Tissue banking involves the storage and preservation of human tissues to be used for future research, transplantation, and therapeutic purposes. There has been an increase in demand for tissue and organ transplantation, as well as regenerative medicine, owing to the rise in incidence of diseases such as cancers, accidents, and bone and musculoskeletal injuries. This in turn is expected to propel the growth of the global tissue banking market over the forecast period. The global tissue banking market is estimated to be valued at US$ 1.81 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Increased demand for regenerative medicine: Regenerative medicine involves utilization of stem cells or tissues for repair, replacement or regeneration of cells, tissues or organs to restore impaired function resulting from any cause, including congenital defects, disease, trauma and aging. The field of regenerative medicine holds promise for development of patient-specific biological substitutes that restore, maintain or improve tissue function. With its application in diseases related to liver, heart, and skin, there is an increasing demand for regenerative medicine. This increasing demand is expected to create numerous opportunities for growth of the tissue banking market over the forecast period.
Porter's Analysis
Threat of new entrants: The tissue banking market requires high capital investments for equipment, approvals, and certifications. The industry is regulated by various regulatory bodies which act as a barrier for new players.
Bargaining power of buyers: Individual customers have low bargaining power due to specialized nature of services offered by tissue banks. However, large pharma companies can negotiate on pricing and quality standards.
Bargaining power of suppliers: Tissue banks rely on tissue suppliers for raw materials. Suppliers have some bargaining power due to specialized nature of tissues and scarcity of approved tissue sources.
Threat of new substitutes: Currently, there are limited substitutes available for tissues used in life-saving medical procedures and reconstruction surgeries. Alternatives are being explored but threats from substitutes remain low.
Competitive rivalry: The market comprises several global players offering similar services. Players compete on quality, reliability, innovation, and pricing which drives the industry growth.
SWOT Analysis
Strengths: High unmet medical demand, organized tissue collection follow strict protocols.
Weaknesses: High set-up and operational costs, scarcity of approved tissue sources, regulatory compliances.
Opportunities: Tissue engineering prospects, cross-border collaborations, rising healthcare investments in emerging nations.
Threats: Limited tissue donor awareness, stringent regulations delay approvals, ethical issues over donor compensation.
Key Takeaways
The Global Tissue Banking Market Share is expected to witness high growth over the forecast period supported by rising prevalence of chronic diseases and accidents. Increasing investments by governments and private players to enhance tissue banking infrastructure also boost the market growth.
Regional analysis: North America currently dominates the global market owing to availability of advanced tissue banking facilities, rising healthcare expenditure, and presence of major industry players in the US and Canada. Asia Pacific is expected to grow at the fastest rate during the forecast period driven by booming medical tourism industry, growing healthcare sector and rising healthcare expenditures in China and India.
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, and Attivio Software Incorporation. These players are focusing on expanding their presence in emerging markets through acquisitions and innovative service offerings.
For more insights, Read- https://www.insightprobing.com/tissue-banking-market-demand-share-analysis/
