The global tissue banking market is expected to exhibit a CAGR of 9.8% during the forecast period. The market growth is attributed to the increasing demand for disease-specific bio-samples, for accelerating the precision medicine research. Further, there is increasing use of human biospecimens in cohort studies. A large number of ongoing cohort studies regarding precision medicine have encouraged the development of population-based banks. Thereby, increasing focus on developing personalized medicines is expected to fuel the global tissue banking industry.

Furthermore, innovations in regenerative medicine coupled with the increasing prevalence of chronic diseases, innovation in drug discovery and development, increasing R&D funding by the government as well as non-governmental organizations further give a boost to the growth of the global tissue banking market. Further, biotech start-ups are building biobanks that further spur the growth of the market. For instance, Orig3n, is working on building the most diverse biobank, harnessing the power of induced pluripotent stem cell technology for accelerating regenerative medicine.

Segmental Outlook

The global tissue banking market is segmented on the basis of product, and applications. On the basis of product, the market is bifurcated into equipment and consumables & media. The equipment used for tissue banking includes thawing equipment, quality control equipment, cryopreservation equipment, and others. Tissue banking equipment is expected to hold a significant share in the global market. Increasing product development is one of the major factors contributing to the growth of the market. Further, on the basis of application, the market is segmented into medical research, therapeutics, and others.

Global Tissue Banking Market Share by Product, 2018 (%)

Tissue Banking to Have a Major Application in Therapeutics

Tissue banking is expected to have a major application in therapeutics. Bio-samples are highly used in this application owing to higher use of tissues in transplantation and the development of therapies. There is a rapid increase in the advancement in biologic production which further enhanced the use of cryopreserved bio-samples in therapeutic applications. One of the important factors for the development of precision medicine is the availability of high-quality biological samples. Several pharmaceuticals and biotechnology companies are either operating or planning to operate their own biobanks.

Regional Outlook

The global tissue banking market is geographically segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America is expected to have a prominent share in the global market with the US being the major contributor. The major factor contributing to the regional growth of the market include the presence of a large number of accredited tissue banks in the region. Moreover, the presence of major market players in the region, especially in the US, further gives a boost to the North American market. Moreover, Asia-Pacific is expected to exhibit significant growth during the forecast period.

Global Tissue Banking Market Growth, by Region 2019-2025

Asia-Pacific will Augment with the Fastest Rate in Tissue Banking Market

Asia-Pacific is expected to be the fastest-growing region mainly due to various biotech research initiatives taken by the governments. The major economies such as Japan, China, India, Singapore, Korea, Thailand, and Australia have their network of biobanks; and thereby, is contributing to the regional growth of the market. China is expected to dominate the Asia-Pacific tissue banking market, while India is expected to exhibit considerable growth during the forecast period.

Market Players Outlook

Some of the key players operating in the market include Thermo Fisher Scientific Inc., Merk KGaA, Beckman Coulter Inc., Stryker Corp., Zimmer Biomet Holdings Inc., AstraZeneca PLC, Regeneron Pharmaceuticals, Inc., Genzyme Corp., Pfizer Inc., and many others. These players are involved in the development of temperature control and cryopreservation systems for supporting tissue banking operations.

Recent Developments

• In January 2018, Regeneron Pharmaceuticals, Inc. formed a pre-competitive consortium with AbbVie, Alnylam Pharmaceuticals, AstraZeneca, Biogen, and Pfizer to sequence the exomes of all 500,000 participants in UK Biobank. Under the agreement, AbbVie, Alnylam, AstraZeneca, Biogen, and Pfizer each contributed $10 million to the project. The goal is to sequence the exomes of all 500,000 biobank participants by the end of 2019, and to make all sequence data available to other researchers, in accordance with UK Biobank's access policies, by the end of 2020.
• In September 2017, LifeLink Tissue Bank, a division of LifeLink Foundation, Inc. collaborated with Taiwan-based HCT Regenerative, in which LifeLink would provide allografts for patients suffering from sports, orthopedic and/or spine injuries.
• In February 2016, the University of Rochester Medical Center established a collaboration with Indivumed, a Germany-based company, for the establishment a bank of human tissues and tumor samples that are expertly preserved and stored for use in cancer research.

The Report Covers

• Market value data analysis of 2018 and forecast to 2025.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global tissue banking market. Based on the availability of data, information related to products and services, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.