The global tissue banking market generated revenue of more than $39 billion in 2017 and is projected to rise with a CAGR of 5.62% during 2018-2023. In 2017, the cryopreservation systems in the equipment segmented held the largest share and generated revenue of $2.4 billion and expected to grow with a CAGR of 11.28% during the forecast period. The increased awareness among people about tissue donation, government initiatives and increased healthcare spending will propel the market towards strong growth. Furthermore, Advancement in bio banking technology and evolution in regenerative medicine are anticipated to foster the tissue banking market globally
What is Tissue Banking?
Tissue banking can be defined as a collection of various tissues such as blood, bone, heart valves, skin, cornea, blood vessels, soft tissues and so on from donors, which are further harvested, sterilized, processed and preserved by placing under appropriate storage conditions for use during surgery or medical research. Tissue banking is a novel way to treat several chronic diseases such as blood and immune disorders. Tissue baking also plays an important role in the development of regenerative medicine. Regenerative medicine involves repair and regeneration of cells, tissues and organs disease which are affected by diseases, trauma and aging. For instance, stem cells have the ability to differentiate into specialized type of cells which are used in the treatment of various diseases. Hence, the collection and storage of cord tissue is gaining popularity due its rich source of stem cells.
What are the major applications of Tissue Banking?
Tissue banking has applications such as use of Bone allografts in spinal fusion surgery, tendon allografts for knee ligament replacement, heart valves for treatment of congenital heart defect in children, viable and non-viable skin dressing for patients suffering from burns, powdered bone used in dental repairs, hematopoietic stem cells and marrow used to replace bone marrow. In 2017, Clinical/Therapeutic is the dominant application segment which accounted for nearly 88% of the global tissue banking market revenue and is anticipated to have fastest growth with CAGR of nearly 6% during the forecast period. This high growth is attributed to the growing stem cell banking procedures
Market Research and Market Trends of Global Tissue Banking Market:
- Canadian parliament has announced an investment of $2.5 million for dementia research as more than 400,000 Canadians aged 65 and above is diagnosed with dementia and Alzheimer’s. The funding includes 1 million dollars to establish Canadian brain bank network that will be linked to the international Alzheimer’s disease Neuroimaging Initiative. The funding will more broadly support brain donation and tissue banking for dementia research programs in Canada which would make way for regenerative and personalized medicine.
- Several researches are under progress to better understand the role of mesenchymal stem cells in treating diseases such as Parkinson’s, autism and type 1 diabetes. For instance, human umbilical cord tissue-derived mesenchymal stromal cells are being administered every two months in children with Autism to determine the safety of one, two and three intravenous infusions through clinical trials.
- The tissue banking market is growing tremendously as several companies are providing various kinds of tissues for research and surgeries. One such company is RegenMed, which is an established company providing musculoskeletal products like bone and connective tissue, or allografts, for use in transplants. Recently it announced that other tissues such as heart valves and skin for burn surgeries will also be processed in and distributed. Thus gaining a wide market in Canada and U.S.
- Statline developed StatTrac, a software that captures the donor’s information. The API provides real-time access to StatTrac referral data and easy integration of that data into a variety of software systems. This information allows OPOs, tissue banks and eye banks to streamline their processes and make faster decisions within the donation process to save and heal more lives.
Who are the Major Players in Global Tissue Banking market?
The companies referred in the market research report are CCLG Tissue Bank, Taylor-Wharton International LLC, Tecan Group Ltd., BioCision, LLC., Thermo Fisher Scientific Inc., Cureline Inc., Tissue Banks International, Eppendorf AG, Brooks Automation, Inc. and several others.
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