High Incidence of Infertility and Government Initiatives to Boost Adoption of In-Vitro Fertilization to Augment Growth of In-Vitro Fertilization Devices Market

In-vitro fertilization is a procedure of fertilization whereby an egg is combined using sperm in the lab, outside the body. The procedure involves stimulating and monitoring a woman's fertile period, removing an from the woman's uterus and allowing sperm to fertilize them in a lab. If successful, the embryo is then implanted in the woman's womb.

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Market Dynamics

High incidence of infertility is expected to propel growth of the in-vitro fertilization devices market. For instance, according to the National Survey of Family Growth data published in September 2018, 15.5% of all women who intend to become pregnant are infertile and 6.7% of married women aged 15 to 44 years are infertile, in the U.S.

Government initiatives to boost adoption of in-vitro fertilization is expected to offer lucrative growth opportunities for players in the in-vitro fertilization devices market. For instance, in November 2020, The Quebec government s tabled a bill to restore public funding for one round of in-vitro fertilization for couples struggling to conceive. Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.

Adoption of Artificial Intelligence (AI) in in-vitro fertilization is expected to propel growth of the in-vitro fertilization devices market. For instance, in 2018, Univfy, an in-vitro fertilization-focused machine learning company, raised US$ 6 million in Series A funding.

However, high cost of infertility treatment is expected to hinder growth of the in-vitro fertilization devices market. The average cost for infertility treatment in Canada is quite expensive and ranges from between US$ 10,000 to US$ 20,000.

Competitive Analysis

Major players operating in in-vitro fertilization devices market include, Vitrolife AB, CooperSurgical Inc., Thermo Fisher Scientific Inc., COOK MEDICAL INC., Genea Biomedx, Merck KGaA, OvaScience, Inc., JXTG Holdings, Inc., Progyny, Inc., and Oxford Gene Technology Inc., EMD Serono,Inc., and Irvine Scientific.

Major players operating in in-vitro fertilization devices market are focused on adopting collaboration and partnership strategies to enhance their market share. For instance, in 2019, Vitrolife collaborated with Prime Tech, a manufacturer of products for ICSI treatments using Piezo-ICSI for animal and human applications, to develop and exclusively market the Piezo technique for improved ICSI procedure in human IVF globally except for Japan, Thailand and Malaysia.

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