Vitrification Market Set to Witness an Uptick during 2020 to 2027

Posted by Mrudula Anil Karmarkar on February 10th, 2021

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, according to a new report by Grand View Research, Inc. 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 2020 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.

This rising trend of delaying parenthood/childbearing has created commercial opportunities for companies, such as Dadi, Kindbody, Legacy, and others, to offer cost-effective preservation services. Key startups are introducing value-added services such as home services, tapping more customers to opt for fertility preservation. Such offerings are anticipated to positively influence the uptake of vitrification services.

In addition, legal acceptance of same-sex marriage and an increase in single parenthood in several countries have increased the demand for preservation of eggs and sperms, resulting in increased demand for vitrification services. Furthermore, companies such as Facebook, Apple, and Google are offering policies to cover the costs of egg freezing. The confluence of these factors is expected to boost market revenue.

The rising incidence of cancer has also resulted in increased infertility prevalence. Considering oncological mutations, people with a greater chance of developing cancer are advised to seek egg preservation treatment for future use. This is because cancer treatment drugs can hamper fertility temporarily or permanently. Cancer therapists/oncologists are suggesting fertility preservation before starting with treatments such as chemotherapy, radiation therapy, or surgery to increase the chances of fertility in the future, thereby driving the adoption of vitrification services and products.

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The presence of an extensive distribution network for widespread presence across multiple countries coupled with extensive product portfolio has contributed to the wide presence of the key companies operating in the market. Companies have collaborated with distribution partners to expand their business footprint. Furthermore, emerging players in the market are trying to expand their geographical reach by mergers, collaborations, and co-marketing. For instance, Genea Biomedx has collaborated with Merck KGaA to mark its entry in the market in Europe. Similarly, Biotech INC and VitaVitro have partnered with the IVF store for product distribution in North America. Currently, commercial players are trying to dive into the emerging markets due to the spearheading growth demonstrated by those economies in the market. This is due to the presence of untapped potential coupled with the presence of the target population. Some of the prominent players in the vitrification market include:

•         Vitrolife
•         IVF Store LLC
•         Frozen Cell
•         Cook Medical Inc
•         Minitube
•         IMV Technologies
•         Coopersurgical Fertility And Genomic Solutions
•         Fujifilm Irvine Scientific
•         Biotech Inc.
•         Kitazato Corporation

Grand View Research has segmented the global vitrification market on the basis of specimen, end-use:

Vitrification Specimen Outlook (Revenue, USD Million, 2016 - 2027)

•          Oocytes

o    Devices

o    Kits & Consumables

•          Embryo

o    Devices

o    Kits & Consumables

•          Sperm

Vitrification End-use Outlook (Revenue, USD Million, 2016 - 2027)

•          IVF Clinics
•          Biobanks

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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