Global IVF Devices and Consumables Market Size

IVF Devices & Consumables Market Analysis

The IVF devices and consumables market is projected to register a CAGR of 18.5% during the forecast period.

• COVID had a significant impact on the IVF devices and consumables market owing to the cancellations of IVF procedures globally in the initial phase of the pandemic. For instance, in May 2022, an article published by the Human Fertilisation & Embryology Authority stated that fertility treatments were suspended across the United Kingdom during the pandemic. NHS-funded IVF treatments also decreased by 28% across the United Kingdom. The gynecology OPDs were also operated on for a limited time span and for a few days to handle emergency cases. Hence, the IVF devices and consumables market reported a significant downfall during the pandemic. However, the market has been recovering over the last few years since the treatment restrictions were lifted and fertility clinics resumed full-time OPD treatments. In the current scenario, the market is growing due to the high prevalence of infertility worldwide and is expected to show stable growth during the forecast period.
• The rising infertility cases in the world population is impacting the growth of the market over the forecast period. For instance, according to the recent National Family Health Survey (NFHS-5) September 2021 report, the total fertility rate (TFR) is at an all-time low of 1.6 in the urban population and 2.1 in their rural counterparts in India. Also, Delhi-NCR witnessed the highest-ever cases of infertility in 2021-22. Hence, a low fertility rate would increase the demand for in vitro fertilization and will increase market growth.
• Furthermore, various government initiatives to reduce infertility are also contributing to market growth. For instance, in July 2021, the government of Japan expanded the public medical insurance coverage for infertility treatment to include treatments and tests recommended by the Japan Society for Reproductive Medicine in its guidelines. It also reported that newly covered treatments would include in vitro fertilization and surgery to treat male infertility, and these changes were applied from the fiscal year 2022. Hence, these government initiatives to reduce the economic burden of a couple undergoing in vitro fertilization treatment are expected to increase the market share in the upcoming years.
• Additionally, the rising research studies for innovation in IVF Devices and consumables, along with increasing product launches, majorly contribute to the market growth. For instance, in a research study published in the journal of the Royal Society of Chemistry in March 2022, researchers from Florida Atlantic University's College of Engineering and Computer Science developed a microfluidic chip for sperm sorting that is fast, inexpensive, easy to operate and isolates healthy sperm directly from semen. The sperm cells isolated in this microfluidic chip exhibited significantly higher motility, which is a vital parameter for the fertilization process. Such advancements in research studies are expected to create the demand for these products to efficiently treat infertility, which is expected to propel the market growth.
• Therefore, the studied market is anticipated to witness growth over the analysis period owing to factors such as the high prevalence of infertility and rising research studies leading to technological advancements in IVF Devices and consumables. However, the low success rate of IVF procedures and the high cost of devices are likely to impede market growth.