecast period as well due to increasing awareness about advantages of cord blood stem cells and their potential therapeutic applications.
Global Analysis
North America currently accounts for the largest share in the global tissue banking market owing to presence of well-established healthcare infrastructure, growing R&D initiatives and increasing incidence of chronic diseases. The growth in the region is majorly driven by the U.S. due to rising number of stem cell clinical trials being carried out. However, Asia Pacific is poised to witness highest growth during the forecast period attributed to growth in healthcare infrastructure, increasing healthcare expenditure, rising awareness about regenerative medicine and surge in stem cell research activities in emerging nations like China and India. Factors such as improving public-private collaborations, investment in advanced technologies and expansion of stem cell banks in Asia Pacific will boost the market growth in this region.
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