In vitro fertilization (IVF) can be defined as a fertilization process, which generally takes place externally and involves the production of eggs, i.e., superovulation in women by injecting hormones and medication. The eggs when matured, are removed from the ovary with the help of oocyte aspiration systems and is then fertilized with the donor’s sperm, which is later grown in the laboratory until it gets developed. The final embryo is then implanted into the uterus. In Vitro Fertilization Market is expected to grow USD 33 Billion by 2028 at a CAGR 6% in the forecast period. In Vitro Fertilization Market Growth is significant during forecast period.
Obesity is considered one of the most important factors for infertility among the population. The fat which is deposited in a women’s abdomen prevents follicular stimulation, thereby producing male hormones. Meanwhile, in males, the deposit of fats decreases the level of testosterone, which results in decreased sperm production. With the increased rate of obesity across the world, due to changing lifestyle, the in vitro fertilization market is predicted to flourish.
Factors such as the soaring prevalence of infertility due to changing lifestyle, constant efforts by the industry contributors, and initiatives by the government to offer better reimbursement policies are some of the primary growth stimulants of the IVF market. Moreover, expansion of fertility procedures to treat male infertility like ICSI will influence the market growth positively. The high availability of genomic testing with the ability to prevent the transfer of genetic disease during IVF will propel the market growth in the coming years. The rising number of IVF has influenced insurance providers to cover such procedures, which has led to competitive pricing, thereby moderating the cost of ivf treatment . Such factors will encourage the market growth across the globe.
On the contrary, high cost of treatment, low success rates of such procedures, and ethical concerns associated to IVF are some of the major factors likely to slow down the market growth in the foreseeable future.
Global In Vitro Fertilization Market: Segmental Analysis
The in vitro fertilization market has been segmented on the basis of type, product, and end users.
By type, the in vitro fertilization market is segmented into intracytoplasmic sperm injection, intrauterine insemination, and IVF using donor eggs. Of these, the intrauterine insemination segment is likely to remain attractive in the next couple of years.
By product, the market is segmented into reagent and device. Of these, the device segment is likely to outperform the reagents segment. The device segment surpassed a valuation of USD 3,700 million in 2017 and will register a healthy CAGR in the foreseeable future.
Based on the end users, the market consists of fertility clinics, clinical research institutes, and hospitals. Of these, the fertility clinics segment acquires the largest share in the global market due to the increased number of fertility centers across the globe along with the rising fertility rates globally. The hospital segment will also become profitable in the coming years due to advanced medical facilities available.
Regional Frontiers
Geographically, the in vitro fertilization market spans across Europe, Asia Pacific, North America, Latin America, and the Middle East Africa.
Considering the global scenario, Europe is likely to emerge as the most attractive market for IVF. In 2017, the regional market acquired 40% of the total share, acquiring the pole position. The market’s growth can be credited to the surging funding by the government for Assisted Reproductive Technology (ART) along with the declining fertility rate among the Europeans. In this region, the UK, Germany, and France hold the major share. The region is one of the major attractions for international clients like Spain, which has the highest number of egg donors. The clinics in Europe also offer sex identification and other related IVF treatments, which further influences the market’s growth globally.
North America holds the second position due to the high availability of advance IVF technology in the region. The Asia Pacific will emerge as the fastest expanding regional market owing to rising fertility tourism, increased acceptance of the technology, and surging awareness regarding IVF among the population.
Competitive Dashboard
The top players operating in the in vitro fertilization market include Cook Medical, Cooper Surgical Fertility, Merck KGaA, Oxford Gene Technology, Thermo Fisher Scientific, INVO Bioscience, Irvine Scientific, Genea Limited, GENEA BIOMEDIX, and Vitrolife.
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