Egg Freezing and Embryo Banking Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 – 2032

Egg Freezing and Embryo Banking Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 – 2032

The Global Egg Freezing and Embryo Banking Market was valued at USD 4.3 billion in 2023 and is projected to indicate a robust CAGR of 9.8% from 2024 to 2032. oocyte cryopreservation, also known as Egg freezing, involves freezing, extracting, and storing a woman's eggs (oocytes) for potential future use. This method empowers women to safeguard their fertility, granting them the flexibility to conceive at a later date. On the other hand, embryo banking entails creating and preserving embryos for future applications. This process usually entails fertilizing a woman's eggs with sperm in a lab, subsequently freezing the resulting embryos for later implantation.

The overall egg freezing and embryo banking industry is classified based on service type, technology, application, storage duration, age group, and region. The egg freezing and embryo banking market is segmented by service type into egg freezing and embryo banking. In 2023, the embryo banking segment led the market, generating a substantial revenue of USD 2.7 billion. This modern approach resonates with changing lifestyles and the trend of delayed parenthood, allowing individuals to safeguard their fertility potential.

As societal acceptance and awareness grow, so does the demand for these services. The Human Fertilization & Embryology Authority's 2023 report highlights a 6.87% rise in embryo storage cycles in the UK for 2020 and a notable 17.18% surge in 2021, both compared to 2019 figures. The long-term storage segment, valued at USD 2.5 billion in 2023, emerged as the dominant player in the market. Shifts in societal and cultural perspectives, recognizing diverse family planning avenues, coupled with increasing backing from insurance firms and employers for fertility preservation benefits, are bolstering the long-term storage segment of the egg freezing and embryo banking market.

Moreover, there's a notable uptick in demand for these services, especially among cancer patients advised to consider egg freezing or embryo banking as a protective measure against potential fertility impairment from treatments. In 2023, the U.S. led the North American market, raking in a revenue of USD 1.7 billion. In the U.S. and Canada, a pronounced trend sees women postponing childbirth for reasons like career progression, advanced education, and personal choices. This has significantly fueled the region's market growth, as many women now view fertility preservation as a strategic move to harmonize their professional and personal aspirations.Furthermore, the financial backing from insurance entities and employers, who are progressively incorporating fertility preservation coverage in health plans, has alleviated the financial burden on individuals, enhancing accessibility to these procedures in the region.