Tissue banking: Key market research findings
- EMEA dominates the market geographically
- Biobanks account for a majority share of the market’s revenue
- Key vendors – Beckman Coulter, BioCision, Thermo Fisher, and Tecan
Technavio’s market research analysts predict the global tissue banking market to grow at a CAGR of more than 5% between 2016 and 2020. The market’s growth is fueled by advances in drug discovery, clinical trials, and regenerative medicine. Regenerative medicine in human health has the potential to resolve unmet medical needs by addressing the underlying causes of diseases. This rapidly evolving interdisciplinary field has led to various advances in the healthcare industry by translating fundamental science into various regenerative technologies for the development of biologics, chemical compounds, materials, and devices. During 2015, EMEA dominated the global tissue banking market by accounting for over 44% of the overall market space. The presence of a well-established tissue banking and biobanking system in countries such as Sweden, Norway, Denmark, Finland, Iceland, France, and Belgium is expected to propel growth in the tissue banking market in EMEA during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of tissue banking segments based on the end-user.
“The use of automated tissue banking is rapidly gaining popularity in the market. Automation minimizes manual errors such as mislabeling or inaccurate sample barcoding and improves the technical efficiency. It also plays a key role in blood fractionation, DNA extraction, labeling, and capping techniques. Most automated storage units allow samples to be stored and maintained at optimum temperature and environment to improve the quality of tissue samples,” says Barath Palada, Lead Analyst, Healthcare & Lifesciences, Technavio Research.
By 2020, the biobanks segment will continue its dominance over the global tissue banking market by accounting for more than 55% of the overall market revenue. The number of biobanks is on a rise owing to government funding and investment by various pharmaceutical and biotechnology companies on medical research and drug discovery. The availability of advanced technologies and a large number of biospecimen donors help expand the operations of biobanks. Strategic alliances with drug manufacturers, the scientific community, policymakers, and hospitals are expected to augment the development of biobanks during the forecast period.
The key vendors in the global tissue banking market include Beckman Coulter, BioCision, Thermo Fisher, and Tecan. This market is highly fragmented, with the presence of both large and small vendors. The global vendors dominate the market. However, most of the product offerings of these companies are almost similar. To increase their product sales, vendors are differentiating their products through the automation of existing technologies, value-added services, and collaborations and partnerships with research and academic institutions. The companies that offer cost-effective consumable are likely to succeed as tissue banks are concentrating on reducing the overall preservation cost of tissue banking.
A more detailed analysis is available in the Technavio report, Global Tissue Banking Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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