In-Vitro Fertilization Market Value to Reach US$ 725.9 Million by the End of 2022
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The leading vendors in the market include Ovascience, Inc., Rocket Medical PLC, Vitrolife AB, Cook Medical, Genea Ltd., Merck KGaA, CooperSurgical, Fertility Focus Ltd., Thermo Fisher Scientific, Inc, and EMD Serono, Inc. The strategies adopted by these market players will play a pivotal role in deciding the fate of the market over the coming years. Transparency Market Research (TMR) analyses the current approach of these market players to prophesize their future moves.
The global market for in-vitro fertilization is expected to inflate at a sturdy CAGR of 6.5% during the period from 2017 to 2022. The market was valued at US$529.8 mn at the end of 2017 and is projected to rise to a value of US$725.9 mn by the end of 2022. Based on the type of products, the reagents segment is expected to outdo the equipment segment over the coming years. The former is expected to reach a net value of US$385.9 mn by 2022. Based on regions, the market for in-vitro fertilization is anticipated to be reigned by Asia Pacific excluding Japan (APEJ) with a regional CAGR of 6.7% CAGR over the forecast period. The prominence of the region is attributable to the initiatives of the governments to promote medical tourism.
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Chromosomal Defects in Humans Propel Market Growth
The rates of infertility amongst men and women have risen in recent times. Several anatomic factors have contributed to the infertility of men and women who have found hope in in-vitro fertilization (IVF). This is the primary factor that is driving demand within the global market and is creating growth spaces for market players. Furthermore, chromosomal defects have also been a causative agent of infertility in individuals, and biological sciences have pointed to a greater instance of such chromosomal defects in recent times. This factor coupled with the high awareness quotient of the people has given a significant boost to the market for IVF.
Lifestyle changes have also been found to affect fertility of humans, and even after years of unprotected intercourses, females haven’t been able to conceive. Hence, the lifestyles of the people have also been an underhanded factor contributing to market demand. It is anticipated that the efforts of the healthcare industry in educating people about IVF would play to the advantage of the market in the coming years. Besides this, the development of better technologies within the domain of IVF has garnered the faith of consumers, thus, propelling the market to fruition. By spreading awareness about the pros of IVF, medical tourism has also been an integral market driver.
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Fertile Couples Resorting to IVF Fortify Market
The presence of hereditary disorders amongst a large part of the population has also given an impetus to market growth. Fertile couples suffering from maladies resort to IVF to prevent their progeny from inheriting the disorder. The identification of such hereditary diseases has become easier across the globe in contemporary times, thus, substantiating market growth. Efforts of institutionalized systems coupled with better computerization has lowered the cost of IVF, which has further expanded the market.
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