In Vitro Fertilization Market Analysis and Forecast to 2031: By Product (Equipment, Reagent & Media, Accessories), Cycle (Fresh Non-donor, Frozen Non-donor, Frozen Donor, Fresh Donor), Type (Conventional IVF, IVF With ICSI, IVF with Donor Eggs, Others), End User (Fertility Clinics, Hospitals & Surgical Centers, Cryobanks, Research Institutes), and Region
The global in vitro fertilization market was valued at USD 628 Million in 2021 and it is anticipated to grow further up to USD 1520 Million by 2031, at a CAGR of 9.2% during the forecast period.
IVF is one of the frequently utilized procedures that helped infertile couples, single mothers, and members of the LGBT community have children. The growth of the in vitro fertilization market is driven by an increase in the rate of infertility, a rise in the trend of delayed pregnancies, a surge in the success rate of IVF treatment, technological advancements in IVF treatment, an increase in the rate of infertility and practices of embryo banking cycles, and an increase in disposable income in the United States. In addition, rising IVF use in the US, rising rates of infertility and embryo banking, technological developments in IVF treatment, and trends toward delayed pregnancy are all anticipated to pave the way for future growth of the US IVF industry.
Market Trends and Drivers
Globally, the median age of first-time mothers has dramatically risen over time. This trend is largely due to more effective methods of contraception, later marriages, and the rise in the proportion of women who prioritize their professions over having children. Data from the Australian Institute of Health and Welfare 2021 show that first-time moms in Australia are now, on average, 31.9 years old, up from 27.9 years in 2009. More women are anticipated to experience difficulties conceiving naturally as the typical age of first-time mothers rises. In this situation, more and more ladies are being compelled to choose IVF procedures, which is anticipated to fuel the market's expansion in the ensuing years.
Market Restraints and Challenges
Around the world, more than 2.5 million IVF cycles are carried out annually. Due to the absence of reimbursement policies, the cost of IVF therapy varies from nation to nation. The development of this market is being constrained by a lack of insurance coverage and a problematic reimbursement environment in several regions of the world.
Global In Vitro Fertilization Market Segmental Overview
The report analyses the global in vitro fertilization market based on the product, cycle, type, end user, and region.
Global In Vitro Fertilization Market by Product
Based on the product, it is segmented into equipment, reagents & media, and accessories. The equipment segment is likely to capture the largest share in the market. The high growth in this segment is primarily attributed to the increasing number of IVF procedures and the introduction of highly advanced IVF equipment by well-established manufacturers in the market.
Global In Vitro Fertilization Market by Cycle
Based on the cycle, it is segmented into fresh non-donor IVF cycles, frozen non-donor IVF cycles, frozen donor IVF cycles, and fresh donor IVF cycles. The fresh non-donor segment is anticipated to hold the majority of the market share during the forecast period. The key factors such as high success rates, ease in the implantation process, and enhanced embryo production are responsible for the large share of this segment.
Global In Vitro Fertilization Market by Type
Based on the type, it is segmented into conventional IVF, IVF with ICSI, IVF with donor eggs, and others. The IVF with ICSI segment is likely to register the highest market share during the projection period. The success rate of fertilization with ICSI procedure, and the growing utilization of the ICSI during IVF procedures are anticipated to boost the adoption of IVF with ICSI procedures are boosting the growth of the market.
Global In Vitro Fertilization Market by End User
Based on the end user, it is segmented into fertility clinics, hospitals & surgical centers, cryobanks, and research institutes. The fertility clinics segment accounted for the largest share of the in vitro fertilization market. The rising government initiatives to establish fertility clinics, initiatives taken by large international healthcare providers to establish fertility centers, the growing popularity of IVF & ICSI treatment across the globe are refueling the growth of the market.
Geographical Analysis of In Vitro Fertilization Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific region is anticipated to dominate the market during the forecast period. Significant increase in medical travel, growing acceptance of assisted reproductive technology in emerging countries, increased awareness of the availability of in vitro fertilization procedures, fewer IVF treatments performed, expanding fertility clinics in the area, and rising healthcare costs are boosting the growth of the region.
Major Players in the Global In Vitro Fertilization Market
The worldwide stoppage of in vitro fertilization therapy because to the COVID-19 epidemic had a significant effect on the women having IVF operations. Only 5 lakhs of the 30-lakh people who seek IVF in India each year really go through the IVF/intrauterine insemination (IUI) process. In the world during the COVID-19 epidemic, there was a 90% decrease in the number of IVF procedures. The spread of COVID-19 has had an effect on fertility decisions among couples who had previously chosen IVF therapy, as well as on fertility clinics due to the cancellation of IVF procedures.
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