"Tissue banking Market to Exhibit Productive Growth during the Forecast Period"

The global tissue banking market is growing fruitfully, was valued at US$ 2,113.9 Mn in 2020 and expected to reach US$ 4,688.6 Mn by 2029. Worldwide growing cardiovascular procedures, utilization of advanced equipment types for excessive storage and preservation of human cells & tissues drives the overall market growth.

Advancement in the field of biospecimen science and biorepository is growing significantly. New product launches with embedded software and robotic systems for automatic storage & preservation management is adopted in the developed regions. Higher usage of cold storage and freezers on a global scale is generating maximum revenue share, these systems are well equipped with temperature chart recorder, digital temperature display, and microprocessor controller.

Moreover, demand for regenerative medicines, organ transplantations, and cellular therapies for cord tissue is gaining traction during the forecast period. Additionally, rising medical tourism in developing economies, growing healthcare expenditure, adoption of advanced equipment for the preservation of cells, and favorable reimbursement and insurance policies fuels the demand for tissue banking market globally.

However, the high cost of tissue storage equipment, preservation, and bioethical issues are liable for limiting the growth of tissue banking market globally.

"Cryopreservation Systems Equipment Type Segment is expected to Register Higher Growth by the End of 2029"

The wide range of equipment types in the market incorporates experts to meet the fluctuating demand of regenerative medicines and human cells for storage and preservation.  Top equipment manufacturers have expanded their products in the overseas market, they are more focused to reinforce geological presence to acquire more client base, For instance, in June 2020, Bluechiip Limited (Australia) dispatched its order for Bluechiip Buttons, cryoboxes, and readers, as per the agreement with Labcon (USA). Also, in April 2021, Allele Biotechnology & Pharmaceuticals Inc. received a tissue bank license from the California Department of Public Health. In March 2019, Panasonic Healthcare launched a top end model of MCO-170M Ideal (multi-gas incubator), for numerous cell culture requirements that encompass CO2 and above-ambient oxygen control while processing.

"Increasing Applications in Clinical/Therapeutic Segment to Witness a Significant CAGR"

Expanding interest in tissue transplantation for the treatment of cancer and chronic diseases are remarkable variables expected for the growth & development of the market. Around 500,000 individuals in the U.S. are assisted with a transplant every year. Growing prevalence of cardiovascular diseases in Europe, India, and China is a major factor in expanding the growth of clinical/therapeutic application segment.

The rise in neurosurgical applications and usage of skin and fresher organic membranes for wound treatment is gaining traction. A noteworthy development in the preservation & storage of tissues inferable from immense progression in clinical preliminaries, medical research, and biopharmaceutical organizations has supported the administrations of tissue banking market.

"The Heart Valves Segment is expected to Register Higher Growth by the End of 2029"

Overall demand for tissues (heart valves, skin, and cord tissues) in biobanks, hospitals, and research & academic institutes expected to grow at a reasonably healthy rate. Moreover, changing consumer approach towards cellular therapies, organ transplant, blood transfusions, regenerative medicines, and vaccines, along with increasing procedures for the treatment of chronic diseases and cancer via utilizing various tissues is generating maximum share during the forecast period.

In addition, the heart valve in the tissue type segment is generating maximum revenue growth, due to the growing prevalence of cardiovascular diseases and obesity globally. For instance, in 2020, as indicated by WHO report, more than 17 million people die due to cardiovascular diseases worldwide. Moreover, cord tissue banking demand would surge during the forecast period due to growing awareness about cord blood storage and tissue stem cell for therapeutic applications for the treatment of heart diseases, diabetes, Parkinson’s disease, cancer, and others.

"Increasing Population, New Product Launches and the Presence of Top Players Holds North America in Dominant Position"

North America to contribute maximum revenue share in the overall growth of the tissue banking market attributed to the aging population, rising prevalence of cancer, heart attack, skin diseases, and other lifestyle diseases. Higher adoption of branded and costly equipment along with advanced services such as high storage & preservation, screening, processing, serological & microbial testing is growing at a significant pace. Major factors contributing to the growth include increasing awareness and programs held by top trained and skilled professionals, higher patient safety and the presence of top key manufacturers in the U.S.

Few external factors enhancing the overall tissue banking industry include the high demand for regenerative medicines and human cells globally. Also, increased spending biobanking technology, advancements in the cryopreservation techniques, and cellular therapy are gaining traction during the forecast period. Increasing partnerships, growing medical tourism, and demand for advanced equipment are on a rise. However, in low economic nations such as South Africa, Asia, and Latin America, the availability of advanced systems and services is limited. Lack of physicians, poor supply chain, less accessibility of treatment along with high cost is limiting the overall growth of the market.

"Dominance of Multinational Manufacturers with Strong Equipment Type Portfolio in the Developed Regions"

Major players in the tissue banking market 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. Top manufacturers are implementing growth strategies along with new technology assessment in advanced equipment models, new product launch, and merger & acquisitions with medical technology companies. For instance, in July 2021, PHC Corporation presented the brand new VIP ECO series 1 (85°C ultra-low temperature freezer) using natural refrigerants 2 in Japan. In Feb 2021, BioLife Solutions, Inc. completed an OEM agreement with MilliporeSigma, to supply its HypoThermosol cell storage and CryoStor cell freeze media. Also, in July 2020, under asset acquisition agreement Cesca Therapeutics Inc. the cell processing systems of SynGen Inc.

Historical & Forecast Period

This study report represents analysis of each segment from 2023 to 2033 considering 2024 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2025 to 2033.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Tissue banking market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Tissue banking market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Tissue banking market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2033.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Tissue banking market?
• Which is the largest regional market for Tissue banking market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Tissue banking market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Tissue banking market worldwide?