Global Tissue Banking Market to Grow at Significant owing to Increase in Number of Genetic Disorders
Tissue banking refers to the process of preserving the human tissue such as the placental tissue, including the blood cells, and the human cadaver tissue for educational and research purposes. These tissue cells preserved, form the basis for various stem cell therapies. Tissue banking is the process of extracting the tissue cells, processing, storing and distribution of transplantable human tissues. These tissues that are preserved in tissue banks include tendons, hematopoietic tissues, cord tissue, skin, cornea, and cartilage among others.
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In addition, it facilitates the preservation of fresh-frozen tissue specimens. The recent development in the tissue banking market include the usage of automated tissue banking for blood fractionation, DNA extraction, labeling which would contribute to the growth of the market in the future. The increasing stem cell therapy for the treatment of cancer, growing cosmetic surgeries, along with the ongoing research on head and neck reconstruction are the increasing applications of tissue banking market.
The tissue banking market can be segmented on the basis of tissue type, equipment, application, end user, and geography. On the basis of tissue type, the market can be segmented into umbilical cord, skin, soft tissues, bone, cornea, and heart valves among others. The equipment employed includes cryopreservation systems, and thawing equipment among others. On the basis of application, the market can be segmented into therapeutic applications, regenerative medicine, and drug discovery, among others. The tissue banking market can be segmented into hospitals, ambulatory surgical centers, research centers and biotechnology companies on the basis of end users. By geography, the market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The growing research in the areas of regenerative medicine, stem cell therapies for therapeutic applications contribute to the growth of the market. In addition, advances in the process of tissue preservation, increasing accidents, significant increase in the number of genetic disorders, and increasing prevalence of chronic diseases, aid in the growth of tissue banking market. Furthermore, strong focus on research and increasing investments from the market players and government for the development of therapies for the treatment of various diseases also aids in the growth of the market. However, high cost of tissue preservation, lack of reimbursements, stringent regulations and ethical issues are the major factors impacting the growth of the market.
On the basis of product, umbilical cord banking is expected to be the fastest growing segment. The increasing demand for organ transplantation which are made successful with immune suppressants, contributes to the growth in the segment. On the basis of geography, North America and Europe are expected to account for major share of the market. The increasing geriatric population, significant investments on research, advanced healthcare technologies, all contribute to the growth of the market in these regions. However, the stagnant economy in North America, and the sluggish recovery in the European economy might have a negative impact on the growth of the market. Asia Pacific is expected to record significant growing owing to increasing awareness among people, increased focus on the development of healthcare facilities and increase in the aging population leading to the growth in the patient population.
The tissue banking market is fragmented due to the participation of many established as well as new players in this market. New entrants in the market are giving a tough competition to the existing players. Some of the major players in the tissue banking market include Beckman Coulter, Inc., Thermo Fisher Scientific, McKesson Corporation, Tecan, BioCision, Brooks Automation, BioKryo GmbH, Chernobyl Tissue Bank, IMA Pharma, and LifeLink Tissue Bank among others.
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