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Tissue Banking Market is likely to register double digit 11.3% CAGR during 2014 - 2024

Added: (Wed Dec 06 2017)

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The global market for tissue banking is highly competitive owing to the presence of a large number of original equipment manufacturers and a relatively low number of diversified facilities offering tissue banking services. The requirement of large capital investments coupled with the vast regulatory risks make competition in the market even more intense, making it largely unfavorable for new and small vendors.

Leading companies such as Thermo Fisher Scientific, Brooks Automation, Taylor-Wharton, Panasonic Biomedical, and Backman Coulter Inc. are constantly involved in strategies such as mergers and acquisitions with the aim of jumpstarting their product pipelines and expansion across potential regional  markets. The acquisition of BioStorage Technologies, a provider of comprehensive sample management programs and integrated cold chain solutions for the bioscience industry, by Brooks Automation, Inc. in 2015 is one such instance. Transparency Market Research estimates that the market will expand at a promising 11.3% CAGR from 2016 through 2024 and rise to a valuation of US$2.1 bn by 2024.

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Market in Asia Pacific to Exhibit Promising Growth The vast growth prospects of the market will be highly conducive for innovations and introduction of new and more advanced equipment in the next few years. In terms of equipment type, the segment of freezers presently accounts for a dominant share in the market and is expected to retain dominance over the forecast period as well. Geographically, North America leads in terms of share in the market but is expected to lose to Asia Pacific in terms of growth rate over the forecast period.

Rising Demand for Regenerative Medicines to Drive Market The global demand for regenerative medicine, which are capable of creating living, functional tissues for repairing or replacing tissue lost due to age, disease, physical damage, or congenital defects, has significantly increased in the past few years. The key factor driving this trend is the vast rise in the prevalence of cardiovascular and neurological disorders, a variety of cancers, and diabetes. Regenerative medicine is being considered as a potential solution for the problem of the shortage of organs available through donation.

Moreover, the rapid development of the field of transplant medicine along with the aging of the baby boomer generation is also expected to cause an increased demand for tissues and organs, far exceeding the available donor organs in the next few years. Approximately 500,000 Americans benefit from a transplant each year and the numbers are expected to rise at a steady pace. These factors, leading to the vast rise in the global demand for regenerative medicine, are expected to be some of the crucial drivers of the global tissue banking market in the near future.

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Issues Related to Storage and Stability of Tissues to Continue to Create Restraints for Market Preserving biological products such as human tissues under required temperature and to the highest standards has been underlined as one of the most critical aspects of running a successful tissue banking facility. In the current scenario, though technological advancements have changed the way tissue banking facilities function, with highly advanced storage, freezing, alarming and monitoring, and labeling and coding equipment, their unavailability in certain regions poses a huge challenge for the overall tissue banking market. Moreover, the inability of many current systems to comprehensively keep a record of the process of handling tissues and keeping a detailed historical record of the temperatures at which tissues have been stored, highlighting any notable deviation from the necessary standard, is as such a significant limitation that the market needs to overcome.

Submitted by:Sonali sharma
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