(Health-NewsWire.Net, August 09, 2022 ) The global in vitro fertilization market is projected to reach USD 987 million by 2026 from USD 638 million in 2021, at a CAGR of 9.1% from 2021 to 2026, according to a new report by MarketsandMarkets™. The key factors fueling the growth of this market include an increase in the median age of first-time mothers, declining fertility rates, rising male infertility, rise in obesity rate and growing consumption of alcohol, and growing awareness about the availability of treatment options.
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The in vitro fertilization (IVF) market include major Tier I and II suppliers of in vitro fertilization equipment, reagents and media are The Cooper Companies Inc. (US), Cook Group (US), Vitrolife (Sweden), Thermo Fisher Scientific, Inc. (US), Esco Micro Pte. Ltd. (Singapore), Genea Limited (Australia), IVFtech ApS (Denmark), FUJIFILM Irvine Scientific (US), The Baker Company, Inc. (US), Kitazato Corporation (Japan), Corning Corporation (US), Hamilton Thorne Ltd. (US), ZEISS Group (Germany), FERTIPRO NV(Belgium), and Eppendorf (Germany). These suppliers have their manufacturing facilities spread across regions such as North America, Europe, Asia Pacific.
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COVID-19 has impacted their businesses as well. COVID-19 pandemic triggered the worldwide suspension of in vitro fertilization treatment; this had a profound impact on women in the 40-42 age group, resulting in 11.8% reduction in live births due to a six-month delay in IVF treatment and a 22.4% reduction due to a 12-month delay in treatment in UK. In India, 30 lakh people seek IVF every year, but only 5 lakh people undergo IVF procedures. During the COVID-19 pandemic, a 90% drop was observed in the number of people undergoing IVF cycles. The spread of COVID-19 has not only impacted fertility clinics owing to the cancellation of IVF treatments but has also impacted fertility decisions among couples who had opted for IVF treatment before the pandemic
The rise in number of IVF with ICSI procedure to support the market growth during the forecast period.
The success rate of fertilization with ICSI procedure and the growing utilization of the ICSI during IVF procedure are anticipated to boost the adoption of IVF with ICSI procedures, accelerating the growth of the segment during the forecast period. Moreover, the growing focus of players in expanding their product offerings in ICSI is anticipated to contribute towards the rapid adoption of IVF with ICSI procedures during the forecast period.
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Asia Pacific likely to emerge as the fastest-growing in vitro fertilization market, globally.
Geographically, the emerging Asian countries, such as China, India, Japan and Singapore, are offering high-growth opportunities for market players. The Asia Pacific point of care market is projected to grow at the highest CAGR of 10.1% from 2021 to 2026. Expansion of healthcare infrastructure and increase in disposable personal income, rising medical tourism in Asian countries, increasing healthcare expenditure, and growing awareness among people about infertility are supporting the growth of the in vitro fertilization market in the region.
Prominent players in this market are The Cooper Companies Inc. (US), Cook Group (US), Vitrolife (Sweden), Thermo Fisher Scientific, Inc. (US), FUJIFILM Irvine Scientific (US), Kitazato Corporation (Japan), and Hamilton Thorne Ltd. (US), among others.
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