Global Tissue Banking Market to Exhibit Growth at a Considerable CAGR of ~6% by 2030, Assesses DelveInsight

The tissue banking market is experiencing a surge in demand due to several factors: the growing prevalence and occurrence of chronic illnesses, the expanding elderly population susceptible to such ailments, and the potential breakthroughs in treating cancers, blood disorders, immune conditions, genetic illnesses, and more. Additionally, there is a changing public attitude towards storing cord tissue and blood, advancements in utilizing cord tissues for cellular therapy, enhanced coordination among biobanks and research partnerships, the adoption of sophisticated techniques in tissue banking, increasing healthcare spending, and innovations in product development, among other factors. Together, these elements are anticipated to fuel the overall expansion of the tissue banking market from 2024 to 2030.

LAS VEGAS, April 9, 2024 /PRNewswire/ -- DelveInsight's Tissue Banking Market Insights report provides the current and forecast market analysis, individual leading tissue banking companies' market shares, challenges, tissue banking market drivers, barriers, trends, and key market tissue banking companies in the market.

Key Takeaways from the Tissue Banking Market Report

• As per DelveInsight estimates, North America is anticipated to dominate the global tissue banking market during the forecast period. 
• Notable tissue banking companies such as 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 several others, are currently operating 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).

To read more about the latest highlights related to the tissue banking market, get a snapshot of the key highlights entailed in the Global Tissue Banking Market Report

Tissue Banking Overview

Tissue banking plays a pivotal role at the intersection of medical research, regenerative medicine, and patient care. These specialized facilities serve as custodians of a diverse array of human tissues, ranging from skin and bone to organs and blood. By meticulously cataloging, preserving, and distributing these biological resources, tissue banks facilitate groundbreaking research into disease mechanisms, drug development, and innovative therapies. Moreover, they provide a critical lifeline for patients in need of tissue transplants, ensuring a timely and safe supply of donor tissues for surgeries ranging from corneal transplants to reconstructive procedures.

At the heart of tissue banking lies a commitment to ethical practices and stringent quality control measures. Every step of the process, from donor consent to tissue retrieval, processing, storage, and distribution, is governed by rigorous standards to uphold patient privacy and safety. These facilities often collaborate closely with hospitals, research institutions, and medical professionals to advance the frontiers of medicine. As the demand for personalized and regenerative therapies continues to grow, tissue banking emerges as a cornerstone of modern healthcare, bridging the gap between scientific discovery and clinical application to improve lives around the globe.

Tissue Banking Market Insights

In 2023, North America held the largest portion of the tissue banking market, among all regions. This is due to several key growth drivers, including the increasing prevalence of chronic diseases such as cardiovascular disorders, diabetes, cancers, and others. Additionally, the rising number of elderly individuals susceptible to chronic illnesses, government initiatives, a growing demand for transplantation, advanced healthcare infrastructure, regulatory approvals for new devices, and high awareness about the benefits of organ transplantation are all contributing factors. As a result, the tissue banking market in this region is expected to thrive during the forecast period of 2024–2030.

The rise in cardiovascular diseases and other chronic conditions is expected to further fuel market expansion. For instance, the Centers for Disease Control and Prevention (CDC) reported in 2023 that heart disease is the primary cause of mortality among men, women, and most racial and ethnic groups in the United States. The CDC also noted that approximately 1 in 20 adults aged 20 and above suffer from coronary artery disease (CAD), with around 805,000 heart attacks occurring annually in the United States.

The rise in diabetes cases is expected to boost the demand for tissue banking within the country, as studies have shown the benefits of placenta-derived cells for patients with type 2 diabetes, thanks to their ability to promote blood vessel growth and regulate the immune system. Furthermore, government bodies are making substantial investments in diverse tissue-banking initiatives, thereby driving market expansion.

For example, in October 2021, the National Human Genome Research Institute announced plans to allocate USD 38.5 million over a span of five years to expand its existing gene expression resources to include developing tissues. This initiative aims to establish a publicly accessible tissue bank and database, offering essential data on the expression of human developmental genes across various pediatric tissue types to both basic and clinical researchers in the United States. These investments are expected to bolster the overall growth of the tissue banking market in the region.

To know more about why North America is leading the market growth in the tissue banking market, get a snapshot of the Tissue Banking Market Outlook 

Tissue Banking Market Dynamics

The tissue banking market has witnessed significant dynamics in recent years, driven by a convergence of technological advancements, increasing awareness about the potential of regenerative medicine, and the rising demand for organ transplantation. As more research focuses on developing treatments for chronic diseases and conditions, the need for high-quality human tissue samples for research purposes has surged. This has led to a notable expansion in the tissue banking sector, with a growing number of organizations and institutions entering the tissue banking market.

Furthermore, the regulatory landscape has played a crucial role in shaping the dynamics of the tissue banking market. Stringent regulations and guidelines regarding the collection, processing, storage, and distribution of human tissues have prompted tissue banks to implement robust quality control measures. Moreover, the emphasis on ethical considerations, such as informed consent and patient privacy, has become paramount. These factors have not only influenced the operations of existing tissue banks but have also set the stage for new entrants to establish themselves in the tissue banking market by adhering to these stringent standards. 

As the industry continues to evolve, collaborations between academic institutions, research organizations, and healthcare providers are expected to further fuel the growth of the tissue banking market, unlocking new opportunities for advancements in medical research and treatment modalities.

Get a sneak peek at the tissue banking market dynamics @ Tissue Banking Market Dynamics Analysis

Tissue Banking Market Assessment

• Tissue Banking Market Segmentation
• Tissue Banking Market Segmentation By Product: Equipment [Cryopreservation Equipment, Thawing Equipment, Quality Control Equipment, and Others] and Media and Consumables
• Tissue Banking Market Segmentation By Application: Therapeutics, Medical Research, and Others
• Tissue Banking Market Segmentation By Geography: North America, Europe, Asia-Pacific, and Rest of World
• Porter's Five Forces Analysis, Product Profiles, Case Studies, KOL's Views, Analyst's View

Which MedTech key players in the tissue banking market are set to emerge as the trendsetter explore @ Tissue Banking Companies 

Table of Contents 

Interested in knowing the tissue banking market by 2030? Click to get a snapshot of the Tissue Banking Market Trends

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SOURCE DelveInsight Business Research, LLP