Tissue Banking Market is Estimated to Witness High Growth Owing to the Increasing Number of Organ Transplantation Procedures
SWOT Analysis
Strength: Tissue Banking Market has tremendous growth opportunities due to the increasing prevalence of chronic diseases such as cancer, cardiovascular diseases and neurological disorders. The growing demand for organ transplantation and regenerative medicines is also fueling the Tissue Banking Market growth. Government initiatives and funding for development of novel tissue banking technologies is positively impacting the market.
Weakness: High infrastructure and equipment costs associated with establishing tissue banks is a major challenge for small private labs and research institutes. Stringent regulatory guidelines for processing, screening and storage of tissues also increases compliance costs. Lack of trained professionals and public unawareness are other weaknesses.
Opportunity: Rising healthcare expenditure in emerging countries provides significant opportunities for market players. Increasing R&D in stem cell therapy and growing collaboration between private labs and research institutes will open new avenues. Untapped markets in Asia and Latin America with large patient pools offers scope for market expansion.
Threats: Ethical issues related to commercialization of stem cells and tissues pose regulatory threats. Alternative treatments such as organ regeneration and 3D bioprinting can replace allografts threatening the existing tissue banking business model.Shortage of organ donors and competition from local players are key threats.
Key Takeaways
Global Tissue Banking Market Demand is expected to witness high growth. The market size is forecast to reach US$ 1.81 Billion in 2023 from US$ 1.37 Billion in 2020, growing at a CAGR of over 10% during 2023-2030.
Regional analysis:
North America dominates the Global Tissue Banking Market currently holding over 35% share owing to well-established healthcare infrastructure and supportive regulatory framework in the region. The Asia Pacific region is expected to witness fastest growth over the forecast period supported by growing healthcare expenditure, rising awareness and expanding private sector involvement in countries like China and India.
Key players: Key players operating in the Tissue Banking Market are AbD Serotec, 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. The market demonstrates a moderately consolidated competitive landscape with these major players accounting for over 65% of the Global market share.
Get More Insights on this Topic- https://makuv.com/tissue-banking-market-set-for-strong-growth-accelerated-by-increased-demand-for-regenerative-medicine/
English
Arabic
Français
Español
Português
Deutsch
Dutch
Italiano
Russian
Romaian