Number of pages: 120 | Report Format: PDF | Published date: February 13, 2021
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global In vitro fertilization market was valued at US$ 15.29 billion in 2023 and is expected to register a revenue CAGR of 5.5% to reach US$ 24.76 billion by 2031.
In Vitro Fertilization Market Fundamentals
In vitro fertilization, or IVF, is deemed as a revolutionary treatment method and has attracted the public's interest since it was first made available in 1978. Since assisted reproductive technology is widely accessible and has significantly evolved from the method first offered in the early years, the term "IVF" has become widely recognized. Clinical laboratory and medical science developments have made it possible for IVF to develop into a safe, readily available, dependable, effective, and surprisingly economical medical method.
Infertility and gestational surrogacy are the two main conditions that IVF, a sort of assisted reproductive technology (ART), is used to treat. IVF involves combining eggs and sperm outside the body, in a petri dish in a laboratory, unlike the streamlined artificial insemination technique. This technique is primarily utilized to improve fertility in patients who have had failed ovulation induction or intrauterine insemination and are not candidates for more conservative therapies. The inability to conceive affects roughly 6.7 million women in the United States alone, according to the American Society for Reproductive Medicine (ASRM). In around 25% of couples, more than one factor prevents pregnancy and fertility.
In Vitro Fertilization Market Dynamics
The key drivers of this market are the improving success rate of IVF technology, growing public awareness of IVF operations, and the postponed commencement of pregnancy. Worldwide demand for in vitro fertilization methods has been sparked by improving success rates of IVF and growing knowledge of improved IVF procedures.
The September 2021 report from the National Perinatal and Statistics Unit showed that IVF success rates had increased over the previous ten years, and the live birth rate per initiated IVF cycle among women who used their eggs had increased by 18% overall, with even steeper increases in older age groups. Up to 28% more live births will occur overall for every embryo transfer in 2020. Numerous reasons, such as improvements in laboratory methods and in the general therapy of infertility-affected couples, including changes in lifestyle, better diagnostic tools, and occasionally surgery performed before IVF, are to blame for the higher success rates.
An increase in infertility occurrences is also driving the industry. For instance, 10-12% of couples throughout the world have trouble becoming pregnant, and this percentage is predicted to progressively rise in the coming years, according to the article titled "In vitro Fertilization" updated in May 2022. In the U.S. and Europe, IVF accounts for 1.6% and 4.5% of all live births, respectively. Additionally, according to the same article, between 25% and 35% of infertile women are discovered to have tuboperitoneal illness, with pelvic inflammatory disease (PID) being the most frequent reason and low semen quality in men accounting for the main cause of infertility in 20% of couples. Infertility affects approximately 1 in 8 couples in the United States. Over 5 million children worldwide have been conceived via IVF technology in the last three decades. Thus, infertility-related difficulties among couples have driven the global need for in vitro fertilization procedures.
However, some of the stereo microscope's drawbacks include a zoom magnification system, a number of separate magnifications, or a single fixed magnification. This could be challenging to manipulate, but it might get simpler with practice. These elements are expected to slow the industry growth for in-vitro fertilization microscopes.
In Vitro Fertilization Market Ecosystem
The global in vitro fertilization market is analyzed based on four parameters: products & services, type of cycle, end user, and region.
In Vitro Fertilization Market by Products & Services
Based on the products and services, the global in vitro fertilization market is segmented into instruments, reagents, accessories, and services. The instruments segment is sub-segmented into imaging systems, cabinets, incubators, cryosystems, vitrification instruments, ovum aspiration pumps, sperm separation systems, micromanipulator systems, anti-vibration tables, and other instruments. The reagents segment is sub-segmented into embryo culture media, sperm processing media, ovum processing media, and cryopreservation media.
The reagents segment accounted for the largest in vitro fertilization market revenue share in 2022. An increasing number of IVF procedures has led to increasing usage of reagents and, in turn, contributing to revenue growth of the segment. Moreover, the rising success rate of in vitro fertilization is also contributing to revenue growth in the segment.
In Vitro Fertilization Market by Type of Cycle
Based on the type of cycles, the global in vitro fertilization market is segmented into fresh donor IVF cycles, fresh non-donor IVF cycles, frozen donor IVF cycles, and frozen non-donor IVF cycles.
