Cryopreservation for In-vitro Fertilization (IVF) Market is set to reflect an impressive 10.2% CAGR through 2020-2030
The global cryopreservation for IVF market has witnessed a moderate drop in 2020, attributed to the ongoing coronavirus pandemic. Restrictions on production facilities, and reduced consumer expenditure on the sector has hurt market prospects for the short term.
As per the latest market study by Future Market Insights (FMI), the cryopreservation for IVF market is expected to grow at an impressive 10.2% CAGR through 2030. According to the report, innovations in terms of vitrification processes, especially for oocyte preservation aids market developments.
Despite the strong growth of cryogenics in the healthcare sector, prohibitive costs and strict rules on IVF treatments, coupled with complexities and limitations of tech in the market hold back growth.
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Key Takeaways on Cryopreservation for IVF Market
- The cryopreservation for IVF market size surpassed US$ 339 Mn in 2019, with market growth witnessing a moderate slump throughout the duration of the covid-19 outbreak, as lockdown restrictions hinder supply chains, and consumers redirect expenses towards essential commodities.
- IVF clinics will continue as the leading user of cryogenics in IVF treatments, the segment is projected to account for more than 60% of the overall market share over the forecast period.
- Cryogenic liquid cylinders are witnessing high demand in the cryopreservation for IVF market, aided by the wide scope of application in vitrification processes.
- East Asia will remain a leading regional market for cryopreservation in IVF centres, supported by relatively lower costs of healthcare and positive changes to population policies. Also, Latin America is expected to display strong growth owing to research applications.
Covid-19 Effects on Cryopreservation for IVF Market
The cryopreservation for IVF sector has been negatively impacted by the ongoing covid-19 pandemic. Concerns over procedures and precautions in terms of handling seropositive patients are influencing short-term developments. Also, the risk of cross contamination and viral transmission during cryogenic procedures will limit adoption during this period.
Cryogenic device production facilities have been affected by lockdown regulations, while restrictions on elective medical procedures have also hurt market developments. The market is expected to recover towards 2021 with rebounding consumer spending on cryogenics and IVF treatments in the post-pandemic era.
Who is Winning?
In a recent report, Future Market Insights has provided a detailed overview of the varying business strategies that find use in the cryopreservation for IVF market. Leading players in the sector have invested in the development and launch of new product offerings, with the incorporation of cutting-edge tech. Strategic collaborations and acquisitions are also gaining popularity in the industry.
Thermo Fisher Scientific Inc., Millipore Sigma, Fujifilm Irvine Scientific Inc., Vitrolife AB, Kitazato Corp., Brooks Life Sciences, Corning Inc., Worthington Industries Inc., Cook Medical LLC, are the most prominent players in the market.
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