The in vitro fertilization (IVF) banking services market is gaining traction owing to the growing rate of infertility around the world. A recent study by the World Health Organization (WHO) states that infertility affects around 15% couples annually around the world.
Due to the growing cases of cancer the adoption of in vitro fertilization (IVF) is rising substantially among cancer patients, which in turn is fuelling the demand for in vitro fertilization banking services.
The increase in investment in order to obtain safe and secure sperm/egg storage facility coupled with the rising focus on cost-effective in vitro fertilization banking services is bolstering the growth of the market.
The healthcare industry is expanding fast and incorporating cutting edge technologies and equipment in their services. This in turn is aiding the expansion of the in vitro fertilization banking services market. It also is expected to gain from favourable government policies across various nations.
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According to Future Market Insights (FMI), the global in vitro fertilization banking services market is anticipated to grow at over 11% CAGR during the forecast period from the year 2020 to 2030.
Despite facing a few difficulties due to COVID-19 pandemic, the market is projected to grow steadily in the coming years.
FMI offers an exhaustive overview of the in vitro fertilization banking services market, along with information on its potential, growth drivers, and restraints.
Some of the key takeaways from the report are highlighted below
- The demand for egg banking services is expected to surge considerably in the coming years
- Europe will lead in the in vitro fertilization banking services market throughout the forecast period
- Latin America will emerge lucrative in the in vitro fertilization banking services market in the coming years
- The rising demand for andrology services will augment growth prospects
- Fresh donor egg cycle services will remain highly sought-after among various egg banking services available
COVID-19 Impact Analysis
In vitro fertilization is a costly and time consuming process hence the financial crisis caused due to the COVID-19 pandemic has severely affected the in vitro fertilization banking services market.
As the focus has shifted towards emergency services in healthcare sector, the demand for in vitro fertilization has been decreased substantially affecting the growth of in vitro fertilization banking services market.
Though the market has been affected due to the pandemic, it is anticipated to get back to its feet by the end of the year 2021 creating ample of opportunities for the key market players.
Who is Winning
The global in vitro fertilization banking services market is forecast to grow exponentially in the coming years. In order to capitalize on prevalent opportunities, key market players are focusing on providing a wide range of services.
For instance, The World Egg Bank has announced Canadian Primary Establishment License in November, 2020. The World Egg Bank was acknowledged as the first egg bank to qualify and receive a Canadian Primary Establishment License. Despite facing constraints due to COVID-19, The World Egg Bank has thousands of donor eggs available for immediate shipment.
MyEggBank has signed an agreement with Cryoport, Inc., the world’s leading temperature-controlled logistics company dedicated to the life sciences industry in February, 2020 in order to utilize Cryoport’s temperature-controlled supply chain solutions to deliver a superior patient experience.
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