The frozen non donor IVF cycle segment accounted for the largest revenue share of the market in 2022, owing to the high success rate of the cycle in the first attempt. The technique is less intrusive and more cost-effective than using a fresh non-donor, two aspects contributing to the large proportion. The second-highest revenue share came from the fresh non-donor segment.
HIV-positive individuals can donate sperm owing to the International Federation of Fertility Societies adoption of the vitrification procedure. The sperm are immediately separated from the plasma during the procedure. ICSI enables people with azoospermia to become pregnant. The likelihood of IVF success declines with age and is comparatively low in women over 40. Donor eggs are, therefore, often employed in this segment.
In Vitro Fertilization Market by End User
Based on the end users, the global in vitro fertilization market is segmented into fertility clinics and hospitals & research laboratories.
The fertility clinics segment accounted for the largest market revenue share at 45% in 2022. Increasing the number of fertility clinics across developed and developing countries is boosting revenue growth in this segment. The demand for assisted reproductive technologies (ART) treatments is rising, which has led to significant growth in the number of fertility clinics and ART facilities. The expansion of fertility clinics is projected to be fueled by elements including cost-effectiveness, the accessibility of experts, and the likelihood of limited or nonexistent hospital-acquired infections (HAIs). Hospitals also carry out IVF procedures. IVF is one of the therapies for infertility offered by a number of multispecialty institutions. A larger preference for hospitals for infertility treatments might be ascribed to increased accessibility and availability of viable therapies.
In Vitro Fertilization Market by Region
Based on the regions, the global in vitro fertilization market is segmented into North America, Europe, Asia Pacific, Latin America, & the Middle East & Africa.
The North American market dominates due to the presence of several major players in this region, regulatory reforms, the rising prevalence of related conditions like polycystic ovary syndrome (PCOS), standardization of procedures, government funding for sperm and egg storage, and continuous rise in the incidence of infertility in both sexes are all factors that propel in vitro fertilization treatment procedures in North America. The prevalence of infertility is rising, which is accelerating market expansion. As an illustration, the SingleCare online survey, which was published in February 2021, revealed that 20% of respondents had in vitro fertilization (IVF) in the United States in 2020. In addition, 25% of respondents claimed to be infertile and 19% of respondents claimed to have PCOS.
Newly launched fertility facilities and reimbursement regulations for infertility treatment are two reasons that are driving demand for infertility treatment devices. For instance, as of August 2020, 10 states had laws governing fertility preservation for cases of iatrogenic (medically produced) infertility, and 19 states had laws governing fertility insurance coverage, 13 of which included IVF. Due to this, both the rate of treatment and the need for fertility treatment equipment will increase.
Due to medical tourism's potential to fuel market expansion, the demand for IVF treatment is anticipated to rise in the region of Asia Pacific. Due to the easy accessibility of modern, affordable healthcare facilities with qualified medical staff from Europe and the United States, the Asia Pacific has emerged as the most popular location for receiving medical treatment. Additionally, the rise of fertility tourism is fueled by permissive IVF treatment policies in Asia Pacific nations like Thailand and India. For instance, due to its lax regulations, such as gender determination prior to embryo transplantation, Thailand is experiencing a steady stream of couples choosing IVF therapy. IVF is yet prohibited in several nations, including China and Costa Rica.
Government programs and company growth are also accelerating the industry's expansion. For instance, the Asia Pacific Initiative on Reproduction (ASPIRE), a special task force made up of researchers and medical professionals, keeps a close eye on and oversees assisted reproductive technologies and fertility. The project also improves the infertility-related services offered in the area and raises awareness of infertility and ART.
In Vitro Fertilization Competitive Landscape
Some of the prominent market players in the global in vitro fertilization market include,
In Vitro Fertilization Strategic Development
The combination of a woman's egg and a man's sperm in artificial settings is known as in vitro fertilization (IVF).
The North America region is dominating the global in vitro fertilization market.
The estimated market size of the in vitro fertilization market in 2031 will be US$ 24.76 billion.
The revenue CAGR of the in vitro fertilization market during the forecast period will be 5.5%.
Some prominent market players in the global in vitro fertilization market include OvaScience, Cook Medical Inc, Thermo Fisher Scientific Inc.
*Insights on financial performance are subject to the availability of information in the public domain