Global In-Vitro Fertilization (IVF) Market: Key Drivers Behind the 9% Growth by 2029

The Global In-Vitro Fertilization (IVF) Market is set to witness a healthy growth rate of 9% by 2029. Rise in the median age of first-time mothers, technological advancements in IVF devices, growing IVF tourism, an increasing number of fertility clinics globally, falling fertility rate, growing cases of male infertility among men, and a favorable funding environment are some of the key factors driving the market’s growth. 

In-vitro fertilization (IVF) is a complex and advanced assisted reproductive technology used to help individuals and couples conceive a child. The process involves stimulating a woman's ovaries to produce multiple eggs, retrieving these eggs surgically, and fertilizing them with sperm in a laboratory setting. The resulting embryos are then cultured for a few days before being transferred into the woman's uterus with the hope of achieving a successful pregnancy. IVF is often utilized to overcome various fertility issues, including blocked fallopian tubes, male infertility, and genetic disorders.

To request a free sample copy of this report, please visit below
https://meditechinsights.com/in-vitro-fertilization-ivf-market/request-sample/

COVID-19 Impact on the In-Vitro Fertilization Market

Throughout 2020 and 2021, the COVID-19 virus spread rapidly and relentlessly across the globe and adversely impacted a multitude of industries worldwide. With lockdowns implemented, social distancing mandated, and widespread apprehension – COVID-19 adversely impacted health services internationally and the IVF industry was no different.

The news of the outbreak of the Covid-19 virus adversely impacted the IVF market in terms of the number of treatments and fertility services as IVF clinics had to shut down their businesses to reduce the spread of the virus. The virus also halted IVF tourism in several cost-effective destinations. However, the global IVF market is now in a recovery phase due to the efforts of IVF clinics to meet the pent-up need that was caused by the cancelled treatments.

The COVID-19 pandemic paved the way for digital adoption in the IVF sector to gain operational efficiency and telehealth adoption to survive and thrive in unprecedented times. To overcome the challenges caused by the virus, IVF clinics have cross-trained their staff and replaced physical patient interactions with digital communication. To resume operations, IVF clinics are now stringently following Covid-safety protocols and in-person consultations are fast being replaced with online consultations. IVF clinics are further expected to embrace the new-age model of online consultations and video consultations are likely to be the new norm in the IVF sector.

Technological Advancements in IVF Devices Drive the In-Vitro Fertilization Market

The IVF market comprises an array of equipment, reagents & media, accessories, and technologies that continue to witness technological advancements. For instance,

• In June 2022, FUJIFILM Irvine Scientific, Inc. announced its exclusive licensing of AI-based technology for image-based evaluation of human embryos, developed and patented by experts from Brigham and Women’s Hospital and Massachusetts General Hospital, to enhance IVF success rates
• In May 2022, Cook Medical launched MINC+™ Benchtop Incubator for clinical embryologists and IVF clinics in the US and Canada. The MINC+ is the next generation of the MINC® Mini Incubator, a benchtop incubator that has been a standard component in IVF clinics for more than 20 years
• In December 2021, Multiply, a US-based startup launched its AI-based platform that is likely to replace conventional processes in IVF clinics. Multiply makes it easy to enter and organize data about the patients, their treatments, the tests performed, equipment used, and also to manage appointments, schedules, and inventory. It consolidates data from various sources in an IVF clinic such as labs, operating rooms, consulting rooms, registration desks and organizes it in an easily accessible, and secure manner

Growing IVF Tourism Boosts the In-Vitro Fertilization Market

In recent years, there has been a growing trend toward IVF tourism. It is a type of medical tourism in which patients travel to other states or countries seeking fertility treatments in various forms. India, Spain, Czech Republic, Greece, Turkey, and Denmark have emerged as top IVF destinations. The key reasons why people travel abroad for IVF treatments are:

• Relatively lower cost of the treatment in another country
• Availability of well-equipped IVF clinics with high-class infrastructures and skilled professionals
• Expertise in handling almost all kinds of treatment and diagnostic methods of IVF including ICSI, IUI, egg donation, embryo transfer and endoscopic diagnosis
• The treatments are not legally available in the home country or availability is limited
• Long waiting lists
• The treatment is not available for some types of patients (gays, lesbians, single people, and members of certain religions) by the law of the home country
• Greater donor options in another country
• Availability of better options for control over fertilization results
• For example, the US allows pre-implantation genetic diagnosis (PGD) of in vitro fertilization embryos. It gives couples the option to pick and choose which embryos will be implanted in the uterus based on genetic factors (including chromosomal deficiencies and sex).
• PGD used for sex selection is illegal in some other countries that offer in vitro fertilization
• Specific countries can provide the desired genealogy.

“IVF tourism is a key factor driving the IVF market. The growing prominence of lesser-known destinations such as Grand Cayman Island and Barbados due to favourable regulations, low treatment cost, and availability of PGD (pre-implantation genetic diagnosis) is a pivotal contributing factor propelling it’s the IVF market.” - Director, Leading IVF Equipment Manufacturer, United States

Product Segment Analysis

The global in-vitro fertilization (IVF) market is segmented into three primary product categories: equipment, reagents and media, and accessories. The equipment segment, which includes devices such as incubators, imaging systems, and micromanipulation systems, holds a significant share due to the essential role these advanced tools play in the IVF process. Reagents and media, comprising culture media, cryopreservation media, and other consumables, are crucial for the successful fertilization and development of embryos, thus commanding a substantial portion of the market. Lastly, the accessories segment, which includes catheters, needles, and slides, complements the primary equipment and reagents by ensuring the smooth execution of IVF procedures. Together, these segments drive the growth and innovation in the IVF market, meeting the increasing demand for fertility treatments worldwide.

🔗 Want deeper insights? Download the sample report here:
https://meditechinsights.com/in-vitro-fertilization-ivf-market/request-sample/

End-User Segment Analysis

The global in vitro fertilization (IVF) market is categorized into three primary end-user segments: hospitals, clinics, and fertility centers. Among these, hospitals hold the largest market share. This leading position can be attributed to several factors. Firstly, the availability of IVF services in hospitals has been steadily increasing, providing patients with more accessible options for treatment. Additionally, hospitals are often perceived as more reliable and equipped with advanced medical technologies and comprehensive healthcare facilities, which attract a larger number of patients seeking IVF treatment.

Clinics and fertility centers follow hospitals in market share, but they are also experiencing growth due to the specialized care and personalized treatment plans they offer. Clinics often provide a more intimate setting and individualized attention, which can be appealing to patients. Fertility centers, being dedicated exclusively to reproductive health, bring specialized expertise and advanced techniques that further enhance their appeal. Overall, while hospitals dominate the market due to their widespread availability and perceived reliability, clinics and fertility centers are increasingly preferred for their specialized services and patient-centric approach.

Competitive Landscape Analysis: In-Vitro Fertilization Market

The in-vitro fertilization market is marked by the presence of key players such The Cooper Companies Inc., Vitrolife, Thermo Fisher Scientific, Esco Medical, IVFtech ApS, FUJIFILM Irvine Scientific, Kitazato Corporation, FERTIPRO NV, Gynotec B.V., among others.

About Medi-Tech Insights

Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services in the areas of market assessments, due diligence, competitive intelligence, market sizing and forecasting, pricing analysis & go-to-market strategy. Our methodology includes rigorous secondary research combined with deep-dive interviews with industry-leading CXO, VPs, and key demand/supply side decision-makers.

Contact:

Ruta Halde
 Associate, Medi-Tech Insights
 +32 498 86 80 79
 info@meditechinsights.com