Fertility Services Market Growing At A CAGR Of 8.9% And To Target $27.15 Billion By 2026
Pune, Maharashtra, India, February 16 2021 (Wiredrelease) Allied Analytics –:Fertility services are availed by people who are unable to conceive naturally. These services assist infertile couples, single parents, and LGBT community to procreate and start a family. IVF and other assisted reproductive technology (ART) procedures, surrogacy, and artificial insemination are some of the widely performed fertility services.
The global fertility services market generated $13.65 billion in 2018 and is projected to reach $27.15 billion by 2026, growing at a CAGR of 8.9% from 2019 to 2026. Asia-Pacific is estimated to be the highest revenue contributor throughout the forecast period.
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1) Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.
2) However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.
3) Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.
The fertility services market growth is driven by increase in infertility rates, rise in trend of delayed pregnancies, surge in ART success rate, and growth in disposable income. Furthermore, rise in prevalence of infertility due to increase in risk factors, such as obesity, stress, polycystic ovarian syndrome (PCOS), sexually transmitted infections, endometrial tuberculosis, and other medical conditions, is expected to offer lucrative opportunities for the fertility services market growth during the forecast period.
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Based on procedure, the IVF with ICSI segment accounted for half of the fertility services market share in 2018. This segment is expected to exhibit a prominent growth rate, owing to some key factors such higher success rates associated with ICSI-IVF in case of poor sperm morphology, poor sperm motility, low sperm count, and others.
Based on fertility services market trends by end user segment, fertility clinics generated revenue the highest revenue in 2018 and is anticipated to continue the same during the forecast period. The segment of surgical centers would exhibit prominent growth rate due to availability of various fertility procedures under one roof, development of fertility devices with advanced technologies and the availability of a skilled workforce.
In addition, Asia-Pacific is expected to experience the highest growth rate during the forecast period majorly due to surge in adoption of fertility procedures, development in the healthcare infrastructure, and rise in fertility tourism.
The Major Key Players Are:
• Apollo Hospitals Enterprise Ltd.
• Care Fertility Group
• Carolinas Fertility Institute
• Genea Limited
• The Johns Hopkins Health System Corp
• Medicover Group
• Monash IVF Group
• OvaScience Inc.
• Progyny Inc.
• Xytex Cryo International.
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Key Findings of the Fertility Services Market:
• The IVF with ICSI segment accounted the highest market share of 50% in 2018 and is anticipated to grow at the fastest during the forecast period segment is anticipated to grow at the fastest rate during the forecast period.
• The Asia-Pacific region was the major shareholder and accounted for the highest share of 38% in 2018.
• Based on service, the egg and embryo banking segment is expected to grow at a CAGR of 11.2 % during the forecast period.
• Fresh non-donor segment dominated the market share in 2018 and is anticipated to maintain its dominance during the forecast period.
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