In terms of revenue, the Global In Vitro Fertilization Market is expected to reach USD 1024.2 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 8.8% from 2022 to 2028.
In recent years, fertility rates have declined owing to changing lifestyles, nutrient deficiency among males and females, work stress and other problems. Thus, to overcome this, In-Vitro Fertilization (IVF) clinics have come up. However, increasing technological advancements in medical science has helped couples to do with IVF. The rising fertilization rate achieved by IVF and safe procedures has generated huge demand for the In Vitro Fertilization Market.
- The equipment sub-segment of the product type segment is anticipated to dominate the In Vitro Fertilization Market. The rise in number of IVF procedures and introduction of advanced IVF equipment by well-established manufacturers in the market drives this segment.
- The fresh non-donor sub-segment of the type of cycle segment is accounted for the largest market share in 2021 for the In Vitro Fertilization Market. Inclining success rates, and ease in the implantation process, are responsible for the large share of this segment.
- Asia Pacific is the largest regional segment. This surge is attributed to the rising demand for IVF in developed economies such as the U.S. and Canada. The rising cases in non-fertility have demanded for this region to grow.
Recently substantial rate of working women prefers late childbearing procedures. This has affected the natural cycle of pregnancy and thus increasing the dependency on IVF. Although the procedures are highly expensive and time-consuming results majority of the urban population prefer IVF. This has emerged a demand for IVF centers and clinics. According to WHO, 8%-10% of couples globally suffer from infertility which is around 80 million couples across the globe. According to the American Pregnancy Association, male infertility accounts for 30% of infertility cases and contributes to around one-fifth of infertility cases. The average age of women and men getting married and having their first child is increasing. This trend has increased the number of women seeking the In Vitro Fertilization (IVF) treatment.
Asia Pacific is expected to dominate the Global In Vitro Fertilization Market in 2021 and is likely to continue the same trend during the forecast period. This region has the most advanced healthcare infrastructure and funds for investing in IVF. Also, growing technological advancements with the availability of surplus knowhow in executing this technique makes this region prominent for the market to flourish in coming years. On the other hand, developing countries such as India, China and Indonesia are showing huge potential to opt for IVF. However, insufficient funds, lack of skilled labour and social issues make it difficult for the market to grow.