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Press Release: Tissue Banking Market to Surpass US$ 2.5 billion by 2026
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Tissue Banking Market – Insights
Tissue banking is the method of harvesting, processing, storage, and distribution of transplantable human tissues. Tissues retrieved from human body are used to repair or replace the diseased or lost tissues of living human body. The common tissues being harvested and used are cornea, bones, fascia, heart valves, skin, cartilage, joints, tendons, and duramater from human cadaver.
The global tissue banking market size was valued at US$ 1.04 billion in 2017 and is expected to witness a CAGR of 10.8% over the forecast period (2018 – 2026).
Global Tissue Banking Market Share (%), By Product 2017
Source: Coherent Market Insights Analysis (2019)
Increasing government initiatives and rising demand for transplantation are expected to drive growth of the tissue banking market
According to University of Texas Southwestern Medical Center 2018 report, about 450,000 Americans underwent tissue transplants to improve or save their lives and nearly 45,000 corneal transplants were done to restore sight. As per the same source, over 300,000 bone grafts were expected to be used in the treatment of degenerative bone diseases, malignancies, and traumatic injuries. Demand for other tissue such as heart valves, and venous and connective grafts also have increased. Heart valves are frequently utilized in pediatric surgeries, even in infants.
According to Ovarian Cancer Canada (OCC), 2017, the OCC Tissue Banking Network collects samples from 800 to 1,000 women with ovarian cancer each year. In 2016, around 1,409 women with gynecological cancers gave tissue, resulting in over 7,000 samples being collected, processed, and banked by the Network.
Tissue Banking Market Restraints
Tissue banking organization is a complex system and needs high technical expertise and skilled personnel for proper functioning in a dedicated facility. Minor errors in the established protocol can lead to loss of expensive tissues, harm to recipients as well as can increase risk of transmission of deadly diseases and tumors. Dearth in tissue availability is also a major factor hindering growth of the tissue banking market. According to Organ Procurement and Transplantation Network (OPTN), in 2016, over 119,000 men, women, and children await lifesaving organ transplants in the U.S., and over 8,000 people die each year due to lack of required organs.
Tissue Banking Market - Regional Insights
On the basis of region, the global tissue banking market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Europe tissue banking market is expected to generate significant revenue share during the forecast period, owing to increasing government support. For instance, NHS Blood and Transplant (NHSBT) is a special health authority with responsibility for blood, organ, and tissue donation within the U.K.
Asia Pacific tissue banking market is anticipated to grow at the highest CAGR during the forecast period, owing to initiatives by government to fulfil rising demand and supply gap for tissue banking. In 2017, National Biomaterial Centre (National Tissue Bank), was inaugurated at New Delhi, India, which aims to fill the gap between demand and supply of tissues. The center will also provide quality assurance in the availability of various tissues. According to Health Ministry of India, the national level tissue bank will fulfill the demands of tissue transplantation including activities for procurement, storage, and fulfill distribution of biomaterials.
Global Tissue Banking Market Value (US$ Bn) & Y-o-Y Growth (%)
Source: Coherent Market Insights Analysis (2019)
Tissue Banking Market - Competitive Landscape
Key players operating in the global tissue banking market include AbD Serotec (a Bio-Rad company), AMS Biotechnology Limited, BioLife Solutions, Inc., Beckman Coulter, Inc., BioCision LLC, BioStorage Technologies, Inc., Custom BioGenic Systems, Eppendorf AG, EMD Millipore Corporation, Fisher BioServices, Inc., Genzyme Corporation, Hamilton Company, Merck KGaA, PHC Corporation, and Teva Pharmaceutical Industries Ltd.
Tissue banks recover, process, store, and distribute tissue for transplantation. Research in the field of tissue preservation at low temperature and high clinical success of transplanted tissue led to increase in the use of stored tissue in major burn and trauma patients. Increased demand for allografts resulted in the establishment of in-house tissue banking activity at major burns centers. Tissue banking organization is a complex system and needs high technical expertise and skilled personnel for proper functioning in a dedicated facility.
Market Dynamics
Increasing surgical demands for allografts, demand for bone graft in hip replacements, and femoral head allografts, and increasing incidences of burn patients are the main factors for the growth of the tissue banking market. According to WHO March 2018 report, about 180,000 deaths are caused by burns every year, majority of the cases occur in low and middle income countries. Moreover, aging population is prone to chronic diseases, such as age-related macular degeneration (AMD), glaucoma, and diabetic retinopathy.
Private and public organizations are playing crucial role in fulfilling the gap between demand and supply of tissue. For instance, in 2017, MTF Biologics distributed over 550,000 tissue grafts, which was made possible through the selfless donation by 5,700 individuals. These transplantable tissues helped to heal an estimated 400,000 lives in over 50 countries.
Dearth of highly trained professionals to maintain the tissue banks is the major restraining factor for growth of the tissue banking market. For instance, according to ALZFORUM 2018 report, over the last 50 years, the number of neuropathologists on staff at the Netherlands Brain Bank dropped from 65 to about 15.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
*Browse 38 market data tables and 27 figures on "Tissue Banking Market” - Global forecast to 2026”.
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