Tissue Banking Market Revenues to Reach US$ 2,903.3 Million by 2026
Tissue Banking Market
, 31 October 2018 -- The global tissue banking market was valued at US$ 1,056.4 Mn in 2017 and is anticipated to reach nearly US$ 2,903.3 Mn by 2026, expanding at a CAGR of around 12.0% from 2018 to 2026.
Expansion of the global tissue banking market is attributed to the rising geriatric population and increasing prevalence of cancer, diabetes, cardiovascular diseases, and other lifestyle diseases. Heart disease is the leading cause of death for people of most ethnicities in the U.S., including African-Americans, Hispanics, and Caucasian-descent. According to Center of Disease Control and Prevention, about 610,000 people die due to heart disease in the U.S. every year, i.e. 1 in every 4 deaths. Coronary heart disease (CHD) is a highly common type of heart disease, killing over 370,000 people annually. Technological advancements in the field of tissue banking are resulting in new and innovative products such as ultra-low freezers and automated freezers, which can store approximately one billion samples, worldwide, under very low temperature. Demand for umbilical cord blood preservation has increased due to increasing prevalence of kidney diseases, lymphoblastic leukemia, lung diseases, and diabetes mellitus.
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The global tissue banking market was valued at US$ 1,056.4 Mn in 2017 and is anticipated to reach nearly US$ 2,903.3 Mn by 2026, expanding at a CAGR of around 12.0% from 2018 to 2026. Increase in awareness for tissue donation, technological advancements and target patient population is likely to fuel the global tissue banking market from 2018 to 2026. Surge in government initiatives to promote better facilities, increase in strategic collaborations along with mergers and acquisitions, and rise in applications of human tissue are expected to drive the global tissue banking market. However, stringent regulatory requirements is a major factor restraining the global tissue banking market.
The global tissue banking market can be segmented based on product, tissue type, application, and geography. In terms of product, the global tissue banking market has been classified into equipment and media & consumables. The equipment segment is further sub-segmented into cryopreservation equipment, thawing equipment, quality control equipment, and others. The equipment segment is likely to hold major share of the market by the end of the forecast period. Increasing product development and rising mergers and acquisitions are expected to drive the market during the forecast period. Based on tissue type, the global tissue banking market has been segregated into heart valves, cornea, bone, skin, brain & spinal cord. Based on application, the global tissue banking market has been split into therapeutics, cosmetic, research & development, drug discovery, and others.
In terms of geography, the global tissue banking market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Based on tissue type, the heart valve and cornea segment dominated the global tissue banking market. Rise in prevalence of cardiovascular diseases and obesity drives the segment. According to WHO report (2017), cardiovascular diseases (CVDs) accounts for 17.7 million deaths each year, i.e., 31% of all global deaths. Increase in government awareness programs in developing economies is expected to fuel the tissue banking market during the forecast period.
In terms of application, the therapeutic segment dominates the global tissue banking market. Increasing prevalence of chronic diseases such as cancer is expected to drive the demand for human tissue in the near future.
North America accounted for 45.0% share of the market in 2017. Increasing prevalence of cardiovascular diseases as well as high per capita health care expenditure and availability of better and advanced health care facilities have resulted in people spending more on health care. Increasing mergers & acquisition, new product launches, and technological advancements are anticipated to drive the tissue banking market in Europe during the forecast period. China and India are lucrative markets and also new product launches are factors driving the tissue banking market in Asia Pacific. In July 2018, PHC Corporation introduced the new -85°C ultra-low temperature freezer VIP ECO series 1 using natural refrigerants 2 and new inverter compressors for the market in Japan, designed specifically for pharmaceutical companies and research and medical institutions.
Latin America and Middle East & Africa are expected to hold a significant share of the global tissue banking market during the forecast period. Increase in the usage of different allograft products has been observed in these countries. Establishment of various bio banking organizations is expected to drive the tissue banking market during the forecast period. Numerous government and private organizations are working toward development of the tissue banks to address the increasing demand for human tissue in the region, which in turn is expected to offer lucrative growth opportunities in the next few years.
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Major players operating in the global tissue banking market include Thermo Fisher Scientific Inc., Brooks Automation, Inc., VWR Corporation, BioLife Solutions, Inc., PHC Corporation, Custom Biogenic Systems, Inc., Bluechiip Limited, Merck KGaA, Beckman Coulter, Inc., and Hamilton Company. These players adopt organic and in-organic growth strategies to expand product offerings, strengthen geographical reach, increase customer base, and capture market share. For instance, In June 2017, according to the agreement signed between Bluchip and Labcon, Bluechip shipped the first order consisting of Bluechiip Buttons, Bluechiip Cryoboxes and Bluechiip Readers.
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Submitted by hawer on Wednesday, 31 October 2018 at 4:33 PM
Category: News & Media
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