What is the global market size of In Vitro Fertilization Market?

In Vitro Fertilization Market size was valued at USD 22.47 Billion in 2021 and is poised to grow from USD 23.75 Billion in 2022 to USD 37 Billion by 2030, at a CAGR of 5.7% during the forecast period (2023-2030).

Global In Vitro Fertilization Market Size, Share, Growth Analysis, By Product Type(Fresh Donor, Fresh Non-Donor), By End-use(Fertility Clinics, Surgical Centers) - Industry Forecast 2024-2031

Report ID: SQMIG35H2163 | Region: Global | Published Date: March, 2024
Pages: 219 | Tables: 65 | Figures: 75

Global In Vitro Fertilization Market Dynamics

Global In Vitro Fertilization Market Drivers

Advancements in Reproductive Technologies

In 2021, there were significant advancements in reproductive technologies used in IVF procedures. For instance, the introduction of time-lapse imaging systems allowed continuous monitoring of embryo development, leading to improved selection and higher success rates. These advancements attracted more individuals and couples to undergo IVF treatments.

Increasing Awareness and Acceptance

Growing awareness about infertility issues and the availability of IVF treatments contributed to increased acceptance and demand for IVF procedures. Celebrities and public figures openly sharing their experiences with IVF helped reduce the stigma associated with infertility and encouraged more people to consider IVF as a viable option.

Global In Vitro Fertilization Market Restraints

High Cost of Treatment

The cost of IVF treatments remained a significant restraint in 2021. The expenses associated with medications, laboratory procedures, and multiple treatment cycles can be substantial, making IVF inaccessible to many individuals and couples, particularly those without adequate financial resources or insurance coverage.

Ethical and Legal Concerns

IVF procedures involve various ethical and legal considerations, such as the use of donor gametes, embryo storage, and embryo selection. These concerns can create regulatory challenges and variations in IVF practices across different countries and regions, impacting the market's growth and standardization.

Global In Vitro Fertilization Market Report Snapshots

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Global In Vitro Fertilization Market size was valued at USD 23.75 Billion in 2022 and is poised to grow from USD 25.10 Billion in 2023 to USD 39.11 Billion by 2031, at a CAGR of 5.7% during the forecast period (2024-2031).

The global In vitro fertilization market is characterized by the presence of several key players, including fertility clinics, medical device manufacturers, pharmaceutical companies, and genetic testing laboratories. These companies compete based on factors such as product offerings, technology advancements, success rates, pricing, and geographical presence. Here is an elaboration on the competitive landscape of the IVF market. Companies in the IVF market also engage in strategic initiatives such as mergers and acquisitions, partnerships, and collaborations to expand their product portfolios, enhance their geographic presence, and strengthen their research and development capabilities. They also invest in technological advancements, such as time-lapse imaging systems, embryo selection algorithms, and cryopreservation techniques, to improve success rates and patient experience. 'CooperSurgical, Inc. (US)', 'Vitrolife AB (Sweden)', 'Cook Medical (US)', 'Irvine Scientific (US)', 'Merck KGaA (Germany)', 'Thermo Fisher Scientific, Inc. (US)', 'Esco Micro Pte Ltd (Singapore)', 'Genea Limited (Australia)', 'Ferring Pharmaceuticals (Switzerland)', 'Hamilton Thorne, Inc. (Canada)', 'Nidacon International AB (Sweden)', 'Rocket Medical plc (UK)', 'EMD Serono (US)', 'OvaScience (US)', 'Kitazato Corporation (Japan)', 'IVFtech Aps (Denmark)', 'Zeiss Group (Germany)', 'Igenomix (Spain)', 'Labotect GmbH (Germany)', 'Esco Medical (Singapore)'

In 2021, there were significant advancements in reproductive technologies used in IVF procedures. For instance, the introduction of time-lapse imaging systems allowed continuous monitoring of embryo development, leading to improved selection and higher success rates. These advancements attracted more individuals and couples to undergo IVF treatments.

Rising Demand for Genetic Testing: In 2022, there was a growing trend towards the use of genetic testing techniques, such as preimplantation genetic testing (PGT), in IVF procedures. PGT allows the screening of embryos for genetic abnormalities before implantation, increasing the chances of successful pregnancies and reducing the risk of genetic disorders in offspring.

In 2022, Asia Pacific region is expected to witness a remarkable compound annual growth rate (CAGR) during the forecast period in the in-vitro fertilization (IVF) market. This growth can be attributed to several factors, including the large population base, rapidly declining fertility rates, increasing government initiatives focused on women, a growing preference for careers over starting a family among women, and increased awareness regarding fertility clinics and procedures. The region benefits from growing awareness of IVF, rising healthcare expenditure, and increased adoption of advanced reproductive technology. Additionally, the rise of medical tourism in the region is expected to impact the growth of the IVF market. countries like Japan and South Korea are facing declining population rates due to the increasing median age of first-time mothers. Women in these countries prioritize their careers and tend to delay starting a family during their 20s. This trend results in delayed marriages and pregnancies. Women over the age of 35 have a higher risk of miscarriage and stillbirth, which can lower the success rate of fertility treatments.

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Global In Vitro Fertilization Market Size, Share, Growth Analysis, By Product Type(Fresh Donor, Fresh Non-Donor), By End-use(Fertility Clinics, Surgical Centers) - Industry Forecast 2024-2031

Global In Vitro Fertilization Market Dynamics

Global In Vitro Fertilization Market Report Snapshots

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