In-vitro Fertilization Services Market Size By Procedure (In-vitro Fertilization, Intracytoplasmic Sperm Injection), By Age Group (Below 34, 35-39, 40-42, 43 and Above), By End-use (Hospitals, Fertility Centers, Surgical Centers), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, Poland, Greece, Japan, China, India, Australia, South Korea, Argentina, Brazil, Mexico, Israel, Egypt), Application Potential, Competitive Market Share & Forecast, 2019 - 2025
In-vitro Fertilization Services Market will exceed USD 17 billion by 2025; as per a new research report.
Various government initiatives will support the growth of in-vitro fertilization market in the upcoming years. For instance, in October 2015, Ontario Health Minister announced rise in funding for in-vitro fertilization by USD 50 million annually. Similarly, in 2018, Singapore government announced 75% co-funding for different assisted reproductive technology procedures such as in-vitro fertilization, gamete intra-fallopian transfer and intracytoplasmic sperm injection. Such initiatives will encourage people to adopt IVF services, which in turn will boost industry growth over the projected years.
Rising infertility rate in male and female will foresee momentous growth of in-vitro fertilization services business over the projected years. Genetic defects and deficiency disorders are some of the major factors leading to infertility. Moreover, increasing rate of sexually transmitted diseases increases infertility rate, thus leading to higher adoption in-vitro fertilization services.
However, high prices of in-vitro fertilization procedures and complications in procedure will negatively affect in-vitro fertilization market over the projected timeframe. One cycle of in-vitro fertilization costs approximately USD 12,000 to USD 15,000. Moreover, cost of medication is approximately USD 3,000 per cycle and procedures of in-vitro fertilization are very complex. Thus, high cost is not affordable which challenges customer affordability.
In-Vitro fertilization technique will witness immense growth at 7.8% during the forecast timeframe. Low cost and high success rate are some of the factors leading to market growth. The major advantage is achieving successful pregnancy and healthy child. It helps couples that are suffering from problems such as blocked tubes, old age, male infertility, premature ovarian failure etc. Thus, segment of in-vitro fertilization method will foresee significant growth over the projected years.
People between the age group of 35 and 39 will show high adoption rate of IVF services. According to American Society for Reproductive Medicine, women between age group of 35 and 39 have only 20% chance of getting pregnant. Hence women aged between 35 to 39 will prefer IVF services, thus leading to market growth in the future.
Fertility center accounted for USD 4.6 billion in 2018 and will show significant growth over the projected timeframe. Fertility centers are highly preferred by patient due to facility provided and low rate of infection as compared to hospital. Moreover, fertility centers are comparatively more hygienic and well equipped with advance technologies. All these facilities lead to escalated demand for fertility center, thus leading to significant growth in upcoming years.
U.S. in-vitro fertilization market will foresee momentous expansion at 4.1% CAGR across the forecast period owing to increasing rate of infertility. According to Center for Disease Control and Prevention, about 6.1 million of U.S. women aged between 15 to 44 are facing infertility issues. Thus, increasing rate of infertility in U.S. will drive growth rate for in-vitro fertilization services business in forthcoming years.
India in-vitro fertilization services market is forecasted to reach USD 1.4 billion by 2025 due to increasing prevalence of infertility coupled with rising awareness pertaining to IVF procedures. According to Indian Society of Assisted Reproduction, currently 10 to 14% population of India is affected from infertility. Thus, higher rate of infertility will generate a strong opportunity for IVF services business in forthcoming years.
Some of the major market players involved in the IVF services market are IVIRMA Global, Ovation Fertility, Bangkok IVF Center, AVA Clinic Scanfert, and Bourn Hall Fertility Clinic among others. Firms are adopting business merger, acquisition and expansion strategies to increase their market footprint. For instance, in October 2014, Boston IVF has announced successful merger with Reproductive Science Center of New England. The strategy behind the merger was expansion of business by delivering world class fertility treatment and services.
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