Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Sperm Bank Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, June 28, 2021 (GLOBE NEWSWIRE) -- The Global Sperm Bank Market is expected to grow at a CAGR of around 5.3% from 2020 to 2027 and reach the market value of over US$ 4,900.0 Mn by 2027.
North America dominates; Asia Pacific registers fastest growing CAGR for the sperm bank market
North America takes the lead in the sperm bank market, with a sizable market share. This is primarily due to the rising prevalence of infertility among the American population. For example, according to U.S. Department of Health and Human Services statistics updated in 2017, approximately 6.1 million women between the ages of 15 and 44 have difficulty becoming or remaining pregnant.
Europe has the second-largest market share for sperm banks. This is due to factors such as lower treatment costs compared to the United States and Canada, as well as an increase in the number of IVF centers. The rise of fertility tourism is also fueling regional demand.
On the other hand, Asia Pacific has the fastest growing CAGR in the sperm bank market. Growing demand for Assisted Reproductive Technology (ART) and low-cost treatment are two factors that are expected to drive regional growth. Furthermore, a favorable regulatory framework is a factor that is boosting the market.
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The key factors driving growth are advancements in cryopreservation techniques, increased awareness, the emergence of fertility tourism, and increased access to infertility treatment. An increase in the risk of miscarriage is also one of the key factors driving demand. One of the key drivers for the market is the rising prevalence of obesity around the world. Obesity is a known risk factor for low sperm count in men and female infertility. Men and women who are infertile use artificial insemination techniques. As a result, the rising risk of infertility due to obesity is expected to increase demand for fertility treatments such as In-vitro Fertilization (IVF), driving market growth.
Rising concerns about male infertility due to abnormal and insufficient sperm volume and ejaculatory issues are expected to drive demand for sperm bank services even further. Male infertility is caused by a variety of factors, including illicit drugs, toxic exposure, excessive alcohol consumption, and smoking. As a result of the increasing prevalence of male and female infertility worldwide, the adoption of infertility services such as donor insemination and IVF procedures is driving market growth.
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The global sperm banking market is segmented based on donor type, service type, and end-user type. The donor type segment is classified into known donor and anonymous donor. By service type, the market is segregated as sperm storage, semen analysis, and genetic consultation. By end-user, the market is bifurcated into donor insemination and in vitro fertilization.
The donor type segment accounts for the majority of the global sperm bank market. A key factor for the highest revenue share is the changing legal landscape in many countries mandating the right of offspring to know their biological parent.
Semen analysis has the highest revenue share in the global sperm bank market based on service type. This is due to an increase in the demand for ART procedures, as well as an increase in the demand for sperm analysis. Extensive sperm analysis is required prior to any ART procedure, and basic screening is required when storing sperms. As a result, among all sperm bank services, semen analysis has the highest demand.
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The in-vitro fertilization segment dominates the global sperm bank market by end-user. One of the key factors driving the sperm bank market is growing awareness of the advantages of IVF procedures over insemination procedures. One of the key factors driving growth is the procedure's high cost.
Some of the leading competitors are Fairfax Cryobank, Inc., Xytex Corporation, Andocryos, Cryo- Save AG, New England Cryogenic Center, Seattle Sperm Bank, London Sperm Bank, and among others.
Some of the key observations regarding the sperm bank industry include:
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