Vitrification Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030
Vitrification Market: Overview
Vitrification has developed with the growing number of fertility preservation techniques. These techniques are efficient to preserve specimens that reduce preservation time as well as minimize cryoprotectants exposure. It has spurred growth in the vitrification market and also added lucrative opportunities for revenue generation.
The field is anticipated as a blooming business in women health and reproductive domains. Further, the vitrification market is also expecting double-digit growth in the near future. The vitrification market is driven by delayed childbearing because of some sociodemographic factors, such as lack of a partner, financial barriers, impacting women empowerment movements, and educational or carrier goals.
The vitrification and largest revenue share has been dominated by the IVF clinic segment. The increasing rate of consumables and devices from this end-use industry is boosting the growth in the vitrification market. There is a subsequent improvement in the reproductive health of people with the significant success rate of IVF and embryo and oocytes freezing cycles. The men, as well as women, use vitrification for the preservation of their specimen to use in the future, so it results in an increased number of clinics providing the facility.
Vitrification Market: Key Trends
The cost-effective specimen preservation services provided by various companies further boost opportunities in the vitrification market. There are a lot of new startups in the industry that offer facilities such as persuading more consumers to opt for fertility preservation while counting different benefits. They also provide home services and serve as value-added facility providers in the vitrification market.
Same-sex marriage has been accepted legally in different countries across the world. The further increasing rate of single parenthood in various countries has also raised the need for eggs and sperms preservation, and it creates lucrative industry opportunities in the vitrification market. Some well-established MNCs are also persuading their employees for egg freezing as they cover its cost through different policies.
The increasing rate of cancer patients also results in infertility. Patients with oncological mutations are at greater risk to develop cancer. So these people have advised treatment for egg preservation for future use. So all these cumulative health and other reasons boost growth in the vitrification market.
Vitrification Market: Competitive Dynamics and Key Developments
The vitrification market is driven by an extensive network channel across the countries. Further, the market players have a strong product portfolio to contribute to the wide presence of these vitrification companies. These are collaborating with different distribution partners for the expansion of their market footprints. Co-marketing, collaborations, and mergers are some techniques that are used by new industry players for the expansion of their geographical reach. For example, Genea Biomedix has opted for collaboration with Merck KGaA for a remarkable entry into the European market. Further, VitaVitro and Biotech INC have signed a partnership with IVF store for increased effective distribution of products in North America.
Some of the key industry players in the vitrification market include:
Vitrification Market: Regional Assessment
The European market has dominated in the vitrification market and contains a major share of market revenue. The reason for such dominance is ownership to a well-established presence in the vitrification market with the help of the Assisted Reproduction Technology (ART). Furthermore, the increasing number of key European market players in the vitrification market further boosts growth opportunities in the industry. Following the footprints of Europe, the U.S. market is also showing significant growth concerning sales and penetration in the market during the past few years. A significant number of patients coming from the developing economies are seeking specimen preservation treatment in developed economies, for example, the U.S. All these factors add value to the growth in the vitrification market at the global level. Further, China is also creating diverse opportunities in the vitrification market with the increasing adoption of specimen preservation techniques.
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