North America increasing its dominance in the Tissue Banking Market
The Global Tissue Banking Market is expected to witness a CAGR of 11.2% to reach revenue of $2.5 billion by 2024
Bangalore, India, January 3, 2019: With its recently published study “Tissue Banking Market – Global Drivers, Restraints, Opportunities, Trends, and Forecast 2018-2024”, Infoholic Research forecasts that the global market for tissue banking will continue to grow, owing to increasing demand for regenerative medicines and advancements in tissue banking technologies. However, stringent regulatory requirements and ethical issues related to tissue and organ banking are the factors hampering the market growth.
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Tissue banking finds significant usage in clinical application and R&D. The tremendous opportunities in the Asia Pacific region along with the increased mergers & acquisitions will steer the market growth, both in developed and developing countries. This trend is expected to continue during the forecast period 2018-2024, fueling the global tissue banking market growth at a CAGR of 11.2% to reach revenue of $2.5 billion by 2024.
Freezers are leading in the equipment segment with more than 20% of the market share. Hence most of the manufacturers are developing technologically advanced products to capture or retain their market share. In June 2015, Thermo Fisher Scientific launched ultra-low temperature freezers that consume up to 50% less energy than conservative refrigerant ultra-low freezers and carries temperature homogeneity that unceasingly adjusts to an environment of the research laboratory.
North America dominates the tissue banking market, followed by Europe and Asia-Pacific. The availability of technologically advanced products, high awareness regarding tissue banking, and the presence of major players are the key factors that make North America the leader in this market. The dominance of North America will continue during the forecast period, while underdeveloped countries are expected to witness a higher penetration rate, thereby boosting the tissue banking market.
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“Mergers & acquisitions have been the main strategy followed by major players to maintain their leadership in the market. For instance, in April 2018, Brooks Life Science acquired BioSpeciMan Corp., a Canadian company specialized in providing temperature-controlled biological sample storage services for a total cash purchase price of $5 million. Many venture capitalists are funding the tissue banking industry due to its promising market growth. In August 2018, Casdin Capital financed BioLife Solutions with $20 million to support tactical development opportunities in the market.” – Rikitha K Murthy, Research Analyst, Infoholic Research
Key Insights of the Report Include
- Product Types
- Major Application Areas
- Clinical Application
- Research and Development
- Tissue Types
- Cardiovascular Tissue
- Lung Tissue
- Kidney Tissue
- Eye Tissue
- Other Tissues
- Industry outlook: Market trends, drivers, restraints, and opportunities