In a recent published report, Kenneth Research has updated the market report for Global Tissue Banking Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Tissue Banking Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
The Global Tissue Banking Market is expected to grow with a significant CAGR during the forecast period, i.e. 2021-2024, on the back of growing internet penetration around the world along with the rising adoption of smartphone. The statistics by the GSMA Intelligence stated that the total unique mobile subscribers as on May 2020 around the world was 5.24 billion.
Tissue Banking Market – Global Drivers, Restraints, Opportunities, Trends, and Forecast: 2018–2024
Overview: The conservation and banking of tissues subsequent to donor harvest is an extended medicinal area that has until lately witnessed progress. Nevertheless, in a similar way we bank stem cells, embryos and other tissues at present are likely to govern the biological time for complete tissues through approaches identical to vitrification and controlled hypothermia. A constant growth of tissues and organs scarcity has led to early deaths with consequences in enormous outlays to society. The capacity to bank tissues has an instantaneous effect on transplant medicine, surgical treatment of cancer, combat trauma, and industrial accidents.
Market Analysis: The “global tissue banking market” is estimated to witness a CAGR of 11.2% during the forecast period 2018–2024. The market is analyzed based on four segments – type, application, tissue type, and regions.
Regional Analysis: The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (ROW). North America accounts for the largest share of the tissue banking market, followed by Europe, Asia Pacific, and Rest of the World. More than 44.0% of the market is occupied by North America, with the US being the major contributor to the market growth.
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Type Analysis: Based on types, the market is segmented into equipment and consumables. Equipment holds a dominant share in the market and is also the fastest growing segment.
Application Analysis: Based on application areas, the market is segmented into clinical application and research & development. The market is dominated by research & development.
Tissue Type Analysis: Based on tissue banking areas, the market is segmented into cardiovascular tissue, lung tissue, kidney tissue, corneal tissue, and other tissues. The corneal tissue segment is dominant among others in the market.
Key Players: The major players in the market are Thermo Fisher Scientific, Danaher Corporation, Custom Biogenic Solution, Tecan Group, and Brooks Automation, Inc.
Competitive Analysis: The tissue banking market is facing intense
Competition due to the presence of many players in the market. However, the majority of the market share is occupied by Thermo Fisher Scientific, Danaher Corporation, Custom Biogenic Solution, Tecan Group, and Brooks Automation, Inc. To maintain their leadership, the major players are collaborating with small players who have advanced technology. For instance, in March 2014, Brooks Automation collaborated with BioCision for the development of automated temperature-controlled technology for biobanking and sample handling. This association helped in filling the gap amongst sample handling and automation process.
Benefits: The report provides complete details about the usage and adoption rate of tissue banking in various regions. With that, key stakeholders can know about the major trends, drivers, investments, and vertical player’s initiatives. Moreover, the report provides details about the major challenges that are going to impact on the market growth. Additionally, the report gives the complete details about the key business opportunities to key stakeholders to expand their business and capture the revenue in specific verticals to analyze before investing or expanding the business in this market.
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