The size of the global in vitro fertilization (IVF) market is expected to grow at the rate of 9.85% CAGR during the forecast period from USD 650 million in 2021 to approximately USD 1028 million by 2028.
The size of the global in vitro fertilization (IVF) market is expected to grow at the rate of 9.85% CAGR during the forecast period from USD 650 million in 2021 to approximately USD 1028 million by 2028. This report discusses market research on the in vitro fertilization (IVF) market, its market growth factors, and its challenges. The report also talks about the opportunities available to stakeholders and potential investors for the in vitro fertilization (IVF) market, discussing the recent changes due to the pandemic.
In vitro fertilization (IVF) is a form of assisted reproductive technology (ART) that involves the use of a mix of drugs and surgical procedures. In an infertile couple, IVF therapy aids embryo development and implantation. IVF is a method of fertilization in which eggs are extracted, a sperm sample is obtained, and the egg and sperm are manually combined in a laboratory. Every year, nearly half a million infants are born through IVF or other artificial insemination treatments as a result of the growing use of technology. As a result, the rising popularity of IVF and ICSI therapy is expected to rise in vitro fertilization (IVF) treatment adoption throughout the projection period.
The worldwide stoppage of in vitro fertilization therapy was precipitated by the COVID-19 pandemic, which had a significant impact on women having IVF operations. Only 5 lakh persons in India undertake IVF/intrauterine insemination (IUI) treatments each year, even though 30 lakh people want IVF every year. The number of patients conducting IVF cycles dropped by 90 percent during the COVID-19 epidemic. COVID-19's spread has influenced fertility clinics, resulting in the cancellation of IVF treatments, as well as fertility decisions among couples who had chosen IVF treatment before the pandemic.
The increased average age of first-time mothers drives the market growth
In recent decades, it has been observed that women are delaying their pregnancy post the age of 30. Medically it is believed that chances of conceiving post 32 years of age drop by 50% in women, resulting in complications. The median age for first-time mothers has drastically increased, increasing the risk of infertility. This delay is observed due to late marriages, and couples who focus more on careers rather than extending their families. Given the scenario and the average fertility rate drop by around 2.5%, the global in vitro fertilization (IVF) market is expected to grow.
Costly procedures to restrict the market growth
An average in vitro fertilization (IVF) procedure can cost anywhere between USD 13,000 to USD 18,000, excluding medications. Added to the pre and post-care expenses, genetic testing, surgical procedures, and medications, it rises to around USD 24,000 to USD 28,000. Several potential patients cannot afford such high charges, and thus do not opt for IVF treatments. This leaves out a huge market unexplored, which has potential for the global in vitro fertilization (IVF) market if the treatment costs are reduced.
Improvement in Cryogenic Technology to provide growth opportunities
In vitro fertilization (IVF) requires to cryopreserve technologies to preserve tissues and cell types for assistance in artificial reproductions. The drop in female fertility rate has resulted in increased demand for the preservation of sperm, oocytes, ovarian tissues, embryos as well as egg vitrification. The developments in cryogenics can be harvested positively to develop more techniques and procedures for IVF treatments, thus providing new opportunities and avenues for the global in vitro fertilization (IVF) market.
Lack of awareness and reduced efficiency in elderly patients pose a challenge
Developing countries have a lower awareness regarding in vitro fertilization (IVF) treatments. Given the cultural and social prejudices in some regions, couples or single parents opting for IVF are looked down upon. These social implications affect the global market adversely. Secondly, as the age of patients increase, the success rate of IVF decreases. Given the fact that people are opting for pregnancy at a later stage, increasing their age, and adding to complications, success cannot be guaranteed. This hinders the growth of the global in vitro fertilization (IVF) market.
The market is divided into two categories, namely types, end-users, and regions.
Depending on end-users the market is divided into hospitals, fertility clinics, and cryobanks. The fertility clinical institutions are expected to grow compared to other segments, given the requirement for fertility research. Patients generally opt for IVF treatments in infertility clinics rather than generalized hospitals. The cryobanks segment is also expected to witness growth during the projection period. Development in cryopreservation will boost the scope for this segment.
Depending on the types, the market can be divided into fresh donors, frozen donors, fresh non-donor, and frozen non-donor. The fresh non-donor segment is expected to capture the market share, due to higher success rates, easy process, and also due to improved embryo production. This segment also requires less preservation and thus the charges are less in comparison to the rest.
Europe has a strong position in the in vitro fertilization business. This is due to an increase in the prevalence of infertility in the region, as well as the growing popularity of IVF therapy. On the other hand, due to the high cost of ICSI and IVF treatment in North America, the market will continue to rise steadily. As a result, people in the United States are opting for IVF treatment in other nations due to reduced prices.
Followed by Europe, Asia Pacific sees significant development in the global in vitro fertilization (IVF) market. Significant growth in medical tourism, increased knowledge of in vitro fertilization processes, decreased IVF treatment procedures, expanding fertility clinics in the region, rising healthcare expenditures, and growing acceptance of assisted reproductive technologies in emerging countries are fueling the growth in the Asia Pacific region.
Several clinics and institutions are operating in the global in vitro fertilization (IVF) market, some of the prominent ones being ZEISS Group, Cooper Companies Inc., Esco Micro Pte. Ltd., The Baker Company Inc., Cook Group, Hamilton Thorne Ltd., and Kitazzto Corporation.
The global in vitro fertilization (IVF) market is segmented as follows:
FrequentlyAsked Questions
The global median age for women opting for reproduction is increasing. Added to this the technologies for cryopreservation are improving IVF services. Both of these factors help the global in vitro fertilization (IVF) market grow in the coming years.
According to the report by Zion Market Research, the size of the global in vitro fertilization (IVF) market is expected to grow at a rate (CAGR) of 9.85%, from USD 650 million in 2021 to attain a value of USD 1028 million by 2028.
Europe has a strong position in the in vitro fertilization business. This is due to an increase in the prevalence of infertility in the region, as well as the growing popularity of IVF therapy. On the other hand, due to the high cost of ICSI and IVF treatment in North America, the market will continue to rise steadily. As a result, people in the United States are opting for IVF treatment in other nations due to reduced prices.
ZEISS Group, Cooper Companies Inc., Esco Micro Pte. Ltd., The Baker Company Inc., Cook Group, Hamilton Thorne Ltd. and Kitazzto Corporation are some prominent companies in the global in vitro fertilization (IVF) market.
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