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
Vitrification Market Growth & Trends
The global vitrification market size is expected to reach USD 20.3 billion by 2027. 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.
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.
Vitrification Market Report Highlights • 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
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