The latest report from Future Market Insights has unveiled a promising growth trajectory for the global in vitro fertilization (IVF) banking services market, forecasting a surge to nearly USD 4,310.9 million by 2023. With a robust Compound Annual Growth Rate (CAGR) of 10.5%, the market is expected to reach a staggering USD 11,652.7 million by 2033.
The significant growth projections highlight a burgeoning demand for fertility preservation solutions worldwide, with egg banking services emerging as a dominant segment. By 2023, egg banking is anticipated to capture a substantial market share of 77.8%, underscoring its pivotal role in shaping the future landscape of IVF.
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The escalating adoption of fertility preservation techniques reflects a growing awareness and acceptance of IVF solutions globally. Advancements in technology further bolster this trend, reinforcing consumer confidence in IVF options. The report from Future Market Insights provides comprehensive insights into market trends, key drivers, challenges, and opportunities, offering invaluable strategic guidance to stakeholders navigating this dynamic landscape.
“The unprecedented growth of the global IVF banking services market signifies a transformative period driven by technological advancements and increasing awareness of fertility options,” remarked FMI. “Egg banking services are poised to play a crucial role in meeting evolving fertility needs, providing a promising avenue for market players to innovate and expand their offerings.”
Key Takeaways from the In Vitro Fertilization Banking Services Industry Study Report:
- The United States dominates the North American region with a total market share of over 86.6% in 2022. The United States market is projected to continue experiencing a growth rate of 8.1% throughout the forecast period.
- Meanwhile, the revenue contribution by Canada is poised to reach USD 277.8 million in North America’s in vitro fertilization banking services market by 2033.
- Germany is set to exhibit a CAGR of 7.4% in the European in vitro fertilization banking services market during the forecast period. Europe accounted for 53.5% of the total market share in 2022.
- China is projected to increase at a CAGR rate of 12.7% during the forecast period owing to a significant rise in medical tourism,
- Based on services, the egg banking segment is the leading market share holder of the market. Moreover, over the forecast years, this segment is projected to register a CAGR of 8.9%.
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Competitive Landscape for the In Vitro Fertilization Banking Services Industry Players:
- Cryopoint
- MyEggBank
- Fairfax Cryo Bank
- The World Egg Bank
- Cryos International
- European Sperm Bank
- Seattle Sperm Bank
- CCRM´s network
- Boston IVF´s network
Recent Developments by the In Vitro Fertilization Banking Services Industry Providers:
- Generate Life Sciences Company based in California expanded its business into Canada by creating a new sperm bank there in Feb 2021.
- Boston IVF, Inc. established a new fertility center in Massachusetts in August 2020 to increase its customer base.
Key Market Segments Covered in In Vitro Fertilization Banking Services Industry Research:
By Service type:
- Egg Banking
- Fresh Donor Egg Cycle
- Frozen Donor Egg Cycle
- Sperm Banking
- Sperm Storage Services
- Andrology Services
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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