Tissue Banking Market | Evolving Technology, Trends and industry Analysis – 2024
Leading companies such as Thermo Fisher Scientific, Brooks Automation, Taylor-Wharton, Panasonic Biomedical, and Backman Coulter Inc. are constantly involved in strategies such as mergers and acquisitions with the aim of jumpstarting their product pipelines and expansion across potential regional markets. The acquisition of BioStorage Technologies, a provider of comprehensive sample management programs and integrated cold chain solutions for the bioscience industry, by Brooks Automation, Inc. in 2015 is one such instance.
Transparency Market Research estimates that the market will expand at a promising 11.3% CAGR from 2016 through 2024 and rise to a valuation of US$2.1 bn by 2024.
Market in Asia Pacific to Exhibit Promising Growth
The vast growth prospects of the market will be highly conducive for innovations and introduction of new and more advanced equipment in the next few years. In terms of equipment type, the segment of freezers presently accounts for a dominant share in the market and is expected to retain dominance over the forecast period as well. Geographically, North America leads in terms of share in the market but is expected to lose to Asia Pacific in terms of growth rate over the forecast period.
Rising Demand for Regenerative Medicines to Drive Market
The global demand for regenerative medicine, which are capable of creating living, functional tissues for repairing or replacing tissue lost due to age, disease, physical damage, or congenital defects, has significantly increased in the past few years. The key factor driving this trend is the vast rise in the prevalence of cardiovascular and neurological disorders, a variety of cancers, and diabetes. Regenerative medicine is being considered as a potential solution for the problem of the shortage of organs available through donation.
Moreover, the rapid development of the field of transplant medicine along with the aging of the baby boomer generation is also expected to cause an increased demand for tissues and organs, far exceeding the available donor organs in the next few years. Approximately 500,000 Americans benefit from a transplant each year and the numbers are expected to rise at a steady pace. These factors, leading to the vast rise in the global demand for regenerative medicine, are expected to be some of the crucial drivers of the global tissue banking market in the near future.
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Issues Related to Storage and Stability of Tissues to Continue to Create Restraints for Market
Preserving biological products such as human tissues under required temperature and to the highest standards has been underlined as one of the most critical aspects of running a successful tissue banking facility. In the current scenario, though technological advancements have changed the way tissue banking facilities function, with highly advanced storage, freezing, alarming and monitoring, and labeling and coding equipment, their unavailability in certain regions poses a huge challenge for the overall tissue banking market. Moreover, the inability of many current systems to comprehensively keep a record of the process of handling tissues and keeping a detailed historical record of the temperatures at which tissues have been stored, highlighting any notable deviation from the necessary standard, is as such a significant limitation that the market needs to overcome.
In addition to this, the market is also expected to be held back by strict regulatory norms governing the safety and functional aspects of tissues and approval of new products. Conforming to the standard good tissue practices also requires tissue banking facilities to invest significant sums in the continuous upgradation and maintenance of tissue storage and other crucial equipment. This factor is expected to have the most significant impact on the development of cost-sensitive emerging economies.
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