A recent business
intelligence report compiled at Transparency Market Research (TMR)
has detected that tissue banking makes for a market wherein the
shares are reserved within a chunk of well-established players. There
is little threat from new players unless they possess financial might
and can fulfill the high capital requirement for an entry into the
global tissue banking market. For now, the competitive landscape is
foreseen to remain moderately consolidated among major players such
as Thermo Fisher Inc., Worthington Industries, Inc., Brooks
Automation, Custom Biogenic systems Inc., and Panasonic Healthcare
Co., Ltd.
Report Overview @
https://globenewswire.com/news-release/2018/02/23/1386604/0/en/Global-Tissue-Banking-Market-to-touch-US-2-1-billion-by-the-end-of-2024-TMR.html
Since the product
portfolio of most of these players are quite similar – the focus is
expected to be on automation of existing technologies, providing
value-added services, and collaboration with research and academic
institutions to ensure consistent inflow of demand. In addition to
that, players are also anticipated to devise cost-effective
consumables and equipment to reduce the overall cost of preservation
of tissue banking. Moreover, the need of the hour is direct
assistance instead of mass marketing strategies. Prominent players
must provide support directly to the end-users to gain ground over
their competitors.
As per the
projections of the TMR report, the global tissue banking market will
be worth US$2,169.0 mn by the end of 2024, with the demand expanding
at a CAGR of 11.5% during the forecast period of 2017 to 2024. In
terms of volume, the market for tissue banking is estimated to
generate a demand for 449,254.4 units by 2024. Based on equipment
type, the report segments the market into storage system, freezers,
labelling and coding equipment, thawing equipment, and alarming and
coding equipment. Application-wise, the market for tissue banking has
been bifurcated into clinical and therapeutic, drug discovery, and
research and development. End-user classification of the market has
been done into research and academics institutes, tissue banks,
hospitals, and diagnostic laboratories. Geographically, North America
has been highlighted as the region with maximum potential in terms of
value, although the demand from the region of Asia Pacific is primed
to expand at a much stronger growth rate.
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The report pinpoints
a number of factors that will augment the demand in the tissue
banking market in the near future, but none bigger than the
increasing demand for regenerative medicine and advancements in
biobanking technology. Regenerative medicine is the process of
creating living, functional tissues to repair or replace tissue 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 increased
demand for tissues and organs far exceeding the available donor
organs.
On the other hand,
advancement in biobanking technology has improved the new areas of
science such as biorepository and biospecimen. As biobanking grows
larger and more complex, usage of robotic sample handling and
processing, along with software specifically designed for storage
management in the facilities, will make the biobanking process easy
and effective. Growing emphasis on finding an effective formulation
for chronic diseases, increasing health insurance coverage, increased
company and government-driven awareness programs, and growing
expenditure on health care by the urban population are some of the
other drivers of the global tissue banking market. On the other hand,
issues pertaining to efficient storage and regulatory setup are a few
challenges holding the prosperity of the tissue banking market.
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Sample Copy of Report @
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