In Vitro Fertilization Market to hit USD 34.9 Billion by 2030 at a CAGR 5.7% during the forecast period 2022-2030
In Vitro Fertilization Market Overview
In Vitro Fertilization Market size was valued USD 21.4 Billion in 2021 and is expected to reach USD 34.9 Billion by 2030 at CAGR of 5.7% during the forecast period 2022-2030. In vitro fertilization (IVF) is an assisted reproductive technology that includes the collection of eggs from a woman's ovaries and fertilizing with sperm outside the body in a laboratory. In the few years, the number of women delaying pregnancies past the age of 35 has rapidly grown. Infertility is caused due to delay in pregnancy. In many conditions, delayed pregnancies lead to pregnancy-related problems and the risk of infertility. The increased awareness has enhanced the vitro fertilization (IVF) procedures. IVF success rates have propelled, and problems caused by delayed pregnancy led to a higher demand for in vitro fertilization techniques worldwide. Furthermore, the increased number of delayed pregnancies contributes to the use of IVF procedures. However, the market's growth will be limited throughout the forecast period due to the challenges with IVF and the socio-ethical issues.
The cost of IVF in Asia-Pacific is lesser, especially in India, s. The medical tourism in the region for IVF is also assessed to supplement the growth of the Asia-Pacific in vitro fertilization IVF market in the region. Due to lenient legal measures and regulatory necessities, India's fertility centers can deliver more patient-oriented therapies when equated with the advanced areas, directing the development of the IVF disposables market in the region.
The financial consequences of folding job losses and the housing market are estimated to develop the fertility clinic industry substantially. The shuttering of IVF clinics is also estimated to amplify waiting lists for couples trying to conceive this year. The surge in households' expenditure is expected to create severe restrictions on the development of the in vitro fertilization market share in the approaching period. Moreover, as fertility-related issues are not critical to an individual's health and well-being, especially in the current pandemic's scope, they are predicted to contribute to decelerated development in the market growth.
Robust Regulatory Frameworks
The existence of suitable regulatory frameworks has aided in the development of assisted reproduction technologies such as embryo culture media market are likely to gain quick acceptance in advanced economies. At the same time, their penetration remains relatively slower in developing countries.
High Average Conception Age
The average age of first-time mothers has multiplied radically in the global in vitro fertilization market. This inclination is estimated to improved contraceptive techniques and the mounting number of women choosing to delay the starting of a family.
Progressive Technology Availability
The intensification of infertility cases is contributing to the advancement of advanced technologies such as lensless imaging of the sperms, which is anticipated to usher in a new phase of growth in the market share in the coming years.
Surge in Fertility Medical Tourism
The low cost for superior healthcare amenities provided by doctors and surgeons trained in the leading institutes in the US and Europe in developing economies such as that of the Asia Pacific region promotes the in vitro fertilization trends. In addition to reduced treatment costs, combined with quality treatments and noninterventionist laws concerning the IVF treatment, it is also motivating fertility tourism in evolving countries such as India and Thailand.
High Cost Of Treatment
The cost of IVF treatment differs due to the absence of reimbursement policies, which may hinder its global progress. Consequently, the astronomical price of assisted reproductive techniques and the absence of insurance coverage for the treatment are restraining this in vitro fertilization market growth.
The intrauterine insemination (IUI) segment is anticipated to keep on as a highly appealing segment over the next few years. In 2017, the segment accounted for nearly one-third share of the global IVF device market. During the forecast period, the segment is expected to witness a double-digit CAGR.
The segments by device such as ovum aspiration pump, imaging systems, micromanipulator, sperm separation system, and cryosystem are assessed to perform uniformly in the course of the forecast period due to their use in fertilization.
The reagents segments are estimated to develop consistently in the course of the forecast period.
By End Users
The fertility clinics segment currently influences the in vitro fertilization market largest share and is anticipated to hold its top-posting over the forecast period. The hospital segment is also projected to become more lucrative in the upcoming years. Throughout the forecast period, the hospital segment is anticipated to surge at a 12.92% CAGR.
Asia Pacific To Be Established A Key Frontrunner In Global In Vitro Fertilization Market By 2030
The cost of IVF in Asia-Pacific is substantially lesser, especially in India, when likened to industrialized regions. The mounting medical tourism in the region for IVF is also assessed also to supplement the growth of the Asia-Pacific in vitro fertilization IVF market in the region. Due to lenient legal measures and regulatory necessities, India's fertility centers can deliver more patient-oriented therapies when equated with the advanced regions, which is directing the development of the IVF disposables market in the region.
North American Region To Capitalize Access To Innovative Technology
Several progressive nations in Europe and the Americas are documenting a lesser birthrate, which is linked to several socioeconomic influences. As a result, technologies such as IVF have become very popular in these countries. Meanwhile, the developing countries in the North American region, such as Mexico, are also catching up with the trend.
The noteworthy companies profiled in the market report are
The government in Quebec plans to comprise in vitro fertilization to their government-funded health services. The procedure currently costs at least USD 6,000, not counting the expense of the hormones a patient must take. The subsidized treatment will be accessible to heterosexual couples, lesbian couples, as well as to single women. This development is estimated to signify a pathbreaking development in the in vitro fertilization market.
In May 2022
Future Fertility, a fertility technology company developing AI-enabled and non-invasive solutions to optimize clinical decision-making for fertility specialists, today announced that Christine Prada was named Chief Executive Officer. Her employment with Future Fertility will commence in early May.
In April 2022
MRW Life Sciences, the world's first automated platform to safeguard frozen eggs and embryos central to in vitro fertilization (IVF), earned the first spot on Fast Company's 2022 list of the top innovative biotech companies. TMRW's technology delivered digital identification and traceability of eggs and embryos and process automation, replacing outdated systems and increasing safety and transparency before TMRW introduced its new platform, the standard of care for preserving and managing frozen eggs and embryos dated back to the beginnings of human IVF in the 1970s.
The MRFR report advances a factual viewpoint for market share on worldwide scale. The report consists of a comprehensive analysis of the growth trends of the global market. The report has thoroughly discussed the key micro and macroeconomic elements influencing the In-Vitro Fertilization (IVF) Industry.
|Market Size||USD 34.9 Billion|
|Forecast Units||USD (Billions)|
|Report Coverage||Significant Value Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Devices, Reagents and End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Cooper Surgical Fertility, Cook Medical, Oxford Gene Technology, Merck KGaA, INVO Bioscience, Thermo Fisher Scientific, Genea Limited, Irvine Scientific, Vitrolife, GENEA BIOMEDIX|
|Key Market Opportunities||
|Key Market Drivers||
The global in-vitro fertilization market can touch USD 34.7 Billion by 2030.
Thermo Fisher Scientific, Merck KGaA, GENEA BIOMEDIX, Cook Medical, Oxford Gene Technology, Irvine Scientific, Vitrolife, Cooper Surgical Fertility, INVO Bioscience, and Genea Limited are major players of the global in-vitro fertilization market.
The global in-vitro fertilization market is expected to exhibit a CAGR of 5.7% from 2022 to 2030.
Europe can dominate the global in-vitro fertilization market due to government funding for research in infertility treatments.
The MEA region is expected to hold the lowest share of the global in-vitro fertilization market.