ALBANY, New York, January 18, 2018 /PRNewswire/ --
Global Assisted Reproductive Technology Market: Growth to be driven by Steady Influx of Investment in Healthcare Sector
According to Transparency Market Research, the global assisted reproductive technology market is expected to be worth US$37,789.6 mn by the end of 2025 from US$22,100.0 mn in 2016. Between the forecast years of 2017 and 2025, the global market is expected to rise at a CAGR of 6.3%. The fresh non donor segment accounted for a leading share in the global assisted reproductive technology market in 2016 and is likely to remain similarly dominant in the coming years. Geographically, Asia Pacific is the leading contributor to the global assisted reproductive technology market and is likely to retain a leading share in the global market in the coming years.
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In Vitro fertilization to Dominate due to Growing Efficacy of Modern Procedures
By technology, the global assisted reproductive technology market is divided into artificial insemination, in vitro fertilization, surrogacy, and others. In vitro fertilization is by far the dominant contributor to the global assisted reproductive technology market at present and is likely to retain the position in the coming years due to the growing awareness about the efficacy of in vitro fertilization and the increasing awareness among citizens about the same. The in vitro fertilization segment accounted for a majority share of more than 62% in the global assisted reproductive technology market in 2016 and is likely to extend its dominance further by the end of the 2017-2025 forecast period.
Surrogacy is also likely to receive increasing demand in the coming years, due in part to the growing demand for assisted reproductive technology from same-sex couples. While many parents now prefer the benefit of having their own genetic imprint in their baby through in vitro fertilization, surrogacy is likely to receive sustained demand in the coming years. This is borne out by the figures of the global assisted reproductive technology market by procedure, wherein fresh non donor contributions were the preferred choice for most consumers.
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Gradual Lifting of Social Taboos in Asia Pacific Opens Lucrative Market
Developing economies in Asia Pacific are likely to be vital to the global assisted reproductive technology market in the coming years. While the predominant social values in these regions tended to dissuade constructive growth of the assisted reproductive technology market, the gradual relaxation in social norms in these regions has resulted in a promising environment for the market. The growing prevalence of reproductive problems in Asia Pacific countries such as India and China is thus crucial to the global assisted reproductive technology market.
The growing investment in the healthcare sector in developing countries is also likely to provide a major boost to the global assisted reproductive technology market in the coming years. This will help increase the frequency of fertility clinics in underdeveloped regions, where sophisticated medical facilities may still be absent.
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The steady development of preimplantation genetic diagnosis (PGD) is a key driver for the global assisted reproductive technology market. PGD helps physicians diagnose genetic disorders likely to manifest in the baby before it is implanted, making the technology vital for parents looking to avoid complicated births and lifestyles. The rapid development of the scientific database regarding genetic diseases is further likely to remain a key boost for the global assisted reproductive technology market.
Key players in the moderately fragmented global assisted reproductive technology market include Merck, CooperSurgical, Inc., Irvine Scientific, Vitrolife AB, Hamilton Thorne, Inc., Nidacon International AB, Laboratoire CCD, Planer PLC, Esco Micro Pte. Ltd. (Esco Group), and Nikon Corporation. Merck holds a dominant share in the global assisted reproductive technology market due to its widespread portfolio and steady presence in various regional markets.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research