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.
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.
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In terms of geography, the global tissue banking market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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.
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.
Global Tissue Banking Market: Regional Outlook
In terms of region, the global tissue banking market has been categorized into five major regions and the key countries in the respective region are: North America (U.S., Canada), Europe (U.K., Germany, France, Spain, Italy, and Rest of Europe), Asia Pacific (India, China, Japan, Australia & New Zealand and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Rest of Latin America) and Middle East & Africa (South Africa, GCC Countries, and Rest of Middle East & Africa). The market size and forecast for each of these regions and the mentioned countries have been provided for the period from 2016 to 2026, along with their respective CAGRs for the forecast period from 2018 to 2026, considering 2017 as the base year. The research study also covers the competitive scenario in these regions.
Companies Mentioned in Report
The report also profiles major players in the global tissue banking market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments. The major players profiled in the tissue banking market report 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.
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