Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Surrogacy Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”
The global surrogacy market is anticipated to grow at a CAGR of around 6.8% during the forecast period 2021 to 2028 and to reach around US$ 9.9 Bn by 2027.
Asia Pacific is expected to witness faster growth in the global surrogacy market over the forecast period.
The market in North America is expected to account for a major revenue share in the global surrogacy market due to the availability of advanced infrastructure for R&D activities. In addition, a gradual increase in people opting for fertility treatment and the availability of advanced devices are factors expected to augment the growth of the target market. According to the Centers for Disease Control and Prevention every year, millions of American families struggle with infertility for every 100 couples, 12 to 13 report they’ve experienced trouble getting pregnant. About 7.3 million women of childbearing age in the U.S. have used fertility treatments to get pregnant.
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Presence of large number of players operating in the country along with a focus on business development opportunities by major players are factors expected to boost the growth of the regional market.
- In 2016, Cooper Surgical Inc. a global healthcare company that deals with health care medical instruments, devices, and disposables acquired Wallace Pharmaceuticals located in India. This acquisition is expected to help the company to enhance the product portfolio of IVF.
- In 2015, Irvine Scientific a global leader in design, manufacture, and distribution of products to the industrial cell culture entered in strategic partnership with Biotech Inc. This partnership is expected to help the company to strengthen its position in US market.
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In addition, high government spending for the development of present infrastructure and development regulatory policies related to fertility treatment coverage are factors expected to impact the growth of the target market.
The market in Asia Pacific is expected to witness faster growth in the target market over the forecast period due to rising awareness among consumers. Government spending on the development of the healthcare sector is increasing with the focus on upgrading the present instruments in hospitals for better results and inclination towards promotional activities of the facilities are factors expected to augment the growth of the regional market.
Major player’s inclination towards tracking the untapped market in developing countries in order to enhance the business presence is expected to support the growth of the target market.
Increasing number of patients suffering from infertility issuers across the globe, rapid advancements in In-vitro fertilization technological and availability of favorable government policies is resulting in consumers approach towards adoption of surrogacy these are major factors expected to drive the growth of the global surrogacy market. According to the Centers for Disease Control and Prevention, infertility impacts approximately 1 in 7 Americans, and in 2018, the average fertility patients paid over US$ 22,000 per “cycle,” with over 10,000 IVF patients reporting.
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Increasing business expansion activities by major players in order to increase the customer base and enhance profit are factors expected to boost the growth of the global market.
- In 2019, IVF Spring Fertility Clinic located in India focused on digital marketing campaign in order to create awareness among consumers related to infertility and the availability of treatment options. This is expected to create new business opportunities for them and enhance the customer base.
- In 2017, Genea leading players in fertility that offers treatments, such as IVF in collaboration with Merck opened Fertility Centre of Excellence in Bangkok. This is expected to help the company to enhance the business presence.
However, factors such as high cost of the procedure and stringent government regulation related to commercial surrogacy are expected to hamper the growth of global surrogacy market. In addition, low success rate of IVF treatment is another factor expected to challenge the growth of target market.
Increasing R&D activities by major players advancements in IVF treatment, along with focus on introduction of cost-effective treatment are factors responsible to create new opportunities for players operating in the target market over the forecast market. In addition, increasing partnership between regional and international players is expected to support the revenue traction of target market.
Players operating in the global surrogacy market Scanfert AVA Clinic, Bourn Hall Fertility Clinic, Nova IVI Fertility, Ovation Fertility, Bangkok IVF Center, Extraordinary Conceptions, Cardone & Associates Reproductive Medicine & Infertility, LLC, New Hope Fertility Center, IVI-RMA Global, Max Healthcare, and Growing Generations, LLC. The market is highly competitive due to presence of large number of players operating on global level.
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