ALBANY, New York, October 22, 2018 /PRNewswire/ --
The global in-vitro fertilization market estimated valuation was US$529.8 million in 2017. Expanding at a promising CAGR of 6.5% from 2017 to 2025, the global in-vitro fertilization market is expected to reach worth of US$725.9 Mn by 2022 end.
Rising Mean Age of First-time Motherhood across Demographics propel Demand for In-Vitro Fertilization Procedures
The global in-vitro fertilization market is primarily driven by the rising worldwide demand for assistive reproductive technologies. The demand is propelled by growing number of couples delaying their parenthood for medical and lifestyle factors. The trend is evident in the increasing mean age of first-time births or motherhood across demographics. The increase is also attributed to several adverse lifestyle factors hampering male fertility, such as the rising consumption of tobacco and alcohol. The growing prevalence of male fertility, especially in Western countries, is a potentially significant factor fueling the demand for in-vitro fertilization technologies.
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The rising awareness about the growing problem of male infertility, especially in developed nations, is also boosting the in-vitro fertilization market. The rapid advances in medical tourism in developing economies is supporting the rapid expansion of the in-vitro fertilization market.
Among the key product types in the in-vitro fertilization market, the reagents segment holds the major share and is expected to retain its lead throughout the assessment period. By 2022 end, the segment is forecast to reach worth of US$385.9 Mn. Substantial efforts in developing better performing reagents are expected to bolster the demand for reagents in the in-vitro fertilization market.
On the regional front, the Asia Pacific excluding Japan (APEJ) accounts for the leading revenue share in the global in-vitro fertilization market and is expected to hold its sway during 2017-2025. The regional market is forecast to rise at 6.7% CAGR during this period. The growth is fueled by rapid strides medical tourism in numerous emerging economies.
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Low Clinical Outcomes and High Costs key Deterrents, Advancement in Laboratory Infrastructures to boost In-vitro fertilization Market
However, the demand for in-vitro fertilization procedures is still hampered by the low outcome of these procedures. Moreover, the high cost associated with successive procedures has been posing as major hurdle in their uptake, especially among couples who are concerned about the affordability. Nevertheless, in recent years, substantial advances have been made in laboratory infrastructures, especially in developing countries, are expected to support the growth of the in-vitro fertilization market. Moreover, rapid advancements in overall healthcare infrastructures in emerging and developed economies are expected to present lucrative avenues in the market.
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Relentless research in developing advanced assistive reproductive technologies augurs well for the in-vitro fertilization market. This will be fueled by rising insurance coverage for in-vitro fertilization procedures in a number of developing and developed countries. Furthermore, rising awareness about fertility clinics among populations in developing countries, especially via various communication media, are likely to create new avenues in the in-vitro fertilization market.
The global in-vitro fertilization market is increasingly competitive and fairly fragmented, attributed in part to the presence of several prominent players and the rapidly rising number of new entrants in recent years. Transparency Market Research (TMR) notes that the prevailing competitive dynamics in the in-vitro fertilization market is not likely to change noticeably in the next few years. A growing number of emerging and established players in the in-vitro fertilization market are expected to focus on developing advanced assistive reproductive technologies with better clinical outcomes. This will help them consolidate their shares in the global in-vitro fertilization market. Furthermore, TMR finds that sizeable investments in research and development activities by prominent biotechnology will help them develop novel technologies, thereby enabling them gain stronghold in the in-vitro fertilization market.
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Top players in the in-vitro fertilization market include EMD Serono, Inc., CooperSurgical, Inc., Fertility Focus Ltd., Merck KGaA, Thermo Fisher Scientific, Inc, and Vitrolife AB, Genea Ltd.
The study presented here is based on a report by Transparency Market Research (TMR) titled "In-Vitro Fertilization Market - (Product Type-Equipment and Reagents; End User - Fertility Clinics, Hospital and Research Laboratories, and Cryobanks) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017-2022".
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