The global in vitro fertilization banking services market is slated to exhibit a robust CAGR of 11% over the assessment period of 2020-2030. This growth can be predominantly attributed to growing cases of infertility all over the world on account of work pressure, stress, food habit, changing lifestyle, and others, the need for IVF, ICSI (Intracytoplasmic Sperm Injectiom), and others has augmented significantly. This consecutively is boosting the market growth.
The in vitro fertilization banking services market, despite undergoing a temporary period of lull due to COVID-19 outbreak, is likely to have an impressive growth trajectory between 2020 and 2030.
Besides lucrative prospects in Europe, the market will continue witnessing high demand in East Asia. Expansion of healthcare sectors in high potential markets will remain a chief growth driver. Future Market Insight’s (FMI’s) study on the in vitro fertilization banking services market uncovers hidden opportunities besides presenting a refined forecast for the assessment period.
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“Launching advanced IVF techniques for instance, three parent IVF, genetic diagnosis, three-parent, percutaneous epidydimal sperm aspiration, along with others are considered innovatory findings in the field of medicine. Furthermore the growing predominance of fertility concerns, rising awareness amid patients and their willingness to expend on advanced treatment procedures is likely to generate lucrative development prospects for the market.” says an FMI analyst.
In Vitro Fertilization Banking Services Market – Key Highlights
- Europe to sustain its prevalent position throughout the forecast period due to growing rate of infertility in the region.
- Egg banking will lead among service type segment in the global market.
- Growing demand for andrology services is anticipated to expand expansion prospects.
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- Rise in infertility rate across the globe due to lifestyle, stress, and others is likely to spur market growth.
- Increasing cases of cancer has resulted in infertility rate among women and men, thus ensuing in surging demand for in vitro fertilization.
- Increasing investment to obtain secure and safe egg/sperm storage facility together with the growing focus on cost-efficient services is bolstering the market growth.
- Restricted adoption of the services owing to being time consuming and costly, limits market growth over the forecast period.
- Risks related to IVF process such as egg-retrieval procedure complications, ovarian hyperstimulation syndrome, along with others work as the constraint for the market growth.
COVID-19 Impact on the Market
The market has been adversely impacted by the COVID-19 outbreak as it is a costly and time consuming procedure. As the attention in healthcare sector shifted towards emergency services, the demand for has been dropped substantially impacting the market growth. However, the market is anticipated to get back to its feet by 2021 end generating abundant opportunities for the key players.
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FMI opines that the in vitro fertilization banking services market is expanding fast, the key market players are projected to face harsher competition amid the assessment period. Some of the major players include MyEggBank, The World Egg Bank, Cryos International, Fairfax Cryo Bank, Seattle Sperm Bank, European Sperm Bank, Boston IVF´s network and CCRM´s network.