Noida, Nov. 04, 2021 (GLOBE NEWSWIRE) -- An increasing number of infertility issues among men and women resulting from unhealthy lifestyles is driving the growth of the global sperm bank market. Furthermore, the growing awareness of assisted reproductive technology (ART) is anticipated to boost the market growth…
A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global sperm bank market was worth USD 4,654.0 million in 2020. The market is projected to reach USD 5,970.0 million by 2027, growing at a CAGR of 4.0% during the forecast period (2021-2027). The global sperm bank market is fueled by the rising number of miscarriages worldwide, technological advancements in sperm storage, rising awareness of infertility issues, and advances in cryopreservation.
Growing fertility tourism favoring the global sperm bank market
Due to the growing trend of fertility tourism in countries like Spain, Denmark, the Czech Republic, and India, the demand for semen analysis services has increased significantly. According to the National Association for Fertility Problems data, Spain accounted for more than 40% of European fertility tourism. A total of 138,553 IVF cycles and 36,463 artificial inseminations were performed in Spain's 307 public and private clinics in 2016. India is also fast becoming one of the world's most popular fertility tourism spots. The number of Indian couples opting for fertility services in India is about 5%, while 70% of surrogacy cases come from foreign clients and 25% come from non-resident Indians and persons of Indian origin. The Australian government also granted exemptions to citizens traveling overseas for IVF treatment or surrogacy arrangements in June 2021. As the vaccination rate is rising worldwide, more countries are allowing tourists into their countries. Thus, fertility tourism is likely to grow in the forecast period, supporting the growth of the global sperm bank market.
Increasing prevalence of miscarriages driving the growth of the global sperm bank market
Experiencing a miscarriage is an unfortunate experience for everyone involved, and the number of women suffering miscarriages is on the rise globally. According to March of dimes, almost 10-15% of pregnant women miscarry a non-profit organization. Miscarriages can be caused by various reasons, including infection, hormonal irregularities, uterine abnormalities, radiation, severe kidney problems, and thyroid disease.
Tommy's, a registered charity in England, Wales, and Scotland, reports that 1 in every four women experiences a miscarriage, and one in every hundred women experiences recurrent miscarriages (three or more in a row). Despite this, more than six out of ten women who suffer from recurrent miscarriages can conceive successfully by using IVF, IUI, and others. As more and more people become aware of the miracles of IVF, IUI, and other similar techniques, the demand for sperm and sperm bank is likely to propel the growth of the global sperm bank market.
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High cost of the procedures impeding the growth of the global sperm bank market
The high costs associated with procedures, such as in vitro fertilization (IVF), intrauterine insemination (IUI), and other similar procedures are a major hindrance to the growth of the global sperm bank market. According to the American Society of Reproductive Medicine, the average cost of an IVF cycle in the U.S. is USD 12,400. This figure varies greatly based on the patient's location, amount of medication administered, and the number of cycles performed. The high cost of these techniques and other similar techniques means that most people in developing nations cannot afford such procedures, which hinders the growth of the market.
In-Vitro Fertilization accounted for the largest share in the global sperm bank market in 2020
Global sperm bank market can be grouped into intracervical insemination, intrauterine insemination, in-vitro fertilization, and others segment, based on insemination techniques. Among these segments, in-vitro fertilization (IVF) dominated the global sperm bank market with largest market share in 2020. In-Vitro fertilization is the most common type of procedure with an average pregnancy success rate of 27.3% per cycle; however, the pregnancy success rate goes up to 45-53% after three full cycles of IVF. With the advancement of technology and techniques, success rates are increasing among all age groups. In-vitro fertilization has received a large market share in the global sperm bank market due to this factor.
Global Sperm Bank Market: Regional insights
The global sperm bank market is geographically grouped into the Asia-Pacific (APAC), North America, Europe, Latin America, and the Middle East & Africa regions based on regions. North America dominated the global sperm bank market in 2020 owing to the large number of people in the region suffering from fertility issues. According to the Centers for Disease Control, 12% of women in the U.S. have difficulty getting pregnant or carrying a child to term, and 10% of couples cannot conceive after two years of unprotected sex. A high prevalence of obesity, a robust healthcare infrastructure, major market players, and the large number of people suffering from fertility issues in North America have also contributed to the dominance of the global sperm market in 2020.
COVID-19 Impact on Global Sperm Bank Market
One of the few markets that saw increased demand during the lockdown phase was the global sperm bank market. The supply, however, was insufficient due to lockdown restrictions and disruptions in the value chain. According to The Fertility Partnership, one of the largest fertility specialists in the UK, the number of UK donors has declined by 66% since the pandemic. Since March 2020, patients waiting to get sperm donations have been unable to find donors due to a shortage of suitable donors and sperm. Sweden and China are currently witnessing an acute shortage of sperm due to decreasing number of sperm donors. Additionally, the sperms banks now require donors to be fully vaccinated, making it difficult for unvaccinated people to donate sperm. The demand for sperms is likely to go up as demand for ART (assisted reproductive technology) increases in the coming years.
The Leading Players Operating in the Global Sperm Bank Market are California Cryobank, Cryos International, Fairfax Cryobank Inc., European Sperm Bank, Androcryos, CSG-BIO, Cryobio, NW Cryobank., Indian Spermtech, New England Cryogenic Centre, Seattle Sperm Bank, London Sperm Bank, Baby Quest Cryobank Pvt. Ltd., ReproTech Limited, Semovo, Generate Life Sciences, and others. Companies operating in the global sperm bank market constantly strive to increase their market share by increasing awareness, launching new facilities, enhancing existing technologies, or launching new methods and techniques. The Zhejiang Sperm Bank, faced with a severe sperm shortage due to low awareness and a small number of suitable donors, appealed to the public for sperm donations in 2021.
Recent Developments
In August 2021, Cryos International Sperm and Egg Bank opened its second satellite sperm donation center in the United States at 4414 Lake Boone Trail, Suite 108 in Raleigh. The bank is open Monday through Friday from 8 a.m. till 4 p.m., with a focus on recruiting men aged 18 to 45.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global sperm bank market. The report also examines the factors influencing forecasts of total market size. Additionally, it promises to provide recent technology trends, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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