In Vitro Fertilization Market Overview
In the recent years the in vitro fertilization market has witnessed a massive growth impetus as more people have been undergoing artificial fertility therapies to conceive. Various reasons have contributed to this but main among these is the choice of having children later in life. For instance, the CDC estimates that in 1980, the average age of American women for having their first child was 22 but in 2014 the average age rose closer to 26. However fertility has been shown to be declining as people age. Number of viable eggs in women decrease as they age and men’s sperm do not swim well enough as they age. More couples are therefore turning to assisted reproduction thus aiding the in vitro fertilization market to grow. Over 2018-2023, in vitro fertilization market is expected to witness a CAGR of 10.5% reaching a market size of USD 12,700 million by 2023.
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In Vitro Fertilization Market Segmental Analysis:
In vitro fertilization market has been classified on the basis of type, product, and end users.
Type-wise segmentation of in vitro fertilization market includes intrauterine insemination, intracytoplasmic sperm injection, and IVF using donor eggs. Among these, the intrauterine insemination segment is anticipated to amass the greatest profit over the coming few years.
By product, the market is segmented into reagent and device. In 2017, the device segment registered a valuation of USD 3,700 million and is expected to register a robust CAGR in the foreseeable future, thus outperforming the reagent segment.
By end users, the in vitro fertilization market comprises fertility clinics, clinical research institutes, and hospitals. Fertility clinics cater solutions to the increasing number of infertility cases around the world and therefore the fertility clinic segment is expected to acquire the largest share in the global market. The hospital segment will also become profitable in the coming years due to advanced medical facilities available.
In Vitro Fertilization Market Regional Analysis:
Geographically, the in vitro fertilization market is segmented on the basis of Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.
Rising rates of infertility in Europe would drive the in vitro fertilization market in the region. In 2017, the region held 40% share of the global market due to rising government funding for Assisted Reproductive Technology and increased demand for artificially induced impregnation. Moreover, advanced healthcare facilities in countries like UK, France and Germany and various IVF treatment options offered across the region will augment IVF market expansion in Europe.
Similar healthcare condition in North America in Europe will help the growth of the IVF market in the region and help it to accrue the second largest percentage of the market share.
Medical tourism, increased investment in betterment of healthcare infrastructure and increased acceptance of IVF technology are factors that will help the Asia Pacific in vitro fertilization market to be register fastest regional growth.
In Vitro Fertilization Market Competitive Overview:
Some of the prominent players in the in vitro fertilization market are Thermo Fisher Scientific, Cook Medical, Merck KGaA, Cooper Surgical Fertility, INVO Bioscience, Irvine Scientific, GENEA BIOMEDIX, Oxford Gene Technology, Genea Limited, and Vitrolife.
In Vitro Fertilization Industry News:
The rising numbers of in vitro fertilization cases have urged U.S. government in New York to enact a law that will include in vitro fertilization and fertility preservation services in insurance coverage. The law requires private, large-group health plans to cover up to three cycles of IVF for infertile members. Small- and large-group health plans will be required to cover fertility preservation services, such as egg or sperm freezing, for members whose medical treatment will render them infertile, such as cancer patients who need radiation. As a larger part of the population chooses to delay parenthood to pursue career and educational interest, the law is being enacted to support people who might want to undergo such medical options as IVF but could not due to the high costs. Such support by government agencies are expected to add impetus to the growth of the in vitro fertilization market.
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