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New service will address a significant market opportunity and grant new flexibility to women seeking reproductive flexibility
BANGKOK, Jan. 13, 2025 (GLOBE NEWSWIRE) -- NewGenIvf Group Limited (NASDAQ: NIVF) (“NewGen” or the “Company”), a comprehensive fertility services provider in Asia helping couples and individuals obtain access to fertility treatments, today announced the launch of its innovative lifetime egg freezing service in Asia. The innovative “one charge, no worries” fertility preservation solution is designed to serve the growing needs of women across Asia, and will allow customers to make a one-time payment to arrange for lifetime egg freezing.
NewGen’s new service addresses a robust market opportunity, particularly in light of increasing demand for egg freezing services in the region. The global egg freezing and embryo banking market, valued at US$3.9 billion in 2022, is projected to grow at a compound annual growth rate (CAGR) of 16.8% from 2023 to 2030 according to a recently released independent third-party research report. NewGen’s lifetime service is specifically designed to meet the needs of working women and professionals who seek reproductive flexibility without recurring storage fees or time limitations.
NewGen aims to achieve significant market penetration for the service in its first year of operations, targeting annual revenue of US$12 million. The Company’s new service launch comes as egg freezing is increasingly being recognized as an important workplace benefit, with major companies in Asia beginning to offer fertility preservation benefits to their employees. Asian governments have also recognized the technology’s potential, with Tokyo’s metropolitan government introducing a subsidy in 2023 which covers a portion of the cost of egg freezing to residents regardless of marital status.
NewGen plans to implement an integrated marketing strategy to build brand awareness and establish partnerships with key healthcare providers. Market research indicates particular strength from the Chinese market, where a research report on China’s assisted reproduction industry by a Beijing-based think tank found that over 60 percent of surveyed women, predominantly aged 30-34 and with higher education levels, expressed interest in egg freezing services. Existing restrictions on egg freezing in China means Chinese customers must turn to international providers such as NewGen for these services.
Mr. Siu Wing Fung Alfred, Founder, Chairman, and CEO of NewGen, commented, “Our lifetime egg freezing service represents a transformative step forward in making fertility preservation more accessible and worry-free for women across Asia. We recognize that modern women, particularly those focused on their careers, are seeking greater flexibility and control over their reproductive choices. By removing the traditional storage time limits and offering a comprehensive lifetime service, we are addressing a crucial need in the market. Our research indicates strong demand, particularly among educated, professional women, and we believe we are positioned to become a leading provider of this essential service in the region.”