In Vitro Fertilization Banking Services Market
Number of pages: 100 | Report Format: PDF | Published date: May 05, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 3.8 billion |
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Revenue Forecast in 2031 |
US$ 9.1 billion |
|
CAGR |
9.80% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
|
Segments Covered |
Service Type and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global in vitro fertilization banking services market was valued at US$ 3.8 billion in 2022 and is expected to register a revenue CAGR of 9.80% to reach US$ 9.1 billion by 2031.
In Vitro Fertilization Banking Services Market Fundamentals
IVF banking services include accumulating, freezing, and maintaining embryos, oocytes, and sperm for use in future IVF procedures. These services are becoming more popular as more couples and individuals postpone having children until later in life. Medical advances make IVF a more feasible choice for those battling infertility. The increased desire for individualized, comprehensive treatment is one major factor boosting the IVF banking services market. Patients are looking for clinics and banks that provide various services, such as fertility testing, genetic screening, and personalized treatment programs. They also desire access to help services such as counseling, financial aid, and wellness initiatives.
The research study on the in vitro fertilization banking services market overview thoroughly analyzes the market and the aspects that either help or hinder the market's growth, such as its drivers, challenges, and opportunities. The research also discusses the list of businesses that operate in this market and their efforts to establish themselves as major players through expansion plans and innovative ideas. It also emphasizes current events that support the market's revenue expansion. The research also analyses how the COVID-19 pandemic has affected society.
This report is an important tool for the industry stakeholders to gather all the information about the market, customers, and competition. The report also provides the readers with valuable insights on the segmentation, regions, market size & forecast, revenue CAGRs, and other valuable data to help make informed strategic decisions. The study compiles information gathered from industry participants and specialists across the industry value chain. The report also taps into the qualitative and quantitative assessments by industry analysts. Our reports use different methods for estimating the market size and forecast, including secondary research, surveys and interviews, and statistical modeling. With these steps, our reports provide the most accurate market data. These datasets will cumulatively provide in-depth in vitro fertilization banking services market forecast to the industry stakeholders.
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In Vitro Fertilization Banking Services Market Dynamics
Several factors are driving the in vitro fertilization banking services market. The rising awareness and acceptance of in vitro fertilization as a viable option for people experiencing infertility is the primary driver of the global in vitro fertilization banking market. Furthermore, the trend of postponing parenthood later in life, particularly in developed countries, is driving up demand for in vitro fertilization banking services. Moreover, the rising need for fertility preservation represents a significant potential in the global in vitro fertilization banking services market. With technological improvements and the increased acceptability of in vitro fertilization, there is a growing need for fertility preservation services. This creates a big potential for in vitro fertilization banking service providers to expand their capabilities and serve a broader variety of patients.
However, the high cost of in vitro fertilization therapies, which can be a significant financial difficulty for many patients, is the primary limitation in the global in vitro fertilization banking services market. This may limit the use of in vitro fertilization banking services, particularly in underdeveloped nations with limited access to healthcare.
In Vitro Fertilization Banking Services Market Ecosystem
In Vitro Fertilization Banking Services Market, by Service Type
In Vitro Fertilization Banking Services Market by Service Type
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Sperm banking accounted for the majority of the revenue share in the global in vitro fertilization banking services market. This trend is expected to continue due to the increasing demand for sperm-freezing and donation services. Technological advancements in cryopreservation techniques also contribute to the revenue growth of the in vitro fertilization banking services market. Furthermore, the rising awareness about fertility treatments and the increasing prevalence of infertility among males is driving the demand for in vitro fertilization banking services. According to 2023 estimates by yalemedicine, approximately 15% of couples in the United States have difficulty conceiving, and male infertility affects more than 50% of the time. However, the high cost associated with these services and ethical concerns related to using donor eggs and sperm may hinder market growth to some extent.
Segmentation of the market refers to the division of the industry into subgroups based on factors such as service type. Market segmentation data helps businesses to understand the preferences and unique needs of different customer groups and develop targeted sales strategies. This information also helps in identifying potential in vitro fertilization banking services market growth opportunities.
In Vitro Fertilization Banking Services Market by Region
North America accounted for the majority of the market revenue share in vitro fertilization banking services market. This is majorly due to the increasing number of couples in North America opting for in vitro fertilization treatments. Moreover, increasing infertility rates and favorable government legislation increase fertility preservation awareness.
The Asia Pacific in vitro fertilization banking services market is expected to experience significant growth in the coming years due to increasing awareness about infertility treatments and rising demand for advanced fertility procedures. The market is also likely to be driven by technological advancements in assisted reproductive technology and growing investments by key regional players.
Based on the regions, the global in vitro fertilization banking services market is segmented into:
Regional demarcation of the industry will provide information on geographic pockets regarding in vitro fertilization banking services market outlook, size, share, and growth rate. This data helps businesses evaluate the expansion potential into new regional markets, understand the competitive threats across different regions, and develop localized sales and expansion strategies.
Key Components of the Report
In Vitro Fertilization Banking Services Market Competitive Landscape
Some of the major players in the global in vitro fertilization banking services market are,
The market competitive landscape is performed by collecting and analyzing information about the key competitors, the present industry trends, and market dynamics. It includes information collection and analysis on factors such as products, pricing, geographic outreach, customer demographics, marketing strategies, and recent developments. Competitive landscape assessment will help businesses identify the current prevalent or potential opportunities and threats keeping in mind the in vitro fertilization banking services industry trends.
In Vitro Fertilization Banking Services Market Strategic Developments
Key Strengths of Our Report
Target Audience to Benefit from this Report.
Reasons to Buy this Report
In vitro fertilization banking services refer to the process of freezing and storing embryos or eggs for future use in fertility treatments. This allows individuals or couples to preserve their fertility options and increase their chances of having a child later in life.
The global in vitro fertilization banking services market was valued at US$ 3,885.6 million in 2022
North America region is expected to be the largest in vitro fertilization banking services market size during the forecast period from 2023 to 2031.
The global in vitro fertilization banking services market is expected to register a revenue CAGR of 9.80 %.
The global in vitro fertilization banking services market is expected to register a revenue CAGR of 9.80 %.
The increasing demand for fertility treatments and the growing popularity of egg freezing are prominent trends in the vitro fertilization banking services market.
The increasing prevalence of infertility and the rising demand for advanced fertility treatments are prominent opportunities in the in vitro fertilization banking services market.
The key challenge is the high cost associated with IVF procedures, which limits its accessibility to a large section of the population. Another challenge is the lack of awareness and social stigma surrounding infertility, which hinders the adoption of IVF services.
Major strategies adopted by key market players are product innovation, mergers and acquisitions, strategic partnerships, and expanding their geographical presence.
*Insights on financial performance are subject to the availability of information in the public domain