Fertility services are defined as services that can help both men and women to overcome medical problems, which prevent them from having children. A new report on the global fertility services market, published by Market Research Future (MRFR), observes that this market could find growth at 8.50% CAGR between 2018 and 2023.
The prominent market enhancing factors for the global fertility services market include growing urbanization, rising numbers of women joining the workforce, the inclination of women for advanced studies, delayed family planning, and reimbursement schemes. Another crucial factor contributing to the market growth include advances in fertility treatment that gives women options to bear children in later years. Such technologies are gaining popularity due to use and endorsement by female celebrities. However, high costs for fertility treatments can affect market growth negatively.
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Increasing Cases of Prostate Cancer
In the wake of rising cases of prostate cancer around the world, the fertility services market will profit to a large extent as this key trend is catching on quite rapidly. A growing number of men are getting affected by prostate cancer, which is one of the most common types of cancers; wherein this factor can have an indirect positive effect on the growth of the market. To elaborate, this cancer can be treated by removing the prostate gland, which results in the declining fertility among men as well as impaired sexual function.
Key Players for Global Fertility Services Market
The key players operating in the Global Fertility Services Market are Cook Medical (U.S.), Merck KGaA (Germany), Irvine Scientific (U.S.), CooperSurgical Inc (U.S.). Other players include Ferring Pharmaceuticals Inc. (U.S.), CARE Fertility Group Limited (U.K.), and Vitrolife (U.S.)
Manipal Fertility, part of the infertility centers of Manipal Hospitals has recently launched “ANKUR CLINIC”, which are affordable fertility services. This move is aimed at helping economically restricted patients so they can avail infertility treatment at lower prices.
Segments for Global Fertility Services Market
The global fertility services market segmentation encompasses the underlying cause and treatment type. MRFR’s take on the market explores various facets of the market in-depth.
Based on the underlying cause, this market has been segmented into male infertility and female infertility. The female infertility is expected to hold the larger market share of 54% during the forecast period. Factors attributed to the growth of this market segment include elapsed age of motherhood, endometrial tuberculosis, the prevalence of obesity, and other medical conditions.
By treatment types, the market has been segmented into assistive reproductive technology (ART) and infertility drugs. The ART segment is expected to hold the larger market share of 76% during the forecast period as it is the preferred treatment for infertility due to its high success ratio. The ART segment has been sub-segmented into artificial insemination, frozen embryo replacement (FER), in-vitro fertilization (IVF), and others. Increased demand for IVF is boosting the market growth.
Regional Analysis for Global Fertility Services Market
A geographical outlining of the global fertility services market covers Europe, The Americas (North America & Latin America), Asia Pacific, and the Middle East & Africa (MEA).
Expected to grow at 8.50% CAGR during the forecast period, Europe holds the largest market share of 34.6% due to the low fertility rate in this region. The trend of delayed family planning is also aiding market growth. The reimbursement policies in the majority of European countries are also promoting the demand for fertility services. Due to the availability of advanced medical facilities and economic development, Western Europe is the bigger market segment, compared to Eastern Europe. The paramount country-specific markets in this region include France, Germany, Italy, Spain, and the UK. An analysis of the remaining countries in Western Europe featured in this report estimates the huge contribution to market revenue from some other countries, along with and a sizable revenue contribution from Eastern Europe.
The Americas region is the second-largest regional market with North America occupying the major chunk of market revenue due to the same reasons as in Europe. North America generates higher market revenue due to the presence of key market players, high obesity rates in the USA, and subsequent dip in fertility rates. Hence, more women are now turning to fertility services, leading the market to grow. After the USA, Canada has the biggest chunk of market revenue. A decent market revenue share also comes from Latin America.
During the forecast period, the Asia Pacific region can grow at the fastest pace due to rapid urbanization in the region, subsequent changing lifestyles, and the emergence of increased fertility problems. Adoption of sophisticated technology and increasingly favorable reimbursement policies can improve the market growth in countries like India and Japan. Other significant country-specific markets in this region are Australia, China, and South Korea. An analysis of the remaining countries in the Asia Pacific region featured in this report anticipates the huge contribution to market revenue from some other countries.
The market growth in the MEA region is low due to lack of awareness, limited availability of skilled medical professionals, various social restrictions due to many religious as well as cultural factors, less investment in the healthcare sector, and dearth in advanced medical facilities.
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