Introduction
The Global Egg Freezing and Embryo Banking Market is a rapidly evolving sector within the healthcare industry, driven by various socio-economic factors and technological advancements. According to the latest TechSci Research report titled “Egg Freezing And Embryo Banking Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028,” the market stood at USD 3.84 billion in 2022 and is anticipated to grow with a CAGR of 16.56% during the forecast period of 2024-2028. This growth is attributed to factors such as career aspirations, financial stability, delayed childbearing, and advancements in fertility preservation technologies.
Career Aspirations and Financial Stability
Career aspirations and financial stability play a significant role in the decision-making process of individuals when it comes to family planning. Many people prioritize their professional goals and financial stability, often leading to delayed parenthood. Egg freezing and embryo banking offer a solution that allows individuals to focus on their careers without compromising their future reproductive options. This is particularly important for women, as they may face a narrowing window of fertility as they age. Additionally, cross-border fertility preservation is becoming more common, driven by cost considerations and the desire to access cutting-edge technologies.
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Delayed Childbearing and Sociodemographic Factors
The market for egg freezing and embryo banking is poised for growth, primarily due to delayed childbearing driven by sociodemographic factors. According to data from the Centers for Disease Control and Prevention (CDC), there has been a significant shift towards delayed parenthood, with an increasing number of assisted reproductive technology (ART) cycles dedicated to egg or embryo banking. This trend is expected to be a driving force behind the expansion of the market, as more individuals seek fertility preservation options.
Rising Demand for Fertility Care
Infertility is a prevalent issue affecting approximately 17.5% of the global population, according to the World Health Organization’s 2023 report. In response to this rising demand for accessible and cost-effective fertility care, more individuals are turning to egg and embryo banking as an option. This growing trend in fertility preservation is anticipated to propel market growth, as individuals seek ways to preserve their reproductive options for the future.
Impact of COVID-19 Pandemic
The egg freezing and embryo banking market experienced a positive upswing during the COVID-19 pandemic. According to a June 2023 report from the Human Fertilisation & Embryology Authority, the UK witnessed significant growth in this domain during the pandemic. The post-pandemic period saw a surge in fertility preservation cases, driving market expansion as individuals became more aware of the importance of preserving their reproductive options in uncertain times.
Government Initiatives and Policy Changes
Government initiatives play a significant role in propelling the growth of the egg freezing and embryo banking industry. For example, in Australia, the expansion of fertility treatment rebates, including egg freezing procedures, has increased accessibility to fertility preservation options. Such proactive measures are anticipated to enhance the accessibility of fertility preservation, thereby driving market growth.
Segmentation of the Global Egg Freezing and Embryo Banking Market
The Global Egg Freezing and Embryo Banking Market is segmented based on type, preservation, regional distribution, and company. The following are some key insights from the report:
Type:
- The market in 2022 was primarily driven by individuals who did not opt for donor eggs, constituting the most substantial portion of the revenue.
- Data from the CDC underscores a clear preference among women for using their own eggs for preservation and storage of embryos.
Preservation:
- The embryo banking sector emerged as the dominant force in the market in 2022, securing the largest share of revenue.
- Embryo storage cycles have witnessed notable growth, driven by evolving lifestyle patterns and delayed family planning.
Regional Distribution:
- The United Kingdom witnessed a notable increase in the number of embryo storage cycles, indicating a growing trend in fertility preservation.
Company Analysis:
- Prominent players in the market include companies offering egg freezing and embryo banking services, with a focus on technological advancements and service expansion.
Competitive Analysis
The competitive landscape of the global egg freezing and embryo banking market is characterized by the presence of several key players striving to gain a competitive edge through various strategies such as mergers and acquisitions, product innovations, and geographical expansions. Some of the prominent players operating in the market include:
- Extend Fertility
- Vitrification
- EggBanxx
- OvaScience
These companies are focusing on research and development activities to introduce innovative technologies and services in the field of fertility preservation, thereby strengthening their market position and expanding their customer base globally.
The global egg freezing and embryo banking market is witnessing significant growth and expansion, driven by factors such as delayed childbearing, rising infertility rates, advancements in fertility preservation technologies, and government initiatives. The market is highly competitive, with key players focusing on technological innovations and service expansion to gain a competitive edge. With the increasing awareness about the importance of fertility preservation and the growing demand for accessible and cost-effective fertility care, the market is expected to continue its upward trajectory in the forecast period.
Major companies operating in Global Egg Freezing And Embryo Banking Market are:
- ReproTe
- ch LLC
- Cryo-Cell International Inc
- CCRM Fertility Clinic and IVF Clinic
- RMA Fertility Clinics
- Carrot Fertility Inc
- WINFertility, Inc.
- Shady Grove Fertility Reproductive Science Center
- Kindbody
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“The global egg freezing, and embryo banking market is in the midst of significant transformation, driven by the emerging trends. Social freezing, increased inclusivity, advances in cryopreservation techniques, telehealth, personalized medicine, innovative techniques, legal and ethical frameworks, and cross-border fertility tourism are poised to redefine the industry,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Egg Freezing And Embryo Banking Market By Type (Donor, Non-donor), By Preservation (Egg freezing, Embryo Freezing), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Egg Freezing And Embryo Banking Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Egg Freezing And Embryo Banking Market.
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