The global sperm bank market size is expected to reach USD 5.45 billion by 2025, at a CAGR of 3.3% over the forecast period, according to a new report by Grand View Research, Inc. The market is majorly driven by increasing incidence of male andfemale infertility, rising acceptance of sperm banking services, and government initiatives in Assisted Reproductive Techniques (ART). Increasing cases of miscarriage is also one of the key growth contributors.
According to the female age-related infertility study by the American Society for Reproductive Medicine (ASRM), fertility decreases with age. Risks of complications during pregnancy also increase with age, resulting in the use of donor sperms or eggs. Rising trend of smoking is also affecting fertility in males and females. Female smokers achieve menopause earlier as compared to nonsmokers and are also at higher risk of miscarriage. This also represents lucrative opportunities for the market growth.
Rise in funding and supportive initiatives for ART has driven growth of the Sperm Bank Market. For instance, the Australian government funds the ART services under the Medicare Benefit Scheme. It supports the access to In vitro Fertilization (IVF) or ART for the people unable to have children. Other countries with supportive initiatives include U.K., Singapore, and Canada.
Growing acceptance of Lesbian, Gay, Bisexual, and Transgender (LGBT) community is also a key market driver. The Human Rights Campaign (HRC) reports that the LGBT community is growing in U.S., and a survey states that more than 10,000 LGBT identified youth are aged between 13 and 17 years. This represents growing demand for sperm banking services in the country.
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Further key findings from the report suggest:
- In 2018, known donor segment held the largest market share in terms of revenue owing to legal framework in various countries against donor anonymity
- Semen analysis accounted for the highest revenue share in 2018. However, sperm storage segment is expected to expand at the faster CAGR over the forecast period
- In vitro fertilization held the largest revenue share in terms of end use, in 2018 and is anticipated to expand at a CAGR of 3.3% over the forecast period
- Asia pacific is expected to register the fastest CAGR over the forecast period owing to the growing fertility tourism and low cost of the procedure
- Key players operating in the sperm bank market include Fairfax Cryobank, Inc.; Cryo-Save AG; Andocryos; New England Cryogenic Center; Indian Spermtech; Seattle Sperm Bank; Xytex Corporation; and London Sperm Bank.