SEATTLE--(BUSINESS WIRE)--According to Coherent Market Insights, the global tissue banking market was valued at US$ 1.04 billion in 2017, and is projected to exhibit a CAGR of 10.8% over the forecast period (2018–2026).
Key Trends and Analysis of the Tissue Banking Market:
Companies in global tissue banking market are proactively working towards the research and development to explore new opportunities. In October 2018, MTF Biologics announced the formation of a new tissue recovery relationship with Regenerative Biologics, Inc. The organizations will seek to provide expanded birth-tissue donation opportunities to expectant mothers and their families and enhance patients’ access to high-quality placental tissues for wound care applications.
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Furthermore, in 2017, Natera, announced the launch of Evercord, a new offering that enables expectant parents to collect, store, and potentially retrieve their newborn's cord, blood, and tissue for therapeutic use in transplantation and regenerative medicine applications. The company will offer Evercord through direct sales channel in the U.S.
Furthermore, in 2017, Americord expanded customer options by offering placental tissue banking as a stand-alone service, thereby eliminating the requirement to bank umbilical cord blood.
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Key Market Takeaways:
- The global tissue banking market is expected to exhibit a CAGR of 10.8% during the forecast period (2018–2026), attributed to rising demand for transplantation. According to the University of Texas Southwestern Medical Center 2018 report, around 450,000 Americans underwent tissue transplants to improve or save their lives and around 45,000 corneal transplants were done to restore sight. As per the same source, over 300,000 bone grafts were expected to be used in the treatment of degenerative bone diseases, malignancies, and traumatic injuries.
- Asia Pacific tissue banking market is expected to grow at the highest CAGR during the forecast period, owing to initiatives taken by government to fulfil rising demand and supply gap for tissue banking. For instance, in 2017, National Biomaterial Centre (National Tissue Bank), was inaugurated at New Delhi, India, which aims to fill the gap between demand and supply for tissues. The center will also provide quality assurance in the availability of various tissues.
- Key players operating in the global tissue banking market include AbD Serotec (a Bio-Rad company), AMS Biotechnology Limited, BioLife Solutions, Inc., Beckman Coulter, Inc., BioCision LLC, BioStorage Technologies, Inc., Custom BioGenic Systems, Eppendorf AG, EMD Millipore Corporation, Fisher BioServices, Inc., Genzyme Corporation, Hamilton Company, Merck KGaA, PHC Corporation, and Teva Pharmaceutical Industries Ltd.
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
