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.
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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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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
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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