The global market for tissue banking is highly competitive owing to the presence of a large number of original equipment manufacturers and a relatively low number of diversified facilities offering tissue banking services. The requirement of large capital investments coupled with the vast regulatory risks make competition in the market even more intense, making it largely unfavorable for new and small vendors.
Leading companies such as Thermo Fisher Scientific, Brooks Automation, Taylor-Wharton, Panasonic Biomedical, and Backman Coulter Inc. are constantly involved in strategies such as mergers and acquisitions with the aim of jumpstarting their product pipelines and expansion across potential regional markets. The acquisition of BioStorage Technologies, a provider of comprehensive sample management programs and integrated cold chain solutions for the bioscience industry, by Brooks Automation, Inc. in 2015 is one such instance.
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Transparency Market Research estimates that the market will expand at a promising 11.3% CAGR from 2016 through 2024 and rise to a valuation of US$2.1 bn by 2024.