As per analysts at Zion Market Research, the global tissue banking market was capitalized at almost USD 2.24 Billion in 2020 and is likely to cross almost USD 3.70 Billion by end of 2028, developing at a CAGR of almost 6.5% from 2021 to 2028.
As per analysts at Zion Market Research, the global tissue banking market was capitalized at almost USD 2.24 Billion in 2020 and is likely to cross almost USD 3.70 Billion by end of 2028, developing at a CAGR of almost 6.5% from 2021 to 2028.
Government Initiative, Rising Chronic Diseases, and Enhancements of Health Care Services To Suffice the Development of Tissue Banking Market
According to analysts at Zion Market Research, the tissue banking market is majorly boosted by rising awareness for tissue and blood donation. On an average, 22 individuals die every day while waiting for organ transplantation. In addition, after every 10 Minutes somebody is included in the organ transplantation’s waiting list. Furthermore, government initiative, rising chronic diseases, and enhancements of health care services positively affect the development of tissue banking market. For example, in January 2018, C Vijaya Baskar (Health Minister of India) launched the first tissue bank at the Government Kilpauk Medical College Hospital in the Southern region, thereby powering the development of tissue banking market.
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On the other hand, cost of tissue preservation and bioethical issues are accountable for limiting the development of tissue banking market. Nonetheless, new advanced methods for tissue banking and untapped market are expected to unlock new avenues in the forecast period for the tissue banking market.
COVID-19 Impact Analysis
COVID-19 pandemic has caused both economic and social disruption. Owing to COVID-19, the other minor disease market have been severely affected. As with the increasing COVID-19 the peoples have reduced the check-ups and diagnosis of minor diseases owing to the fear of COVID-19. People have minimized the routine body check-ups and others owing to COVID situations in the hospital. Lockdown in various countries also led to decrease medical tourism impacting the market growth. These problems have led us to the increase in the demand of the tissues harvesting and reduced the donations of tissues to the tissue banks.
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Cold Storage Equipment Segment to Rule the Tissue Banking Market in the Years to Come
On the basis of equipment type, the tissue banking market is divided into tissue processor, cold storage equipment, thawing equipment, freezers, reagents & chemicals, labeling & coding equipment, accessories, and specimen collection. Cold storage and freezers equipment are the 2 biggest market sections covered by global tissue banking market. The freezers division covers over 20% of global tissue banking market & these freezers are perfect for tissue banking that are equipped with digital temperature display & temperature chart recorder with microprocessor controller.
On the basis of application type, the tissue banking market has been classified into the research application and human application. In 2016, the division of human application ruled the tissue banking market with profitable market share. In addition to this, during the forecast period, the segment for research application in tissue banking market is likely to develop at the healthy growth rate owing to rising investment by the manufacturer in research and development.
Major active companies in tissue banking market include Thermo Fisher Scientific, Backman Coulter Inc., Taylor-Wharton, BioLife Solutions, Inc., Sigma-Aldrich Corporation, Custom Biogenic Systems, Inc., Brooks Automation, and Panasonic Biomedical. These players are set to augment the growth of tissue banking market.
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