What are driving factors of Assisted Reproductive Technology (ART) Market | Top players - Irvine Scientific, Cook Medical, ThermoFisher Scientific and Merck

U.S. assisted reproductive technology market to gain extensive traction, surging advancements in IVF technology to expedite the regional landscape.
The rising prevalence of infertility cases worldwide has been primarily responsible for fueling the assisted reproductive technology market growth lately. According to a report by the World Health Organization (WHO), subfertility as well as infertility affect a sizable portion of the global female population – around 10% women are inflicted with the condition. The report claims that the overall burden of infertility is very significant and has not witnessed any decline in the numbers over the previous 20-year-period.

The growing awareness surrounding infertility throughout the world coupled with the wide & rapidly-growing array of innovative new techniques would help propel the global ART market. Moreover, possessing appropriate amount of understanding and knowledge regarding the rate of success of different ART technologies would also be responsible for augmenting the technology’s rate of adoption in upcoming years.

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Improving technological advancements & growing cases of infertility across the U.S to positively influence the regional ART market:

Ever since the first child conceived through ART was born in the U.S. in 1981, both the implementation of ART as well as the number of fertility clinics offering different & increasingly advanced ART services have steadily increased across the nation. United States Centers for Disease Control & Prevention (U.S. CDC) report, approximately 6.1 million (around 10%) women across the U.S. between the ages 15 and 44 encounter difficulties in getting or remaining pregnant owing to different factors like changing lifestyles, heredity and attempting to have children later in age.

According to a 2015 Assisted Reproductive Technology Surveillance report by the U.S. CDC, in 2015 over 182,111 ART procedures were performed across more than 464 fertility clinics in the U.S. The procedures resulted in more than 59,334 live-birth deliveries & over 71,152 children being born. The number of ART procedures being performed nationally per 1 million women within reproductive ages was over 2,832, surpassing the national rate across 13 reporting areas. Owing to these factors, the U.S. ART market is expected to grow at approximately 4% over 2018-2024.

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High level adoption rate of in-vitro fertilization technology to propel the industry growth:

According to a 2015 surveillance report by the U.S. CDC, more than 99% of the ART procedures conducted across the nation were carried out through In-vitro fertilization (IVF). Indeed, IVF technology has maintained a strong foothold in the industry, having dominated the ART market in 2017. The technology is the preferred procedure among couples as it allows the egg to be fertilized outside of the body and further increases the possibility of pregnancy. Attributing to these factors, the IVF-based ART market is projected to grow by approximately 3.9% over 2018-2024.

The utilization of IVF procedures in the U.S, however, is considerably lower than the utilization rates of other developed nations; in the U.S. IVF accounts for just 1.5% of the babies being born, a substantially lower number than, for instance, Australia where IVF accounts for 4% of the babies being born, leaving the U.S market at its prime for accelerated IVF adoption. Typically costing somewhere between $12,000 to $15,000 per cycle, IVF alone accounts for more than $2.4 to $3 billion in terms of revenue, when not counting in ancillary costs, pre-cycle workups by ob/gyns and medications.

With instances of infertility witnessing a steady rise across the world and adoption of ART growing proportionally owing to rising awareness to meet the surging demands, the global ART market is anticipated to record significant growth over the ensuing years. Global Market Insights Inc., projects that the accelerated adoption of enhanced ART procedures and massive technological advancements in healthcare will help propel the overall ART market size, slated to be pegged at $32.5 billion by 2024.

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
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This release was published on openPR.