In Vitro Fertilization (IVF) Services Market Experiences Growth With New Centers and Rising R&D Activities
PORTLAND, Oregon and PUNE, India, July 2, 2018 /PRNewswire/ --
In vitro fertilization is the process in which infertility and other genetic issues are treated with artificial fertilization. This process has become a preferred choice for fertility treatments and the most efficient assisted reproductive technology (ART), offering solutions to the couples and single parents. It is important to know that IVF does not always provide successful results. Moreover, the success rate changes based on an individual. Nearly 1.5% of babies in the U.S. are born through ART. According to the report published by Allied Market Research, the global In Vitro Fertilization (IVF) Services Market garnered a revenue of $9.87 billion in 2016 and is projected to reach $19.67 billion by 2023, growing at a CAGR of 10.5% from 2017 to 2023.
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The report segments the in vitro fertilization services market into cycle type, end user, and geography. Cycle types of IVF include donor egg, fresh cycle (non-donor), and thawed IVF cycle (non-donor). Fresh cycle (non-donor) segment generated the highest revenue and is projected to maintain its dominance throughout the analysis period. End users analyzed in the research are fertility clinics, surgical centers, hospitals, and clinical research institutes. Fertility clinics contributed the highest market share in 2016 and expected to grow at the highest rate during the forecast period.
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Geographically, the global in vitro fertilization market is discussed based on North America, Europe, Asia-Pacific, and LAMEA. The rise in the trend of fertility tourism has played a crucial role in the development of various economies. Europe contributed to nearly one-third of the entire market revenue in 2016 and is estimated to register a CAGR of 5.3% during the forecast period. Spain generated the highest revenue in the European IVF services market, followed by the U.K. and France. In 2016, Europe and North America together contributed for over 61.4% of the global market in terms of revenue generated by end users. The opportunities in the Asia-Pacific region are increasing owing to the wide availability of IVF clinics along with supportive government policies. Countries including China, India, and Australia have emerged as major fertility tourism destinations over the past few decades.
The global IVF services market is driven by factors including an increase in the rate of infertility, the emergence of a trend of fertility tourism, and supportive government policies. However, high cost involved in the treatment, low level of awareness, and ethical considerations have limited growth in the industry. New technological advancements and treatment options have presented opportunities in the industry.
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As the demand for fertility clinics rise, Colorado Center for Reproductive Medicine, which is well-known for its advancements in the fertility research, has launched its first center in North Texas. It has collaborated with Frisco Institute for Reproductive Medicine to launch this center. The Colorado center has been on the forefront of the assisted reproductive technology research. It has been worked extensively on chromosome screening and frozen & single embryo transfers. This new facility is equipped with an on-site clinic, in vitro fertilization laboratory, surgery center, and clinical laboratory. The services offered will be in vitro fertilization, genetic testing, fertility assessment & preservation, egg donation, and third-party reproduction.
Along with the launch of new centers, the research and development activities in the fertility tech sectors have gained traction. Modern Fertility, a startup striving to democratize reproductive health has announced the launch of an at-home finger-prick hormone test. According to the press release, this easy-to-use test draws blood to "put the power of fertility knowledge in the hands of women whenever they want it." Hormones have been tested and ovulation, ovarian reserve (amount of eggs), and general body systems related to fertility are mapped. This test offers women a better knowledge of their egg freezing, fertility curve, and IVF outcomes. Members have a facility to review results with on-staff physicians, who are accessible around the clock.
Other market players active in the industry are Conceptions Reproductive Associates, Servy Massey Fertility Institute, Sher Institute for Reproductive Medicine (SIRM), Cardone Reproductive Medicine & Infertility, Fertility Center of San Antonio, and others.
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