(PharmaNewsWire.Com, March 31, 2021 ) Growth in the infertility treatment market is primarily driven by factors such as the declining global fertility rate; rising number of fertility clinics worldwide; technological advancements; and increasing public-private investments, funds, and grants. Growth opportunities in emerging markets and the use of fertility treatment options by single parents and same-sex couples are also expected to provide opportunities for players in this market.
The infertility treatment market is expected to grow from USD 1.5 billion in 2018 to USD 2.2 billion by 2023, at a CAGR of 8.0% during the forecast period.
Market Dynamics
Driver: Declining fertility rate
Infertility is the inability of an individual to achieve clinical pregnancy. Fertility rates measure the average number of children per woman. The fertility rate worldwide is declining steadily owing to various factors such as the growing trend of late marriages and increasing age-related infertility. Global fertility rates are projected to decline to 2.4 children per woman by 2030 and 2.2 children per woman by 2050. This declining fertility rate has led to a significant increase in the demand for infertility treatment devices that determine the fertility window in males and females.
Restraint: High reproductive procedural cost of assisted techniques in developed markets
Along with fertility surgeries, thousands of cycles of ART procedures such as in vitro fertilization (IVF) are performed every year globally. The cost of IVF treatment varies from country to country due to lack of reimbursement policies. The average cost of one IVF cycle is USD 12,000 excluding the cost of medications; if the couple goes through three cycles, the out-of-pocket expense adds up to USD 33,000. On the other hand, the average cost of one IVF cycle in developing countries such as India ranges from USD 814.74 to USD 1,086.32, including all medications. Thus, the high cost of assisted reproductive techniques coupled with lack of insurance coverage in developed countries is restraining the growth of this market.
Asia Pacific is expected to dominate the infertility treatment market during the forecast period
Geographically, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is expected to account for the largest share of the global infertility treatment market during the forecast period (2018–2023). The large share of this market can be attributed to the rise in medical tourism in Asian countries, rapid increase in healthcare expenditure, and declining fertility rates in these countries, thereby propelling the growth of the infertility devices treatment market in Asia Pacific.
Key Market Players The Cooper Companies Inc. (US), Cook Group Incorporated (US), Vitrolife AB (Sweden), Thermo Fisher Scientific, Inc. (US), Esco Micro Pte. Ltd. (Singapore), Genea Limited (Australia), IVFtech ApS (Denmark), Irvine Scientific (US), The Baker Company, Inc. (US), Kitazato (Japan), Rocket Medical Plc (UK), IHMedical A/S (Denmark), Hamilton Throne Ltd. (US), MedGyn Products, Inc. (US), ZEISS Group (Germany), and SoMATEX Medical Technologies GmbH (Germany), among others.
Recent Developments:
In March 2018, Vitrolife AB (Sweden) received approval for the sale of its time-lapse incubator EmbryoScope+ in the US. Through this the company expanded its product sale and market visibility in the US infertility treatment market. In March 2018, Genea Limited (Australia) expanded its market presence in Melbourne by establishing a new fertility clinic in Melbourne
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