PORTLAND, Oregon, March 18, 2014 /PRNewswire/ --
According to a new report by Allied Market Research, titled, "In Vitro Fertilization Market in Asia Pacific - Country Analysis by End Users (Clinics, Hospitals, Surgical Centers, Clinical Research Institutes, Banks), Number of Cycles, Revenue, Share, Growth, Trends, and Forecast through 2020," the IVF market in Asia Pacific stood at $1.3 billion in 2012 and is estimated to be $1.4 billion in 2013. The IVF market in the region is forecast to grow to $4.2 billion in 2020 at a CAGR of 17.1% during 2013 - 2020. The overall number of IVF cycles performed in the region stood at 329.3 thousand in 2013. The number of IVF cycles in Asia Pacific will continue growing with a fast pace during 2013 - 2020 to reach 779.4 thousand in 2020, registering a CAGR of 13.1% during the evaluation period.
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In 2010, the Asia Pacific IVF market grown to become a $1 billion industry. The growth trajectory further consolidated with growing government interventions and support, especially in countries such Japan, Korea and Singapore where the lower fertility, aging population and lack work force has triggered severe implications.
Although the largest number of IVF cycles is performed in India, Australia is the largest contributor to overall region's revenue. Australia IVF market is estimated to be worth $369.7 million in 2013. The market is further expected to become a billion dollar industry in the country, garnering $1.1 billion in 2020 at a CAGR of 17.5% during 2013 - 2020. However, India IVF market is expected to be fastest growing country market with a CAGR of 17.9% during the same period. The faster revenue growth in India IVF market will be supported by the growth in cost per cycle due to increasing sophistications of procedures and advancement in technology.
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Fertility clinics and specialty hospital plays crucial role in providing IVF treatment to couple seeking assistance for infertility treatment. With the success of specialized fertility centers such as Virtus Health Ltd (Australia) and Fortis Bloom Fertility and IVF Center (India), the IVF market in Asia Pacific has taken a leap forward. Specialized IVF clinics have been dominant in performing IVF cycles with about 161 thousand procedures performed in 2012. The segment is expected to have 371 thousand IVF cycles by the end of 2020 at a CAGR of 12.1% during 2013 - 2020, closely followed by Hospitals segment at 351 thousand in the same year. Surgical centers will exhibit fastest growth rate during the period; however, largely due to lower volume.
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SOURCE Allied Market Research