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, 2020 - 2027
New York, Sept. 09, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Vitrification Market Size, Share & Trends Analysis Report By Specimen,, By End-use, By Region And Segment Forecasts, 2020 - 2027" - https://www.reportlinker.com/p05965067/?utm_source=GNW
Vitrification Market Growth & Trends
The global vitrification market size is expected to reach USD 21.9 billion by 2027, expanding at a CAGR of 18.0% over the forecast period. 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 has 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 oocytes segment
• However, with the number of increasing IVF cycles, this 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 very less 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, IVF clinics are the key end-users of the market owing to the high usage of rapid cooling devices for oocytes preservation for future IVF procedures
• The cryobanks are expected to witness considerable growth 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 2019 in the market
• Following Europe, North America accounted for the significant revenue share owing to the increasing investment in R&D for new vitrification solutions coupled with effective regulatory guidelines to support 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
• These 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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