In vitro fertilization, also known as IVF, is a type of assisted reproductive technology (ART). IVF is a fertilization process performed in the laboratory settings by retrieving a sperm sample, extracting a woman’s egg, combining manually the egg and the sperm in a laboratory dish, and then implanting the fertilized egg or embryo back to the uterus. IVF is gaining popularity and is highly accepted by couples facing infertility problems, LGBT community, and also single mothers. Technological advancements in IVF technology is augmenting the global IVF devices market.
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The global IVF devices market is driven by increasing incidence of infertility and advancements in IVF procedures. Infertility in women may be caused due to blockage of fallopian tubes, endometriosis, lack of normal ovulation, etc. Male infertility is also a major concern globally. Additionally, lifestyle changes, late family planning, improper food habits, and rise in alcohol consumption are recognized as the causes of infertility in some countries. Furthermore, rising health care expenditure, growing awareness about infertility, and easy accessibility of IVF treatments is projected to propel the growth of the global IVF devices market. Innovative technological advancements in IVF technology such has capsule IVF and embryoscope are expected to fuel the growth of the IVF devices market.
Adoption of and preference for advanced IVF technologies over conventional infertility treatments such as infertility medication are anticipated to boost the growth of the global IVF devices market. Insurance coverage for IVF is the latest trend in the IVF devices market. Insurance coverage depends upon factors such as annual income of the couple, woman’s age, and IVF cycles. Few states in the U.S. such as New York, New Jersey, and Maryland offer insurance coverage for IVF treatment. Insurance coverage is anticipated to encourage couples facing infertility problems to choose IVF treatment. This is expected to fuel the growth of the IVF devices market.
Maintenance issues and unaffordability of high-end IVF devices limit the growth of the market. Moreover, risk of failure associated with IVF cycles cannot be ruled out. Many couples fail to conceive even after repetitive IVF cycles, leading to disappointment and financial burden. These factors are likely to restrain the IVF devices market.
The global IVF devices market can be segmented based on product, end-user, and region. In terms of product, the market can be segmented into IVF work stations (cabinet), incubators, imaging systems, ovum aspiration pump, sperm separation system, cryosystem, micromanipulator systems, anti-vibration tables, and others. Based on end-user, the global IVF devices market can be segmented into hospitals and fertility clinics, clinical research institutes, and cryobanks. Hospitals and fertility clinics is the major end-user segment of the market. High revenue in the segment is attributed to high patient influx for IVF treatments at these settings and diagnostic tests performed such as sonography and ultrasound for women and semen analysis for men.
Geographically, the global IVF devices market can be segmented into five major regions: Europe, North America, Latin America, Asia Pacific, and Middle East & Africa. North America and Europe are the major markets for IVF devices. Apart from these mature markets, Asia Pacific is expected to show rapid growth due to rising demand for affordable IVF services and availability of skilled personnel.
Major players in the global IVF devices market include Vitrolife AB, Cook Group Incorporated, Esco Micro Pte. Ltd., Cooper Companies, Inc., Genea Biomedx, IVFtech ApS, Nidacon International AB, The Baker Company, Thermo Fisher Scientific, Inc., and Irvine Scientific Sales Company, Inc.
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