The global vitrification market was valued at USD 6.51 billion in 2020 and is expected to grow at a CAGR of 17.5% during the forecast period. The demand for vitrification is growing owing to the advent of automated vitrification equipment and the rising infertility rate impelling the market growth around the world and increasing inclination towards the preservation of bio-specimens and growing infrastructural spending for the fertility preservation space.
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Furthermore, rising responsiveness for the availability of vitrification as well as the presence of the major market player is fostering the vitrification market growth in the forthcoming scenario. The overall globe is fighting against the COVID-19 pandemic and struggling to prevent the spread of deadly coronavirus.
Likewise, governmental agencies such as the FDA in the U.S order utilization of donor embryos presented with further regulation for cases where heterologous material is adopted. Therefore, it shows a considerable slowdown in the market for vitrification due to government restrictions as well as social distancing.
The increasing number of campaigns and initiatives for the donation of eggs and experiencing innovative approaches are stimulating the vitrification market demand around the world. Egg donation facilitates a woman to get pregnant with other eggs as she cannot get pregnant with her eggs. There are large volumes of egg banks are creating, which provide various opportunities for communal development.
For instance, in June 2021, MyEggBank introduced its rebranding campaign- “This is who we are” and developed the company’s services with Synchronous Egg Donor Program in North America. The aim of launching this campaign is to highlight reflecting its promise to the patient experience through novel assisted reproductive technologies and science with a forward-thinking and innovational approach.
This launch also consists of the market growth for vitrification of the donor services through programs such as Synchronous and Asynchronous; they are using preimplantation genetic testing (PGT) that genetically screens embryos for chromosomal deformities. This may positively influence the adoption of such services, which, in turn, will flourish the market growth for vitrification.
The market is primarily segmented on the basis of specimen, end-use, and region.
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The oocyte segment is the leading segment in terms of revenue generation in 2020 and is expected to dominate the market for vitrification in approaching years. Owing to it facilitating a higher intracellular content, as well as slow freezing, it is likely to harm the intracellular components of the oocytes, which, in turn, leads to the dominance of the market for vitrification around the world.
Moreover, the advent of vitrification reduces the formation of ice crystals during slow cooling and efficiently handles this activity that lessens the chances of failure. A considerable amount of vendors is presenting kits and consumables under the oocyte segment.
For instance, KITAZATO CORPORATION offered warming media used in more than 1,500,000 clinical cases for oocytes in the 90 nations and 2,200 supported reproduction centers. This is a huge accomplishment of products that stimulates market growth for vitrification globally. The embryo segment is accounted with the highest number of shares and grows at a significant pace.
The embryos are placed in a high concentration of the solution for seconds and then immediately freeze the component that helps in avoiding the formation of ice crystals. It is provided with the end-user's wants to conceive by removing reproductive materials from the solutions. It is utilized for achieving pregnancy by opting for state-of-the-art treatments like in vitro fertilization (IVF). Therefore, it gains huge traction among the population as it offers a higher success rate.
The IVF clinics segment was accounted for the largest revenue generator in 2020. The growing adoption of the consumables and devices in the IVF clinical settings for increasing efficiency of the market fuels as well as enhancement of the reproductive health spaces boost the vitrification industry demand. In addition, increasing penetration of the vitrification by IVF clinics for developing the pregnancy rates and survival rates also attributes to the vitrification market development over the forecasting period.
Therefore, IVF clinics create a lucrative market growth for vitrification around the world because of the rising number of preservation of specimens by both males and females for future use. The biobanks segment is expected to show the highest CAGR in the near future owing to factors like growing awareness about vitrification techniques for preserving specimens by both genders.
Moreover, the considerable amount of biobanks that offer egg donation process tied with the increasing inclination towards the vitrification method from the beginning of slow freezing of biospecimens has impelled demand of the cryobanking of the embryo, sperm, and eggs.
Geographically, Europe is the largest contributor of revenue in 2020 and is expected to dominate the global market for vitrification in the forecasting period. The presence of well-established Assisted Reproduction Technology (ART) space in the region leads to the market's dominance. Moreover, increasing spending on research and healthcare, along with the existence of the major leading players, has exhibited noteworthy market growth in product portfolio and sales across the region. Therefore, these factors create a productive demand for vitrification in Europe.
Moreover, the Asia Pacific is projected to grow at the highest CAGR across the globe in the approaching years. Owing to the factors such as the growing population in the region coupled with the increasing spending on fertility treatment. Moreover, increasing availability of the healthcare facilities as well as growing awareness among the population also acts as a catalyzing factor for market growth for vitrification in the approaching years.
For instance, in February 2019, Merck introduced fertility centers in India introduced two devices Geri and Gavi, a whole civilized medium suite. This is going to be accessible in collaboration with Genea Biomedx to hospitals and IVF clinics. This new technology offers a surrounding that facilitates the reduction of external stresses on patients’ embryos undergoing fertility treatment. Accordingly, these factors are gaining huge prominence across the APAC region.
Some of the Major Players operating in the global market include Biotech Inc., Cook Medical Inc., CooperSurgical Fertility Company, Frozen Cell, Fujifilm Irvine Scientific, IMV Technologies, IVF Store LLC, Kitazato Corporation, MINITÜB GMBH, and Vitrolife.
Market size value in 2020
USD 6.51 billion
Revenue forecast in 2028
USD 22.47 billion
17.5% from 2021 - 2028
2016 - 2019
2021 - 2028
Revenue in USD billion and CAGR from 2021 to 2028
By Specimen, By End-Use, By Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Biotech Inc., Cook Medical Inc., CooperSurgical Fertility Company, Frozen Cell, Fujifilm Irvine Scientific, IMV Technologies, IVF Store LLC, Kitazato Corporation, MINITÜB GMBH, and Vitrolife.