In the intricate tapestry of human existence, the primal urge to procreate and pass on genetic legacy is embedded deep within our DNA. Yet, for some, this process is fraught with complexities and hurdles that seem insurmountable. The advent of surrogacy agencies has brought a ray of hope for such individuals, paving a path towards parenthood that would otherwise remain elusive.

Surrogacy is a practice where a woman, referred to as a surrogate, agrees to carry a pregnancy for someone else who will become the newborn's parent after birth. This practice has historically been shrouded in a veil of controversy due to ethical and legal debates. However, it is increasingly becoming mainstream, with the advent of stringent regulations, advanced medical technology, and a greater societal acceptance.

A study of the surrogacy agency industry necessitates a keen understanding of various facets - the complexities of the market, the legal labyrinth, the bio-ethical dilemmas, and the omnipresent influence of cultural norms. Let's embark on this exploratory journey, armed with the power of empirical data and academic insight.

The industry, still somewhat nascent, has been witnessing exponential growth. According to a study by Allied Market Research, the global surrogacy market is estimated to reach $201.0 million by 2025, up from $112.8 million in 2017. These numbers, while indicative of the increasing popularity of surrogacy, are also reflective of the high cost associated with the process.

A significant factor contributing to this growth trajectory is the increasing incidence of infertility worldwide. According to the World Health Organization, about 10% of women worldwide are affected by infertility. This, coupled with the increasing acceptance of LGBTQ+ parenthood and single parenthood, has been instrumental in driving the demand for surrogacy.

The surrogate agency industry is currently witnessing a dichotomy in terms of legal regulations. While some countries have stringent laws and regulations governing surrogacy, others have a more relaxed stance. For instance, surrogacy is legal and regulated in countries like the USA and Ukraine. However, in countries like Germany and France, it remains illegal. Such varied legal landscapes have led to the concept of "reproductive tourism", with intended parents seeking surrogacy services in countries with favorable laws. This dichotomous legal environment leads to an interesting confluence of law, economics, and sociology.

A peek into the operational aspects of surrogacy agencies reveals a complex interplay of factors. The process begins with rigorous screening of potential surrogates, assessing them on various parameters like health, age, and psychological stability. The surrogate and the intended parents are then matched based on mutual compatibility. What follows is a legally binding contract, negotiated and agreed upon by both parties. Herein lies the importance of Game Theory, often deployed by agencies to ensure a fair and mutually beneficial outcome.

The bioethical aspects of surrogacy are often a subject of heated debate. Critics argue that it commodifies women's bodies and exploits their reproductive capabilities. Proponents, however, view surrogacy as an expression of bodily autonomy and a means to provide a valuable service. The resolution of these ethical dilemmas perhaps lies in a middle ground, where the rights and interests of all parties involved are protected, and the process is governed by empathy, respect, and fairness.

The future of the surrogacy agency industry seems to be veering towards technological innovation. Emerging technologies like In-Vitro Fertilization (IVF), Preimplantation Genetic Diagnosis (PGD), and advancements in neonatal care are set to revolutionize the industry. These technologies, while offering hope, also reiterate the need for robust legal and ethical frameworks.

In conclusion, the surrogate agency industry is certainly a complex one, an interconnected web of market dynamics, law, ethics, culture, and technology. It offers the hope of parenthood to those who seek it, yet poses formidable challenges. It is an industry balanced on the precipice of hope and controversy, progress and ethical dilemmas. Yet, at the heart of it all, it remains a testament to the indomitable human spirit and its quest for procreation. It stands as evidence of our capacity to innovate, adapt, and conquer. It is the story of life, in all its complexities and beauty.