Global Assisted Reproductive Technology (ART) Market - Segmented by Technology, End User, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global assisted reproductive technology (ART) Market is expected to register a growth rate of CAGR of 7.5% during the forecast period, 2018-2023. ART is used to treat infertility and in vitro fertilization (IVF) is the most common and effective type of ART. Whereas, multiple pregnancy condition is the most common complication associated with ART. The major factors propelling the growth of this market are the rise in the number of infertility cases owing to obesity, rise in stress and pollution, and increasing number of smokers across the world.
Increasing Number of Infertility Cases
One of the major factors driving the growth of ART market is increasing number of infertility cases across the world. For instance, according to estimates of Centers for Disease Control and Prevention (CDC), in the United States 12.1% of women aged in between 15-44 suffer from impaired fecundity whereas, 6.7% of married women in the same age group are infertile. This, in turn, is expected to propel the demand for ART technologies such as in-vitro fertilization (IVF) and artificial insemination (AI). Hence, the rise in infertility cases across the world, is expected to boost the market growth over the forecast period.
Other factors such as the rise in the number of single women and same-sex couples and increase in awareness for IVF and surrogacy is expected to drive the growth of the market over the forecasted period.
High Cost and Socio-ethical Issues
The high cost and socio ethical issues involved are expected to hamper the growth of ART market over the forecast period. This technology can raise the number of complicated ethical issues for the individuals involved, such as health care professionals, and for the greater part of the society. For instance, one of the crucial issue associated with ART is the safety of embryos whether they are inside of a mother's body or in a laboratory. In addition to this, ART is very costly. The IVF costs between USD 10,000 and USD 20,000 and surrogacy can cost between USD 20,000 and USD 40,000 and there is no surety that a child will result out of the process. Hence, all of the above mentioned factors are expected to restrain the growth of the market.
Other factors that will act as restraints for the market include changing government regulations across the globe.
Europe to Dominate the Market
Europe captured the largest market share in the global ART market and is expected to retain its dominance over the forecast period owing to rising awareness among people for infertility treatment, technological advancements, government initiatives to promote appropriate ART facilities, and increasing number of infertility cases in the region. The Centers for Disease Control and Prevention (CDC) have developed the National Public Health Action Plan with an aim to prevent, detect, and manage the infertility cases in the around the world. The majority of EU Member States have considered infertility a medical condition and their national policies fund ranges from the entire treatment to some portion of infertility treatment. All of the aforementioned factors are expected to propel the growth of this market over the forecast period.
Key Developments in the Market