In Vitro Fertilization Market Overview
In Vitro Fertilization Market is expected to grow USD 33 Billion by 2028 at a CAGR 6% in the forecast period. In vitro fertilization (IVF) is a form of assisted reproductive technology that includes collecting eggs from a woman's ovaries and fertilizing them with sperm outside the body, in a laboratory setting. In the last few years, the percentage of women delaying pregnancies past the age of 35 has risen. Infertility is commonly caused by a delay in pregnancy. In many situations, delayed pregnancies result in pregnancy-related problems and an increased risk of infertility. As a result of increased awareness of enhanced in vitro fertilization (IVF) procedures, rising IVF success rates, and problems caused by delayed pregnancy beginning, in vitro fertilization techniques are in high demand around the world. Furthermore, the rising number of delayed pregnancies is contributing to the increased use of IVF procedures. However, the market's growth is likely to be limited throughout the forecast period due to the challenges connected with IVF and the accompanying socio-ethical issues.
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 in vitro fertilization 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 iin vitro fertilization marketn vitro fertilization 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 2028
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 in vitro fertilization 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.
March2022: Vytelle announced that is working on a five-year strategy to make hormone-free bovine in vitro fertilization (IVF) more available to producers all over the world. Part of the five-year plan, which began after their Series A funding ended, promised to double the laboratory's capacity for in vitro fertilization of bovine embryos. Vytelle's integrated technology platform combines Vytelle ADVANCE, a breakthrough in vitro fertilization method, with Vytelle SENSE, a data collection system for animal performance, and Vytelle INSIGHT, a genetic analytics engine powered by artificial intelligence. The platform gives forward-thinking cattle producers the tools they need to make reliable data-driven mating decisions that increase genetic advancement predictability by duplicating the proper genetics faster using the most cutting-edge hormone-free in vitro fertilization technology.
The MRFR report advances a factual in vitro fertilization market viewpoint for in vitro fertilization market share on worldwide scale. The report consists of a comprehensive analysis of the growth trends of the global in vitro fertilization market. The report has thoroughly discussed the key micro and macroeconomic elements influencing the In-Vitro Fertilization (IVF) Industry.
|Market Size||USD 33 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||
Frequently Asked Questions (FAQ) :
The global in-vitro fertilization market can touch USD 33 Billion by 2028.
The global in-vitro fertilization market stood at USD 6,984.3 million in 2017.
The global in-vitro fertilization market is expected to exhibit a CAGR of 6% from 2021 to 2028.
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.
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.
Global In-vitro Fertilization Market: Competitive Landscape
The prominent players in the global in-vitro fertilization market are Cook Medical, Irvine Scientific Sales Company, Inc., Cooper Surgical, Merck KGaA, and others.
Cooper Surgical Fertility (Origio) accounted for the largest market share of the global in-vitro fertilization market, with around 25.4% of the market share in 2017. The large share of the company is attributed to innovative products that address a wide range of patients with infertility. Moreover, Cooper Surgical Fertility is focusing on bringing health and wellness to individuals and communities worldwide. A Cooper Surgical Fertility Company is committed to advancing the health of families with its diversified portfolio of products and services to mainly focus on women health, fertility, and diagnostic products. It targets specific difficult-to-cure diseases with the help of its core R&D expertise.
Vitrolife accounts for approximately 21.7% share in the in-vitro fertilization market owing to a wide range of product portfolio. Vitrolife provides a high quality of IVF laboratories product in the market. The company has production facilities in more than ten countries globally.
Cook Medical holds the third largest position in the global in-vitro fertilization market with a 16.2% market share. Irvine Scientific holds the fourth largest position in the global in-vitro fertilization market with a market share of 10.5%. Cook Medical is the spin-off of Abbott Laboratories and was formed in 2013 and therefore has more than 100 years of legacy. Abbott Laboratories company operates through four reportable segments, namely, established pharmaceutical products, diagnostic products, nutritional products, and vascular products. Furthermore, the company has two non-reportable segments, namely, diabetes care and medical optics. Cook Medical is a highly focused research-driven biopharmaceutical company. It targets specific difficult-to-cure diseases with the help of its core R&D expertise.
Irvin Scientific is focusing on innovation and development of cell culture media, reagents, and medical devices for researchers. Irvin Scientific provides unrivaled services and products to scientists working on cell therapy, assisted reproductive technology, and industrial cell culture to produce biopharmaceuticals and vaccines. It targets specific difficulties to cure diseases with the help of its core R&D expertise. Irvin Scientific has remained focused on media while becoming a global leader in media products and services.
Thermo Fisher Scientific Inc. specializes in various biotechnology products such as analytical instruments, laboratory supply chain programs and e-commerce, laboratory equipment, lab services, specialty diagnostics, and others. Ortho Clinical Diagnostics (Part of Johnson & Johnson Services Inc.) is serving the global clinical laboratory and immunohematology communities across hospitals, hospital networks, blood banks, and labs in more than 120 countries. The company specializes in in-vitro diagnostics, clinical labs, transfusion medicine, and immunohematology.
Merck KGaA is focusing on bringing health and wellness to individuals’ communities worldwide. Merck KGaA is committed to advancing the health of families with its diversified portfolio of products and services to mainly focus on women health, fertility, and diagnostic products. Merck KGaA is a leading pharmaceutical company which has a varied range of products sub-segmented into healthcare, life science, and performance material.