SAN FRANCISCO, July 21, 2021 /PRNewswire/ — The global vitrification market size is expected to reach USD 20.3 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 17.7% from 2021 to 2027. Several experiments and investigations have been conducted to prove the efficiency of vitrification over slow freezing, leading to its increased clinical implementation. Currently, most IVF clinics are using this method to freeze the eggs/embryos and deliver a higher success rate to patients, thereby driving the market.
Key Insights & Findings:
- Currently, vitrification is primarily preferred for the egg-freezing cycle, due to its high success rate over conventional techniques
- The relatively high upfront cost of embryo freezing, compared to egg freezing, has reduced penetration of this segment as compared to the oocytes segment
- However, with the number of increasing IVF cycles, the oocytes segment is anticipated to be a lucrative option
- On the other hand, although semen preservation has been performed before oocytes preservation, in the fast freezing market, these biospecimens account for a very low share in clinical implementation
- However, a substantial number of researches are being carried out to support the clinical implementation of vitrification under this segment
- Furthermore, the IVF clinics segment dominated the market in 2020 owing to the high usage of rapid cooling devices for oocytes preservation for future IVF procedures
- The biobanks segment is expected to witness considerable growth over the forecast period owing to the increase in the number of individuals seeking fertility preservation services
- Europe is recognized as the leader in Assisted Reproductive Technology (ART) space. This has positively favored the high revenue share of this region in the market in 2020
- Following Europe, North America accounted for the significant revenue share in 2020 owing to the increasing investment in R&D for new vitrification solutions coupled with effective regulatory guidelines to support the fertility preservation arena
- The Asian countries are expected to emerge as the lucrative source of revenue owing to the declining fertility rate in countries coupled with the subsequent increase in demand for vitrification products
- The key companies are engaged in making strategic alliances with other operating players to expand the distribution and market reach of their products
Read 100 page market research report, “Vitrification Market Size, Share & Trends Analysis Report By Specimen (Oocytes (Devices, Kits & Consumables), Embryo, Sperm), By End-use (IVF Clinics, Biobanks), By Region, And Segment Forecasts, 2021 – 2027”, by Grand View Research
Increasing infertility rates have significantly driven the fertility preservation space. Preserving biospecimens has become a common trend among consumers in order to avoid the subsequent consequences of delayed childbearing. Furthermore, increasing awareness of reproductive health has driven the attention of people towards the freezing of biospecimens. This has created commercial opportunities for players such as Vitrolife and IVF Store that are engaged in offering vitrification solutions for fertility preservation.
The increasing infertility rate is further propelling the demand for products offered in this market. On the other hand, ethical concerns about the preservation of eggs and sperms have hampered the market revenue to a considerable extent. The government and regulatory bodies are working towards addressing the concerns by introducing guidelines on various aspects of fertility preservation space.
Grand View Research has segmented the global vitrification market on the basis of specimen, end-use, region:
- Vitrification Specimen Outlook (Revenue, USD Million, 2016 – 2027)
- Kits & Consumables
- Kits & Consumables
- Vitrification End-use Outlook (Revenue, USD Million, 2016 – 2027)
- IVF Clinics
- Vitrification Regional Outlook (Revenue, USD Million, 2016 – 2027)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
List of Key Players of Vitrification Market
- IVF Store LLC
- Frozen Cell
- Cook Medical Inc
- IMV Technologies
- Coopersurgical Fertility And Genomic Solutions
- Fujifilm Irvine Scientific
- Biotech Inc.
- Kitazato Corporation
Browse through Grand View Research’s coverage of the Global Biotechnology Industry:
- Women’s Health Market – The global women’s health market size was valued at around USD 32 billion in 2019 and is projected to increase at a CAGR of 4.9% over the forecast period.
- Infertility Treatment Devices & Equipment Market – The global infertility treatment devices and equipment market size was valued at USD 206. 7 million in 2018 and is expected to expand at a CAGR of 9.3% over the forecast period.
- In-vitro Fertilization Market – The global in-vitro fertilization market size was estimated at USD 14.2 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.5% from 2021 to 2028.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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