Tissue Banking is Estimated to Witness High Growth Owing to Growing Prevalence of Cancer

 
Tissue Banking Market

Tissue Banking refers to the storing of human tissues in tissue banks. Tissue banking has applications in drug discovery and regenerative medicine. Biospecimen collection has become critical for advancing medical research in the fields of cancer, ophthalmology, regenerative medicine and more. Tissue banking provides researchers access to high-quality, well-characterized normal and diseased human tissues as well as established cell lines. The global tissue banking market is estimated to be valued at US$ 1.81 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Dynamics:
The Tissue Banking market is expected to witness high growth owing to the growing prevalence of cancer globally. One in five men and one in six women worldwide develop cancer during their lifetime, and the economic impact is huge. Tissue banking plays a crucial role in cancer research by providing biospecimens to scientists researching cancer causes, progression and treatments. Availability of such specimens accelerates research and drug discovery which is otherwise a slow process. This rapid evaluation of new therapies through tissue banking helps reduce the burden of cancer. The report projects that the market will be further driven by rising government funding for regenerative medicine research.

SWOT Analysis

Strength: Tissue banking market has a strong government support in many countries. R&D investments and technological advancements have improved quality of life sciences services. Growing demand for regenerative medicine increases the demand for tissues.

Weakness: High costs associated with establishment and maintenance of tissue banks pose a challenge. Shortage of skilled professionals and strict regulatory norms also affect the market's growth. Contamination and improper storage issues can degrade tissue quality.

Opportunity: Increasing prevalence of chronic and lifestyle diseases creates scopes for greater adoption. Untapped emerging markets in Asia offer lucrative opportunities. Stem cell banking sector will drive future growth opportunities.

Threats: Ethical issues surrounding tissue donation and storage may limit market expansion. Increased competition threatens market share of existing players. Data privacy and security risks can impact brand value. Stringent regulatory scrutiny also threatens smooth operations.

Key Takeaways

The Global Tissue Banking Market Share is expected to witness high growth over the forecast period of 2023 to 2030, projected to rise at a CAGR of 11%. The market was valued at US$ 1.81 billion in 2023.

North America currently dominates the global tissue banking market, supported by advanced healthcare infrastructure and funding for R&D. Asia Pacific will emerge as the fastest growing region due to rising healthcare expenditure, growing middle-class population with greater access to services.

Key players operating in the tissue banking market are IBM Corporation, Lucid Work Incorporation, Microsoft Corporation, Dassault Systems S.A., Oracle Corporation, X1 Technologies Inc., SAP AG, Coveo Corporation, and Attivio Software Incorporation. These players are focusing on strategic collaborations and new product launches to expand their market presence.

For more insights, Read- https://www.pressreleasebulletin.com/tissue-banking-market-trends-size-and-share-analysis/

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