Market Trends of Global IVF Devices and Consumables Industry
Fertility Clinics are Expected to Hold a Significant Market Share Over the Forecast Period
- Fertility clinics are expected to hold a significant share owing to factors such as increasing assisted reproductive technology (ART) and increasing infertility rates worldwide.
- A research study published in the Journal of Assisted Reproduction and Genetics in March 2021 considered 178 infertile women who visited the Cape Windhoek Fertility Clinic in Namibia for ART treatment. 53.9% of women suffered from primary and 46.1% suffered from secondary infertility. The predominant cause of complications for infertility among the women studied was defective ovulation, and the most common ART treatment administered was IVF (52.2%). Therefore, the rising awareness among people for IVF treatments is expected to propel the segment growth during the forecast period.
- Similarly, the launch of fertility clinics is another factor in the growth of the segment. For instance, in September 2021, Sakra World Hospital launched infertility treatment and customized treatment plans according to the requirements. Such launches would increase market growth in the upcoming future.
- Additionally, in September 2022, Indira IVF, one of India's largest fertility clinic chains, planned to acquire multi-center IVF (in vitro fertilization) clinics in Tamil Nadu and Kerala to strengthen its presence in South India. These expansions of fertility clinics in every district and state of a country are expected to increase the demand for IVF devices and consumables used during treatment procedures, thereby augmenting segment growth.
- Thus, owing to the abovementioned factors, such as rising awareness about fertility treatments and clinics among people and increasing expansions of fertility clinics, the fertility clinics segment of the market is expected to show significant growth over the forecast period.
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North America is Expected to Hold a Significant Market Share Over the Forecast Period
- The North American region is expected to hold a significant market share owing to the rising prevalence of infertility, the high availability of infertility clinics, and technological advancements in IVF devices and consumables by market players.
- Various research articles have been published to provide insight into in-vitro fertilization. For instance, in January 2021, an article published by IVF Media Ltd. stated that IVF procedures and techniques are available in all fifty states, and IVF treatment is covered by insurance in 17 states of the United States. There is an IVF clinic in every state of the United States. Thus, with the high availability of infertility clinics and insurance coverage for IVF procedures, the market is expected to grow in the region during the forecast period.
- Similarly, low birth rates are another factor in the growth of the market. For instance, as per Statistics Canada March 2022 article, Canada is a low-fertility country, and it also stated that if the country's fertility continues to decline further in the coming years, Canada could join the countries with the lowest-low fertility rates (1.3 or fewer children per woman). Therefore, the high infertility prevalence in the region is expected to boost the demand for IVF procedures, which is expected to propel the market growth during the forecast period.
- The strategic initiatives adopted by market players, such as product launches, partnerships, and expansions, are another factor in the growth of the market. For instance, in June 2021, Unified Women's Healthcare, a practice management platform in women's healthcare, entered into a definitive agreement to partner with CCRM Fertility, a global player in fertility treatment, research, and science. Hence, such partnerships will expand the IVF treatment options in the region, which is expected to propel the demand for IVF devices and consumables during the forecast period.
- Therefore, due to the above-mentioned factors, such as the high availability of fertility clinics, low fertility rate, and rising strategic initiatives by market players, the market is likely to grow in the future.
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