PORTLAND, Oregon and PUNE, India, July 11, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "IVF Devices and Consumables Market, by Product, Technology, and End User: Global Opportunity Analysis and Industry Forecast, 2018-2025," the market was valued at $1,882 million in 2017, and is expected to reach $6,891 million by 2025, growing at a CAGR of 17.6% from 2018 to 2025.
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In vitro fertilization (IVF) is a type of assisted reproductive technology in which the ovum is artificially fertilized in laboratory settings and then implanted into the uterus. IVF is one of the widely used treatments, which assists couples with infertility problems, single mothers, and the LGBT community to procreate. Increase in infertility rate, rise in awareness toward IVF, growth in demand for advanced IVF technologies, and surge in IVF success rate are the key factors that drive the growth of the IVF devices and consumables market globally. However, the market growth is restricted by the higher costs associated with IVF devices, ethical issues, and complications associated with IVF.
Based on product, the accessory & disposable segment is the major revenue contributor, and is expected to dominate the market during the forecast period, due to their cost-effectiveness. However, the instrument segment is anticipated to grow at the highest rate, due to technological advancements and surge in demand for advanced IVF devices.
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Based on technology, fresh embryo IVF is the major revenue contributor, and is estimated to show dominance during the forecast period, due to its advantages such as higher success rate, convenience, cost-effectiveness, and safety.
Depending on end user, the global IVF devices and consumables market is dominated by the fertility clinic segment, and is estimated to continue this trend during the forecast period, due to low cost of treatment and increase in number of fertility clinics. However, the surgical center segment is expected to grow at a significant rate, due to increase in number of surgery centers in the developing region and rise in use of IVF among the surgery centers.
KEY FINDINGS OF THE STUDY
- Based on product, the instrument segment is expected to experience rapid growth in the market, and is projected to grow at a CAGR of 23.7% from 2018 to 2025.
- Based on technology type, the fresh embryo IVF segment exhibits fastest growth, and is expected to register a CAGR of 17.9% from 2018 to 2025.
- Based on end user, the fertility clinic segment held more than half share of the global market share in 2017, and is expected to remain dominant throughout the forecast period.
- Based on region, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 20.2% during the forecast period.
Europe accounted for around two-fifth share of the global IVF devices and consumables market in 2017, and is expected to remain dominant throughout the forecast period, owing to higher demand for IVF, increase in infertile population, higher number of trained medical professionals, and availability of technological advance IVF devices with higher success rate. However, Asia-Pacific is expected to experience the highest growth rate during the forecast period majorly due to increase in disposable income and surge in adoption of IVF owing to rise in infertility rate.
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SOURCE Allied Market Research