According to the deep-dive market assessment study conducted by Growth+ Reports, the global assisted reproductive therapy market was pegged at ~US$ 19.5 billion in 2021. The market is expected to witness a CAGR of ~8.5% from 2022 to 2030.
One of the major drivers of the global assisted reproductive therapy (ART) market is the increasing prevalence of infertility issues over the years. Infertility is caused by medical problems such as damaged fallopian tubes, uterine or cervical abnormalities, cancer, and polycystic ovarian disorder (PCOD). The global market is expected to grow as more single women want to live alone, preferring single parenthood or having same-sex partners and as awareness of IVF and surrogacy increases. The global ART market is also driven by the development of cutting-edge assisted reproductive technologies, including intrauterine insemination (IUI), intracytoplasmic sperm injection (ICSI), and others. Various governments supporting and initiating the provision of affordable fertility services are also boosting the growth of the market.
However, high costs and social ethics issues coupled with changes in government regulations may hamper the market growth. Factors such as side effects of hysterectomy, risk of premature birth, low birth weight of newborns, ethical concerns, high cost of assisted reproductive technology, and possible birth defects will also hinder the market growth in the coming years.
Prevalence of infertility, cancer, fallopian tube damage or obstruction, ovulation difficulties, endometriosis, uterine or cervical abnormalities, and other factors can all contribute to infertility in women. Infertility can also be caused by lifestyle factors such as lack of physical activity, alcohol intake, cigarette or marijuana use, and being overweight. In the recent years, the global market for assisted reproductive technology has grown dramatically. According to the World Health Organisation report 2021, between 48 million couples and 186 million individuals have infertility globally. This prevalence is an opportunity for the assisted reproductive therapy market to grow tremendously.
Governments of various economies are taking initiatives in supporting infertile couples to avail the services of assisted reproductive therapy treatment. In India, the Union Cabinet has approved a bill to regulate clinics involved in providing reproductive services such as in vitro fertilization (IVF), artificial insemination, and surrogacy. The Assisted Reproductive Technology (ART) Regulation Bill of 2020, the bill aims to regulate ART clinics with the aim of providing "safe and ethical" reproductive procedures for infertile couples.
Recent advancements in assisted reproductive therapy is also responsible for driving the market. According to the Editorial report, April 2022, new technology in ovarian stimulation, controlled ovarian stimulation (COS), represents a crucial step in vitro fertilization (IVF) cycles that aim to induce multi follicular development, with consequent retrieval of multiple oocytes.
Asia Pacific is projected to be the fastest-growing region in the global assisted reproductive therapy market in the forecast period. The market is expected to grow owing to the rising prevalence of female infertility, use of contraceptives, interest of young women in achieving life security and comfortable jobs, and increasing obesity in the population. However, low awareness and complications associated with IVF treatments hinder the market growth.
The prominent players operating in the global assisted reproductive therapy market are CARE Fertility, Bloom IVF Centre, Monash IVF Group, European Sperm Bank, Apollo Hospitals Enterprise Ltd., Carolinas Fertility Centre, California Cryobank, INVO Bioscience, Ferring B.V., NOVA IVF, and Hamilton Thorne, Inc. among others.