Dublin, Nov. 22, 2023 (GLOBE NEWSWIRE) -- The "Vitrification Market Size, Share & Trends Analysis Report By Specimen (Oocytes, Embryo, Sperm), By End-use (IVF Clinics, Biobanks), By Region (Europe, Asia Pacific, MEA, North America), And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global vitrification market size is expected to reach USD 24.25 billion by 2030, growing at a CAGR of 16.74% from 2023 to 2030
The development of vitrification was spurred by advancements in fertility preservation procedures. This innovative technology provides specimen preservation solutions that not only shorten preservation time but also reduce exposure to cryoprotectants. This has accelerated the adoption of vitrification devices, resulting in the market's profitable revenue growth.
Delaying parenthood is primarily coupled with sociodemographic aspects, including career/education goals, the rising influence of women's empowerment movements, lack of a partner, and financial barriers, which are the primary reasons for driving the market growth. Several studies have reported a lack of a suitable partner as the most common reason for not having a child till the age of 30 to 40 years. 
In addition, as per a CDC report, in the U. S., the average age of women having their first child has increased over previous decades. Moreover, a CDC report titled National Health Statistics Report, published in January 2023, showed that the average age at first birth for women and men aged between 15 and 44 years in 2015-2019 was 23.7 & 26.4, respectively, which was higher than the average age at first birth for women and men in 2011-2015.
In addition, the average age at first birth was found to be the highest for non-Hispanic Asian women, which was 28.4. This has increased the demand to preserve oocytes and sperm to address infertility issues at older ages and further propels the market growth. According to the CDC, around 6.1 million women in the U. S. aged between 15 and 44 years face issues staying or getting pregnant. Moreover, according to IVF Australia, around 16.66% of couples in Australia have infertility in their reproductive age.
The increasing cases of infertility further propels the demand for fertility preservation services and drives market growth. In addition, legal endorsement of same-sex marriage and a rise in single parenthood in numerous nations have raised the demand for cryopreservation of eggs & sperm, resulting in increased demand for vitrification services. Countries, such as Japan, are providing financial help to women seeking egg freezing.
According to the American Cancer Society, experts recommend egg freezing or embryo freezing to women with cancer to preserve fertility, further increasing the demand for fertility preservation services. These are indicators of increased acceptance of fertility preservation in society, which are driving the overall market growth. However, risks associated with fertility preservation protocols and procedures are anticipated to hamper the market growth to a considerable extent.
Vitrification Market Report Highlights
- By specimen, the oocytes segment accounted for the largest share of 41.94% in 2022. The efficacy of the method has been proven by increased rates of oocyte survival and pregnancies, along with increased live births. Such advancements in oocyte vitrification techniques are anticipated to drive the segment growth
- The IVF clinics end-use segment accounted for the largest share of 59.96% in 2022 due to the extensive utilization of equipment and supplies in these end-use settings. Vitrification technology has substantially enhanced the reproductive health space in terms of IVF success rate and the number of freezing cycles for oocytes & embryos
- Europe held the largest share of 39.87% in 2022. This is mostly due to its long-standing involvement in the field of Assisted Reproduction Technology (ART). The predicted revenue share of this region has also been influenced by the existence of many major companies across Europe
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 130 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $7.1 Billion |
| Forecasted Market Value (USD) by 2030 | $24.25 Billion |
| Compound Annual Growth Rate | 16.7% |
| Regions Covered | Global |
Market Dynamics
Market Driver Analysis
- Increase In Delayed Childbearing/Parenthood
- Social Acceptance Of Fertility Preservation Techniques
- Rising Awareness About Reproductive Health
- Increase In Prevalence Of Infertility And Infecundity
Market Restraint Analysis
- Technical And Ethical Challenges Of Fertility Preservation
- Low Risk-Benefit Ratio
Business Environment Analysis
- PESTEL Analysis
- Porter's Five Forces Analysis
COVID-19 Impact Analysis
Device Benchmarking
Competitive Landscape
- Vitrolife
- Genea Biomedx
- NidaCon International AB
- Minitube
- IMV TECHNOLOGIES GROUP (Cryo Bio System)
- The Cooper Companies, Inc. (A CooperSurgical Fertility Company)
- FUJIFILM Corporation (FUJIFILM Irvine Scientific)
- Biotech, Inc.
- Kitazato Corporation
- Shenzhen VitaVitro Biotech
For more information about this report visit https://www.researchandmarkets.com/r/ij8lw6
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