April 14, 2024
Tissue Banking Market

Tissue Banking Market is Witnesses High Growth due to Increasing Organ Transplant Procedures

Tissue banking involves the processes of recovering, preserving and storing human and animal tissues for future use in transplantation or research. Tissues collected include musculoskeletal tissues such as tendons, ligaments and bone grafts; cardiovascular tissues such as heart valves; skin tissues; and eye tissues. There is growing awareness about the therapeutic benefits of tissue transplantation in treating orthopedic injuries, sports injuries and diseases like cancer. This has boosted demand for easy access to quality tissues and tissues suitable for various transplantation purposes.

The global tissue banking market is estimated to be valued at US$ 2.09 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the tissue banking market are Lennox, Videocon, Harvest Air Conditioner, HotSpot Energy Inc., Aussie Solar World, Solair World International, Icesolair, Gree, Midea Group Onyx Solar ac. Some of the major opportunities in the market include increasing number of tissue donations, growing demand for regenerative medicine and rising demand from emerging economies in Asia Pacific and Latin America.

Geographically, North America dominates the global tissue banking market due to growing organ transplant procedures and rising prevalence of chronic diseases. However, Asia Pacific is expected to witness the highest growth rate during the forecast period owing to growing healthcare infrastructure, rising medical tourism and increasing healthcare expenditure in China and India.

Market Drivers

The high growth of the Global Tissue Banking Market Growth  is attributed to the rising number of organ transplant procedures worldwide. As per the Global Observatory on Donation and Transplantation, over 140,000 solid organ transplantations are performed annually across the world. Other key growth drivers include increasing prevalence of chronic and lifestyle diseases, growing R&D investments in regenerative medicine, rising awareness about tissue donation and growing number of traumatic injuries.

PEST Analysis

Political: The tissue banking industry regulations are governed by multiple regulatory bodies across countries and regions like the FDA in the United States. These regulations influence the operations of tissue banks.

Economic: The rising healthcare spending worldwide has benefitted the growth of the tissue banking market. Countries are spending more on advanced treatment procedures that use grafts and tissues which is fueling the demand for tissue banking services.

Social: With increasing awareness about health and wellness, people are opting for tissue and organ transplantation procedures for treatment. This is driving more patients to tissue banks for availability of grafts and tissues.

Technological: Advances in tissue processing, storage techniques and graft development have enhanced the services provided by tissue banks. technologies like 3D bioprinting can help create customized tissues and organs replicating the original tissues. This is expanding the applications of tissue banking.

The North American region accounts for the largest share of the overall tissue banking market value. Countries like United States and Canada have established healthcare infrastructure and reimbursement policies supportive of tissue transplantation therapies. This has cemented North America’s position as the leading regional market.

The Asia Pacific region is anticipated to be the fastest growing market over the forecast period. Rapid economic development, rising healthcare investments, growing medical tourism industry and increase in disposable incomes are some key factors driving the tissue banking needs strongly in Asia Pacific countries. China, India and other Southeast Asian nations are predicted to push the market growth for tissue banking in the coming years.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it