Back to Blog
The Tissue Banking Market is estimated to witness high growth owing to Increasing Organ Transplants11/10/2023 The Tissue Banking Market is estimated to be valued at US$ 1.81 Bn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Tissue banking refers to the storage of tissues and organs for future use in transplantation and research. Tissues are collected from both living and deceased donors and stored until required. Some of the key tissues stored include heart valves, bones, skin, tendons, and corneas which are used for reconstructive and trauma surgeries. Tissue banking offers benefits such as improved access to transplantable tissues, reducing costs associated with tissue procurement from multiple sites. Market key trends: One of the key trends fueling the growth of tissue banking market is the increasing number of organ transplants being performed globally. As per estimates, around 114,000 transplants were performed worldwide in 2019. While the demand is rising consistently, the number of donors lags behind resulting in growing transplant waitlists. Tissue banking helps address this supply-demand gap by processing and storing tissues and making them available whenever required. Furthermore, various awareness campaigns by government and non-profit bodies have led to increased registration of donors, thereby bolstering the number of organs available for transplantation through tissue banks. Initiatives to streamline procurement and distribution networks will further support the high growth trajectory of this market over the forecast period. Porter’s Analysis Threat of new entrants: The tissue banking market requires high capital investments for establishing infrastructure and facilities which reduces threat of new entrants. Bargaining power of buyers: The presence of numerous tissue banks and availability of alternatives increases bargaining power of buyers. Bargaining power of suppliers: Suppliers of equipment, reagents and other consumables have moderate bargaining power due to availability of substitutes. Threat of new substitutes: Since tissue banking has few substitutes, threat of new substitutes is low. Competitive rivalry: Fierce competition exists among existing players to gain market share. SWOT Analysis Strengths: Advanced technologies for processing, storage & distribution of tissues. Rising demand for organ transplantation. Weaknesses: High operational costs. Stringent government regulations. Opportunities: Increasing R&D investments for developing tissue engineered products. Growing geriatric population. Threats: Limited tissue donors. Ethical issues related to donation and storage of tissues. Key Takeaways The Global Tissue Banking Market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing prevalence of chronic diseases. The market size for 2023 is US$ 1.81 Bn. Regionally, North America dominates the global tissue banking market and is expected to grow at a CAGR of 8% during 2023-2030. This is attributed to presence of major players and favorable reimbursement policies in the region. Europe holds the second largest market share due to rising preference for tissue banking in the region. Key players operating in the tissue banking market are AbD Serotec (a Bio-Rad company), AMS Biotechnology Limited, BioLife Solutions, Inc., Beckman Coulter, Inc., BioCision LLC, BioStorage Technologies, Inc., Custom BioGenic Systems, Eppendorf AG, EMD Millipore Corporation, Fisher BioServices, Inc., Genzyme Corporation, Hamilton Company, Merck KGaA, PHC Corporation, and Teva Pharmaceutical Industries Ltd. These players are focusing on new product launches and enhancing their global presence through mergers and acquisitions. Read More - https://www.pressreleasebulletin.com/the-increasing-demand-for-regenerative-medicine-advancements-is-anticipated-to-open-up-new-avenues-for-the-tissue-banking-market/
0 Comments
Read More
Leave a Reply. |