The global Tissue Banking Market Growth Accelerated by Increased Adoption of Regenerative Medicine
Tissue banking involves the storage of various types of tissues and organs for future therapeutic applications. The banking of tissues aids in replacing damaged organs and tissues. Some key advantages associated with tissue banking are: it allows human tissues and organs to be preserved for future use in transplants and medical therapies; it encourages organ donation by allowing safe and efficient storage of donated tissues and organs. The global Tissue Banking Market is estimated to be valued at US$ 1.81 Billion in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growth of the tissue banking market is primarily driven by increased adoption of regenerative medicine across the globe. Regenerative medicine represents advances in science and engineering that could replace or regenerate human cells, tissues or organs to restore or establish normal function. It holds potential for developing new functional organs and tissues as well as develop therapeutic strategies to prevent, reverse, or cure various chronic diseases including heart disease, diabetes, and osteoarthritis. According to recent estimates by credible sources, around 1 billion people globally could benefit from regenerative medicine by 2030. Increasing investments in regenerative medicine to tackle unmet needs is expected to augment the demand for various tissue banking services over the forecast period.
Segment Analysis
The global tissue banking market is segmented based on product, tissue type, and end user. Among product segments, equipment dominated the market and captured over 60% share in 2021. The equipment segment comprises cryopreservation equipment, thawing equipment, quality control equipment, and labeling and packaging equipment. Cryopreservation equipment sub segment held the largest share as these are used in majority of procedures for storage of samples at ultra-low temperatures.
Key Takeaways
The Global Tissue Banking Market Share is expected to witness high growth. North America holds the largest market share and is expected to maintain its dominance over the forecast period. Well established healthcare infrastructure, presence of leading market players and rising adoption of innovative technologies are some key factors driving growth in the region.
Regional Analysis
Europe is the second largest market for tissue banking and is expected to grow at a CAGR of over 12% during the forecast period. Rising prevalence of chronic diseases, increasing obesity rates and growing geriatric population are boosting demand for tissue banking procedures in European countries. Key players like IBM Corporation, Lucid Work Incorporation, Microsoft Corporation are focusing on expanding their presence across major European countries.
Key Players
Key players operating in the tissue banking market are IBM Corporation, Lucid Work Incorporation, Microsoft Corporation, Dassault Systems S.A., Oracle Corporation, X1 Technologies Inc., SAP AG, Coveo Corporation. IBM Corporation holds the leading market share owing to its diverse product portfolio and global distribution network. Lucid Work Incorporation is focusing on developing innovative cloud-based platforms to improve storage, management and distribution of biospecimens.
For more insights, Read-http://marketerefforts.weebly.com/home/tissue-banking-is-estimated-to-witness-high-growth-owing-to-increased-demand-for-regenerative-medicine
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