Global In-Vitro Fertilization Market - Segmented By Instruments, Technology, End Users, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global in-vitro fertilization market is expected to register a CAGR of 8.0% during the forecast period, (2018-2023). North America dominates the market, due to increasing prevalence of obesity and infertility.
Delayed Onset of Pregnancies
The proportion of women who are intentionally delaying pregnancies beyond the age of 35 years has been increasing in the past few years. Delay in pregnancy is a major cause for infertility. Delayed pregnancies, in many cases, leads to pregnancy-associated complications and increase the chance of infertility. It has been estimated that the global average fertility rate, currently is around 2.5%, and a major reason attributed to this is the delayed pregnancies among women. The personal choices of women related to career growth, self-stability, and financial stability has contributed to late pregnancies worldwide. Thus, delayed pregnancy among working women population, coupled with increasing prevalence of obesity, rising success rate of IVF technology, and growing acceptance of in-vitro fertilization is likely to drive market growth.
Ethical and Legal Issues
In-vitro fertilization has gained popularity in many countries, however there are many legal and ethical concerns associated with IVF technology. Ethical issues vary with countries and religions. Social stigma in many countries like India, China, and others have restrained women from choosing IVF. Though a legal framework is in-place to address these issues in countries like Canada, France, and Germany, the United Kingdom & Finland, Mexico, Poland, etc. depend on official guidelines. In most of the countries, the legislation applies to each step of the process, from whether a person is allowed to be treated in the first instance, to the time embryos can be stored in artificial storage. Ethical and legal issues are the major restraining factors in the growth of the global IVF market. The complications associated with in-vitro fertilizations also hinders the market growth.
Asia-Pacific to Register High Growth Rate
The Asia-Pacific region is anticipated to register a high growth rate during the forecast period, owing to the less stringent regulatory environment associated with in-vitro fertilization. The low cost of IVF in Asia-Pacific, especially in India when compared to developed countries like the United States and Germany, and growing medical tourism in the region for IVF is anticipated to drive the market.
Key Developments in the Market
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook