In Vitro Fertilization Banking Services Market to See Competition Rise | Apollo Hospitals Enterprise, Manipal Fertility, Cloudnine Hospitals
Published Via 11Press : According to HTF MI, “Global In Vitro Fertilization Banking Services Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2029″. The Global In Vitro Fertilization Banking Services Market is anticipated to grow at a compound annual growth rate (CAGR) of 10.5% from 2023 to 2028, reaching USD 10.7 Billion in 2023 and USD 17.3 Billion by 2028.
The banking services market for in vitro fertilization (IVF) is a quickly expanding area of the healthcare sector. The preservation and management of frozen embryos, eggs, and sperm for future fertility treatments is a part of in vitro fertilization banking services. Growing rates of infertility, improvements in assisted reproductive technology, and rising public awareness and acceptance of in vitro fertilization treatments are some of the drivers driving the industry.
Delayed parenthood, changing lifestyles, and the increasing prevalence of fertility-related diseases all have an impact on the need for in vitro fertilization banking services. Geographically, the In Vitro Fertilisation banking services market is dominated by North America and Europe because of greater infertility rates and favorable healthcare infrastructure.
However, growing markets like Asia Pacific are experiencing considerable market expansion due to improved healthcare infrastructure, rising disposable incomes, and rising public knowledge of fertility treatments. Additionally, the market offers chances for breakthroughs in cryopreservation technology, the development of customized fertility services, and in vitro fertilization technique innovation.
Furthermore, significant initiatives for players to increase their market presence and meet the rising demand for in vitro fertilization banking services include strategic agreements and collaborations with fertility clinics, research organizations, and healthcare providers.
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Key and developing players who have been highlighted as part of the coverage
- Apollo Hospitals Enterprise Ltd (India),
- Manipal Fertility (India),
- Cloudnine Hospitals (India),
- Medicover Group (Sweden),
- IVI-RMA Global (Spain),
- Ferring Pharmaceuticals (Switzerland),
- Virtus Health (Australia, with operations in Europe),
- The Fertility Partnership (United Kingdom),
- Jinxin Fertility Group Limited (China),
- Shanghai Ji Ai Genetics & IVF Institute (China).
Market Drivers
- A prominent market driver for in vitro fertilization banking services is the rising prevalence of infertility around the world. The rising demand for assisted reproductive technologies like in vitro fertilization is influenced by factors like lifestyle changes, postponed pregnancies, and medical issues.
- Additionally, pre-implantation genetic testing (PGT), vitrification, and embryo selection are examples of technological developments in vitro fertilization techniques that have increased patient availability and improved success rates.
- The need for in vitro fertilization banking services is fueled by these developments. The demand for in vitro fertilization services is also influenced by sociological factors like evolving family arrangements, rising acceptance of assisted reproductive technologies, and a growing emphasis on parenthood in later life. People and couples are looking for ways to maintain their fertility and have kids later.
Market Trend
- In the market for in vitro fertilization banking services, egg and sperm freezing, sometimes referred to as oocyte and sperm banking, is on the rise. In order to maintain their fertility for future family planning, medical needs, or lifestyle preferences, people choose to use these services.
- Demand for in vitro fertilization banking services has increased as a result of surrogacy and third-party reproduction arrangements becoming more accepted and lawful.
- In vitro fertilization, banks are used by intended parents to get high-quality gametes and aid successful surrogacy procedures. Additionally, the globalization of in vitro fertilization services and medical tourism have emerged as important themes.
- People are moving to nations with cutting-edge IVF technology and more inexpensive medical options. In Vitro, Fertilisation Banking Services are essential in making it easier to store and send gametes across international borders.
Market Opportunities
- In Vitro Fertilisation banking opportunities are made possible by growing public acceptance and understanding of reproductive treatments and alternative family-building options.
- Demand has increased as a result of shifting perspectives and diminished stigma surrounding assisted reproductive technology.
- In Vitro Fertilisation banking services are also made possible by the incorporation of genetic testing and personalized treatment into IVF operations.
- Patients looking for the best reproductive treatments are drawn to genetic screening and embryo selection technologies because they enable customized therapies and increased success rates.
Market Restraints
- Some couples find it impossible to afford in vitro fertilization operations and related banking services.
- Certain demographic groups may have limited access due to the high price of in vitro fertilization treatment and storage services. In Vitro Fertilisation banking services are also governed by stringent laws and moral standards. For providers, adhering to these regulations may add complexity and raise operating expenses.
- Additionally, legislative differences between various nations and regions can make it difficult to expand the market. Banking services and in-vitro fertilization treatments are frequently covered by insurance only partially or not at all.
- Potential patients may be deterred from using these services due to the absence of coverage, which could have an effect on market expansion.
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Market Breakdown by Applications:
- Egg Banking,
- Sperm Banking
Market Breakdown by Types:
- Cryobanks,
- Fertility Clinics,
- Hospitals,
- Research Organisations
Report Scope
| The Market size value in 2023 | USD 10.7 Billion |
| Revenue Forecast by 2033 | USD 17.3 Billion |
| Growth Rate | CAGR Of 10.5% |
| Regions Covered | North America, Europe, the Middle East and Africa, Latin America, and the rest of the world |
| Historical Years | 2018-2022 |
| Base Year | 2022 |
| Estimated Year | 2023 |
| Short-Term Projection Year | 2028 |
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