A vast rise in the world’s geriatric population, increasing number of blood donations, rising prevalence of chronic diseases, introduction of technologically advanced equipment, favorable insurance and reimbursement policies, and rising per capita health care expenditure are the key factors driving the global tissue banking market. According to the WHO, 112.5 mn blood donations are collected on an annual basis globally. Also, the prevalence of cancer was 32.6 mn globally in 2012, and 14 mn new cases of cancer were diagnosed as compared to the previous year. Collectively, these factors are leading to an increased demand for tissue banking, which is considered to be a novel way of treating a wide range of diseases.
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Transparency Market Research estimates that the global tissue banking market will exhibit a promising CAGR of 11.3% from 2016 to 2024 to reach US$ 2.1 bn by 2024.
Tissue Banking Freezers to Continue to Remain Dominant Equipment Type
Of the key variety of equipment commonly used across tissue banking facilities, the segment of freezers accounted for a significant share in the global tissue banking market in 2015. Increasing demand for regenerative medicines, cellular therapies, organ transplant, blood transfusions, and vaccines are the factors fueling the demand for freezers across the world. According to American Red Cross a total of 30 million blood components are transfused each year in the U.S. In addition, factors such as growing population, rising health care expenditure, and the rising use of a variety of tissues in the research institutes are fueling the demand for freezers in the field of tissue banking.
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Freezers capable of plunging temperatures anywhere from -18°C to an ultra-low -86°C, for long-term storage of tissues are finding increased applications in the global market. The increased requirement for tissues for chronic diseases has driven the import and export of tissues globally, which is expected to fuel the market growth of storage system in the next few years. Favorable reimbursement policies are expected to support the growth of the segment in developing countries such as Brazil, China, and India.
Growth of Asia Pacific Market to Outpace Mature North America and Europe Markets
The tissue banking market in North America dominated the global tissue banking market, with a share of over 41.5% in 2015. Factors such as the rising prevalence of cancer, diabetes, cardiovascular diseases, the growing geriatric population, and technological advancements have supported the growth of the tissue banking market in the region in the past few years. Moreover, an estimated 1.6 million new cancer cases were detected in the U.S. alone in 2015. These factors collectively drive the vascular access devices market in North America. Currently in the U.S., approximately 850,000 tissue allografts are transplanted into patients annually. Much of this tissue is stored in the frozen form.
Europe ranked second in the global tissue banking market in 2015 with a 28.2% share in market’s overall revenue. Government initiatives such as the European Union Tissues and Cells Directives (EUTCD), which aim at improving awareness about safety and quality standards for human tissues and cells across the European Union, will drive Europe market in the next few years.
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The tissue banking market in Asia Pacific, however, is expected to see the most promising development over the forecast period. Large population base, high target patient pool, increasing government initiatives to provide better health care facilities, rising disposable incomes, and per capita health care expenditure are driving the tissue banking market in Asia Pacific. According to Asian Diabetes Prevention initiative 60% of diabetics in the world live in Asia. By 2030, without intervention, both China and India combined will have almost half a billion diabetics. The consecutive rise in demand for regenerative medicines will provide a huge boost to the tissue banking market in the region.
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