In-vitro fertilization (IVF) is a method used in conceiving babies by couples. The rise in infertility rates due to a host of various problems, genetic or otherwise, is expected to lead to many couples opting for this method. The global in-vitro fertilization market report by Market Research Future (MRFR) contains the challenges and growth enablers for IVF kit manufacturers for the period of 2018 to 2023 (forecast period). The impact of the COVID-19 pandemic and its in-depth analysis has been included in the report.
In Vitro Fertilization Market Dynamics
The global in-vitro fertilization market size can reach a value of USD 12,714 million by 2023. It is predicted to accrue revenues at a CAGR of 10.50% over the forecast period. Infertility is a major issue affecting couples in urban and rural areas. According to the Center for Disease Control & Prevention (CDC), nearly 7.4 million women in the U.K. have difficulty in conceiving. Similar statistics are noticed in the U.K.
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In addition, lifestyle changes, government regulations for reimbursement schemes, and efforts by industry leaders can benefit the market. Breakthroughs in male fertility such as intracytoplasmic sperm injection (ICSI) and establishment of fertility centers can bode well for the market. In addition, government initiatives for encouraging fertility treatment and screening programs in rural areas to increase the chances of birth can bode well for the market.
But the stigma pertaining to the use of IVF as well as its high costs can hamper the market growth.
In Vitro Fertilization Market Segmentation
The global in-vitro fertilization devices market is segmented on the basis of product, type, and end-user.
In-vitro fertilization products are broadly segmented into devices and reagents. Devices are further sub-segmented into cerosystem, sperm separation system, imaging systems, micromanipulator, and ovum aspiration pump. Similarly, reagents are sub-segmented into embryo culture media, cryopreservation media, sperm processing media, and ovum processing media. Among the products, devices were valued at USD 3,739.7 in 2017 due to the increased use of imaging systems in IVF treatments. It is expected to grow at the highest CAGR during the forecast period.
Various types of in-vitro fertilization techniques include IVF using donor eggs, intrauterine insemination (IUI), in-vitro fertilization (IVF), and intracytoplasmic sperm injection (ICSI). The IUI segment accounted for the largest share of the market and preferred due to its minimally invasive nature. The segment is touted to witness a CAGR of 11.68% during the forecast period.
End-users of IVF include clinical research centers, fertility clinics, hospitals, and others. The fertility clinics segment accounts for the largest segment in the In Vitro Fertilization Market. It will dominate till the end of the forecast period owing to offerings of assisted reproductive technologies (ART) and other programs. The hospital segment is the second largest and is expected to accrue revenues at a CAGR of 12.92% during the forecast period.
In Vitro Fertilization Market Regional Analysis
Europe held the most significant share of the global IVF devices market. This can be attributed to the average birth of the population declining in recent years. Government support for research and development activities, the presence of well-established healthcare infrastructure, and setup of fertility clinics are key factors driving the growth of the market. Germany, the UK, and France are prime contributors of the region. The Europe IVF devices market is expected to register a CAGR of 10.94% during the forecast period.
The Americas assumed the second position in the global In-vitro fertilization market. The region has a high concentration of leading players, use of genomics for ascertaining infertility at a preventive stage, and high disposable income levels among patients. North America leads the Americas IVF devices market. Investments in research and development are likely to facilitate market growth.
APAC is expected to be highly lucrative for the global IVF market owing to modernization of healthcare infrastructure and demand for advanced diagnostics. Medical tourism and inflow of foreign investments in R&D are likely to influence the market’s growth trajectory in the region.
In Vitro Fertilization Market Key Players
The leading participants in the global in-vitro fertilization market are GENEA BIOMEDIX, Oxford Gene Technology, Cook Medical, Thermo Fisher Scientific, Irvine Scientific, Cooper Surgical Fertility, Merck KGaA, Vitrolife, INVO Bioscience, and Genea Limited.
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