Tissue Banking Market Size to Grow at the

Tissue Banking Market Size to Grow at the Double
Digit CAGR of 12.0% through
2026

Transparency Market Research (TMR) has published a new
report titled, “Tissue
Banking Market - Global Industry Analysis, Size, Share, Growth, Trends, and
Forecast, 2018–2026”. According to the report, the global tissue
banking market was valued at US$ 162.3 Mn in 2017 and is
anticipated to reach US$ 2,903.3 Mn by 2026, expanding at a CAGR of 12.0% from
2018 to 2026. Increasing demand for regenerative medicines, advancements in bio
banking technology, increasing health care expenditure, and rising awareness
are likely to fuel the global tissue banking market from 2018 to 2026.

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Increasing demand for regenerative
medicines to propel market

Regenerative
medicine is the process of creating living, functional tissues in order to
repair or replace tissue, which has been lost due to age, disease, damage, or
congenital defects. Regenerative medicine has the potential to solve the
problem of shortage of organs available through donation. Rapid development of
transplant medicine along with the aging of the baby boomer generation has
fueled the demand for tissues and organs far exceeding the available donor
organs. Approximately 500,000 people in the U.S. benefit from a transplant each
year. Regenerative medicine is expected to improve the quality of life of
individuals by providing healthy, functional tissues and organs. This is likely
to propel the tissue banking market during the forecast period.

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Advancements in biobanking
technology

Advancements
in biobanking technology have improved the new areas of science such as
biorepository and biospecimen science. Usage of robotic sample handling and
processing, along with software specifically designed for storage management in
the facilities is anticipated to make the biobanking process easy and
effective, as biobanking expands. For instance, in July 2018, PHC Corporation
introduced the new -85°C ultra-low temperature freezer VIP ECO series 1
using natural refrigerants 2 and new inverter compressors for the market in
Japan.

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Stringent regulatory requirement to
restrain market

The
complexity and novel applications of human cells, tissues, and cellular and
tissue-based products (HCT/Ps), however, presents potential risks. The U.S.
Food and Drug Administration has established a tiered, risk-based regulatory
structure, in which more rigorous controls and safeguards are required for
products. The proposed good tissue practices (GTPs) are intended to prevent
contamination with infectious disease agents and to ensure that these cells and
tissues maintain their integrity and function. These requirements are estimated
to present significant challenges for clinician-investigators and laboratories.
Product approvals and launch of medical devices are governed by various
regulations established by the U.S. FDA and other regulatory bodies operating
in each country. The U.S. FDA continues to increase testing and documentation
required for the clearance of devices. Similar regulations are noted in the
European Union (EU), Japan, and China. The various levels of approval processes
can delay the product release in the market, which is likely to have a negative
impact on revenue.

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Market in Asia Pacific to register
exponential growth

In terms of
revenue, the tissue banking market in Asia Pacific is expected to expand at a
CAGR of 13.2% during the forecast period. Increase in product launches is
expected to drive the tissue banking market in Asia Pacific. Increase in
collaborations to promote tissue banking in the region and rise in awareness
about the benefits of tissue banking among people in developing countries such
as India is likely to drive the market in Asia Pacific. For instance, in March
2016, Panasonic Healthcare Co., Ltd. launched the new multi-gas incubator,
MCO-170M Ideal, for various cell culture needs that require CO2 and sub-ambient
or above-ambient oxygen control.

Thermo Fisher Inc., Brooks Automation, Custom Biogenic
systems Inc., and Beckman Coulter, Inc. to lead the market

The report
also provides profiles of leading players operating in the global tissue
banking market, which include Thermo Fisher Scientific Inc., Brooks Automation,
Inc., VWR Corporation, BioLife Solutions, Inc., PHC Corporation, Custom
Biogenic Systems, Inc., Bluechiip Limited, Merck KGaA, Beckman Coulter, Inc.,
and Hamilton Company.

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