The global in vitro fertilization market size is expected to reach USD 33.9 billion by 2028, expanding at a CAGR of 6.5% over the forecast period, according to a new report by Grand View Research, Inc. The market is driven by the continuous efforts of the market players, government initiatives for better reimbursement policies, and an increase in the incidence of infertility due to lifestyle changes. Expansion of fertility procedures, such as ICSI for treating infertility, is expected to positively impact the market growth in the near future.
Moreover, the availability of genomic testing facilities that enable the prevention of the transfer of genetic disorders during in vitro fertilization (IVF) is further expected to drive the market. The insurance companies are providing coverage to IVF procedures owing to an increase in the number of IVF treatments. This has led to competitive pricing and has moderated the IVF treatment costs as the procedure has been a successfully practiced technology, driving the market with more treatment automation and standardization.
A decline in the Total Fertility Rate (TFR) is a result of factors, such as a behavioral shift in society, a shift from rural to urban societies, increased age of first-time mothers or the age at which women give birth to their first child, an increasing number of women in the labor force, postponement of marriage, and lower marriage rates.
The in-person fertility treatments in the U.S. and Canada were suspended in March 2020 by the Canadian Fertility and Andrology Society and the American Society of Reproductive Medicine due to the COVID-19 pandemic. However, treatments are resuming in many countries with the ease of restrictions, including the developing nations. For instance, in July 2020, Medicover Fertility, an IVF center in India, announced to resume the IVF procedures after the initial COVID-19 risk assessment.
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