Rising prevalence of a number of chronic diseases such as cancers and several cardiovascular conditions have led to a significant rise in the overall demand for human cells and tissues. This has fueled the pace of development in the tissue banking market and the field is witnessing the introduction of advanced equipment at a rapid pace. The market is expected to exhibit a healthy growth pace in the next few years. Transparency Market Research (TMR), in a recent research report, estimates that the market will expand at an 11.3% CAGR from 2016 to 2024 and rise to US$ 2.1 bn by 2024.
Research Report: http://www.transparencymarketresearch.com/tissue-banking-market.html
In this blog post, TMR analysts discuss some of the highlights of the market:
Q. Which end-use sector is the dominant contributor of revenue to the global market?
A. Tissue products are extensively used across end-use sectors such as tissue banks, hospitals, diagnostic labs, and research and academic institutes. Of these, the hospital segment is the presently the largest consumer of tissue products. The segment accounted for over half of the overall revenue of the global market in 2015 and is expected to remain the dominant consumer of the tissue banking market over the next few years. The rising prevalence of cardiovascular diseases and a variety of cancers, especially among geriatric population, will lead to the increased demand for surgeries involving human tissues and derived products in the next few years.
The demand for tissue products is also high across clinics. This segment accounted for over 25% of the overall market in 2015 and is expected to lead to the demand for tissue products at a healthy rate over the period between 2016 and 2024. The rising preference to treatment within private clinics, especially across developing economies with rising incomes of the middle class population, will be key to the projected rise in demand for tissue products in this segment.
Q. Which regional market presents the most lucrative investment opportunities for tissue banking?
A. With over 41% share in the global market, the North America tissue banking market is hands down the dominant regional market presently. The future growth prospects of this regional market are also excellent, with factors such as the significant rise in the prevalence diabetes, several cardiovascular conditions, variety of cancers, and rising geriatric population ensuring the increased demand for tissue banking facilities in the region. It is estimated that nearly 850,000 tissue allograft transplants take place in the U.S. every year. Majority of this tissue is preserved in the frozen form.
Nevertheless, the pace of growth of the Asia Pacific market is expected to surpass that of established and high-growth regional markets such as expand at the most significant pace over the period between 2016 and 2024. Thus, growth opportunities for the tissue banking market in Asia Pacific will be more lucrative and expansive as compared to North America and Europe. Being a relatively underdeveloped market, Asia Pacific is also regarded a more profitable market compared to Europe and North America owing to the vast untapped opportunities in the field of the healthcare infrastructure development, rising governments initiatives aimed at providing better healthcare facilities, and rising disposable incomes of consumers.
The region also has the highest population of diabetics in the entire world and has huge demand for regenerative medicines. The patient pool of diabetes is expected to expand at a significant pace in the region in the next few years and will continue to drive the increased demand for regenerative medicines, which will, in turn, fuel the tissue banking market.