Tissue Banking Market - Forecasts from 2022 to 2027

The global tissue banking market is evaluated at US$2.454 billion for the year 2020 and is projected to grow at a CAGR of 4.65% to reach a market size of US$3.374 billion by the year 2027.

A tissue bank is considered a certain type of bank that collects fresh specimens and tissue for future needs. The tissue bank is considered one of the leading specimen or tissue storage systems in the world. The medical field and research and development sectors are presently widely seeking the application and help of tissue banks. The need for fresh specimens and tissues in the research and development sector is giving potential to the growth of the global tissue bank market. The market players' investment in the development and research in the cell and tissue regeneration field are also driving the growth of the global tissue bank market. The medical sector and hospitals are also widely seeking the support and assistance of tissue banks for the treatment of certain chronic disorders. Hospitals and health research institutions relying on tissue banks are boosting the market growth of global tissue banks. The rising cases of chronic diseases like cancer etc. and their treatment based on tissue regeneration are also boosting the market value of tissue banks in the global market. The support offered by governments and government organizations is also contributing to the growth of the global tissue banking market.

The recent outbreak of the COVID-19 pandemic has adversely affected the market growth of the global tissue banking market. The ongoing research and developments conducted on tissues were halted due to the lockdowns and strict COVID-19 restrictions imposed by the government in order to prevent the spread of the coronavirus. The focus of the government and the medical field on preventing COVID spread resulted in less focus on and slow growth of the global tissue banking market in the pandemic period. The limited availability of practitioners and employees in the tissue banking sector also restricted the growth of the global tissue banking market to a certain extent. The high economic crisis that arose due to the COVID-19 pandemic also negatively influenced the economic stability of countries, restricting the growth of the tissue banking sector in each country, as the tissue banking systems have high expenditure and maintenance costs.

The demand for tissues for the treatment of chronic diseases

The rising demand for tissues for treating chronic diseases is increasing the market value of the global tissue banking sector. A tissue bank is a collection of various specimens and fresh tissues and is a relatively new discovery in the medical field that employs tissue for the treatment of chronic diseases and is boosting the growth of the global tissue banking system. According to the "American Association of Tissue Banks", the tissue banking network in the United States is exhibiting steady growth, with approximately 58 accredited tissue banks working in the United States alone. The tissue banks working in the United States are also properly certified and accredited by the FDA (Food and Drug Administration) of the United States. The government of the U.S. has been encouraging the use of tissue banks. According to the report of AATB (American Association of Tissue Banks), blood tissues or blood cells account for the major share of the global tissue banking market. The need for fresh specimens and the tissue in the treatment of chronic disorders and regeneration of tissue cells is driving the growth of the global tissue banking market.

Rising research and development

The growing trend of research and developments in tissue regeneration and the use of tissue in efficiently treating chronic diseases is boosting the growth of the global tissue banking market. Discoveries of stem cells in developing any other tissue is one of the latest innovations in the medical or health research sector. The discoveries like stem cells and others are fuelling the market growth of tissue banking in the global market. The investment of major players like Allergan and Hamilton Companies is boosting the applications and developments in tissue engineering. The wide research and developments in tissue engineering and employing tissue for treating chronic diseases are contributing to the market growth.

North America has the largest market share

Geographically, the North American region is has the largest share in the global tissue banking market. The presence of a large number of tissue banks and increasing research and development in the tissue engineering sector is leading to growth in the North American region in the tissue banking market. The presence of major market players and the rising number of chronic diseases are also driving the market growth in the North American tissue banking market.

Market Segmentation

• By Tissue Type

Cornea

Skin

Bones

Heart Valves

Blood

Soft Tissues

Umbilical Cord

• By Application

Therapeutic

Research and development

Others

• By Geography

North America

• USA
• Canada
• Mexico

South America

• Brazil
• Argentina
• Others

Europe

• Germany
• France
• UK
• Others

Middle East and Africa

• Saudi Arabia
• UAE
• Others

Asia Pacific

• China
• India
• Japan
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others