Global Tissue Banking Market is anticipated to hit $54.76 billion by 2023 at a CAGR of 5.62%
Americas region holds the largest market share and growth in the Global Tissue Banking Market and is anticipated to reach $17.9 billion by 2023 at a CAGR of 4.26%. However, APAC witnesses highest growth during the forecast period and is expected to reach $18.05 billion by 2023 at a CAGR of 7.01%. Americas region is the biggest market for tissue banking presently. There are large number of profit and non-profit companies in the US which act as the mediator between the donor and the recipient. The key end-users including Clinical/Therapeutic, Cosmetic, and Medical Research. In the US, there are 59,271 registered cornea donors which in turn help to perform 40,000 transplants annually.
Selected Analysis done in the full Report: The tissue banking market is currently in growth stage because of increased awareness about tissue donation and the increased focus on research to produce regenerative medicine. The blood banking market is expanding mainly through cord blood banking. Umbilical cord and tissue banking widens the options for future potential medical uses. The appetite to intervene aging process has led to flourishing of stem cell research. Hence, the stem cell banks are mushrooming over the globe and the stem cells can be preserved for more than 20 years making it the most lucrative market in tissue banking.
Excerpts on Market Growth Factors Mentioned in the Full Report:
The increased awareness among people about tissue donation, government initiatives and increased healthcare spending will propel the market towards strong growth. The market for Tissue Banking in the United States is expected to grow significantly in the light of the increased awareness about tissue donation and the large number of private and public tissue banks The market in Australia is booming because of healthcare policies of the government and the drive among people to save millions of lives.
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