Certain factors that are driving the market growth include rising healthcare expenditure, growing burden of chronic diseases and advances in drug discovery and development. The burden of chronic diseases is increasing worldwide.
New York, Jan. 20, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Tissue Banking Market - Growth, Trends, and Forecasts (2020 - 2025)" - https://www.reportlinker.com/p06009481/?utm_source=GNW
According to WHO, chronic diseases have always been a massive global challenge, and they account for approximately 60% of all deaths worldwide. The global burden of chronic diseases is expected to reach 57%, by 2020. This trend is expected to affect the emerging countries the most, as population growth is anticipated to be most significant in developing areas. Consequently, rising burden of chronic diseases is expected to drive the overall growth of the tissue banking market. However, stringent regulatory scenario is expected to restrain the growth of the global market in the forecast period.
Key Market Trends
Equipment Segment is Expected to Show Better Growth in the Forecast Period
Based on the product, it is segmented into equipment and media and consumables. The equipment segment is expected to grow at a faster pace during the forecast period. The key factor contributing to the growth of the segment is mainly driven by growing research activities and increasing the focus of market players on product development, along with the rising burden of chronic diseases. According to the World Health Organization (WHO), the four major chronic diseases which include cardiovascular diseases followed by cancer, respiratory diseases and diabetes account for most deaths. Factors, such as the aging population, lifestyles changes, leads to long-term health problems, and their treatment can be expensive. Additionally, Increasing government initiatives and rising demand for transplantation is expected to boost the studied market.
North America is Estimated to Account for the Largest Share in the Tissue Banking Market
North America holds a major share in the global tissue banking market, and it is expected to show a similar trend over the forecast period, without significant fluctuations. The United States market is driven by increasing R&D activities, along with rising burden of chronic diseases. According to Center for Disease Control and Prevention (CDC), 6 in 10 adults in the United States have a chronic disease. Different pharmaceutical/ biotech companies, academia, and research institutes are utilizing tissue banks for the storage of various sample. Hence, North America region is expected to grow at a faster rate due to rising preclinical activities by pharmaceutical companies, and growing research in this region.
The leading players in the tissue banking market are AMS Biotechnology (Europe) Limited, Avantor, Inc (VWR International), BioCision LLC, Brooks Automation, Custom Biogenic Systems, Eppendorf AG, Hamilton Company, Merck KGaA and Thermo Fisher Scientific, Inc.
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