A recent business intelligence report compiled at Transparency Market Research (TMR) has detected that tissue banking makes for a market wherein the shares are reserved within a chunk of well-established players. There is little threat from new players unless they possess financial might and can fulfill the high capital requirement for an entry into the global tissue banking market. For now, the competitive landscape is foreseen to remain moderately consolidated among major players such as Thermo Fisher Inc., Worthington Industries, Inc., Brooks Automation, Custom Biogenic systems Inc., and Panasonic Healthcare Co., Ltd.
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Since the product portfolio of most of these players are quite similar – the focus is expected to be on automation of existing technologies, providing value-added services, and collaboration with research and academic institutions to ensure consistent inflow of demand. In addition to that, players are also anticipated to devise cost-effective consumables and equipment to reduce the overall cost of preservation of tissue banking. Moreover, the need of the hour is direct assistance instead of mass marketing strategies. Prominent players must provide support directly to the end-users to gain ground over their competitors.
Global Tissue Banking Market to be worth US$2,169.0 mn by 2024
As per the projections of the TMR report, the global tissue banking market will be worth US$2,169.0 mn by the end of 2024, with the demand expanding at a CAGR of 11.5% during the forecast period of 2017 to 2024. In terms of volume, the market for tissue banking is estimated to generate a demand for 449,254.4 units by 2024. Based on equipment type, the report segments the market into storage system, freezers, labelling and coding equipment, thawing equipment, and alarming and coding equipment. Application-wise, the market for tissue banking has been bifurcated into clinical and therapeutic, drug discovery, and research and development. End-user classification of the market has been done into research and academics institutes, tissue banks, hospitals, and diagnostic laboratories. Geographically, North America has been highlighted as the region with maximum potential in terms of value, although the demand from the region of Asia Pacific is primed to expand at a much stronger growth rate.
Regenerative Medicine and Biobanking Technology Driving Demand
The report pinpoints a number of factors that will augment the demand in the tissue banking market in the near future, but none bigger than the increasing demand for regenerative medicine and advancements in biobanking technology. Regenerative medicine is the process of creating living, functional tissues to repair or replace tissue lost due to age, disease, damage, or congenital defects. Regenerative medicine has the potential to solve the problem of shortage of organs available through donation. Rapid development of transplant medicine along with the aging of the baby boomer generation has increased demand for tissues and organs far exceeding the available donor organs.
On the other hand, advancement in biobanking technology has improved the new areas of science such as biorepository and biospecimen. As biobanking grows larger and more complex, usage of robotic sample handling and processing, along with software specifically designed for storage management in the facilities, will make the biobanking process easy and effective. Growing emphasis on finding an effective formulation for chronic diseases, increasing health insurance coverage, increased company and government-driven awareness programs, and growing expenditure on health care by the urban population are some of the other drivers of the global tissue banking market. On the other hand, issues pertaining to efficient storage and regulatory setup are a few challenges holding the prosperity of the tissue banking market.