The global in vitro fertilization market was valued at USD 628 Million in 2021 and it is anticipated to grow further up to USD 1520 Million by 2031, at a CAGR of 9.2% during the forecast period.
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IVF is one of the frequently utilized procedures that helped infertile couples, single mothers, and members of the LGBT community have children. The growth of the in vitro fertilization market is driven by an increase in the rate of infertility, a rise in the trend of delayed pregnancies, a surge in the success rate of IVF treatment, technological advancements in IVF treatment, an increase in the rate of infertility and practices of embryo banking cycles, and an increase in disposable income in the United States. In addition, rising IVF use in the US, rising rates of infertility and embryo banking, technological developments in IVF treatment, and trends toward delayed pregnancy are all anticipated to pave the way for future growth of the US IVF industry.
Market Trends and Drivers
Globally, the median age of first-time mothers has dramatically risen over time. This trend is largely due to more effective methods of contraception, later marriages, and the rise in the proportion of women who prioritize their professions over having children. Data from the Australian Institute of Health and Welfare 2021 show that first-time moms in Australia are now, on average, 31.9 years old, up from 27.9 years in 2009. More women are anticipated to experience difficulties conceiving naturally as the typical age of first-time mothers rises. In this situation, more and more ladies are being compelled to choose IVF procedures, which is anticipated to fuel the market’s expansion in the ensuing years.
Market Restraints and Challenges
Around the world, more than 2.5 million IVF cycles are carried out annually. Due to the absence of reimbursement policies, the cost of IVF therapy varies from nation to nation. The development of this market is being constrained by a lack of insurance coverage and a problematic reimbursement environment in several regions of the world.
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Major Players in the Global In Vitro Fertilization Market
The key players studied in the report are The Cooper Companies Inc. (US), Cook Group (US), Vitrolife (Sweden), Thermo Fisher Scientific, Inc. (US), Esco Micro Pte. Ltd. (Singapore), Genea Limited (Australia), IVFtech ApS (Denmark), FUJIFILM Irvine Scientific (US), The Baker Company, Inc. (US), Kitazato Corporation (Japan), Rocket Medical plc (UK), Hamilton Thorne Ltd. (US), ZEISS Group (Germany), FERTIPRO NV(Belgium), and Gynotec B.V. (Netherlands) among others.
COVID-19 Impact
The worldwide stoppage of in vitro fertilization therapy because to the COVID-19 epidemic had a significant effect on the women having IVF operations. Only 5 lakhs of the 30-lakh people who seek IVF in India each year really go through the IVF/intrauterine insemination (IUI) process. In the world during the COVID-19 epidemic, there was a 90% decrease in the number of IVF procedures. The spread of COVID-19 has had an effect on fertility decisions among couples who had previously chosen IVF therapy, as well as on fertility clinics due to the cancellation of IVF procedures.
Global In Vitro Fertilization Market Segmentation
By Product
- Equipment
- Reagents & Kits
- Accessories
By Cycle
- Fresh Non-donor IVF Cycle
- Frozen Non-donor IVF Cycles
- Frozen Donor IVF Cycles
- Fresh Donor IVF Cycle
By Type
- Conventional IVF
- IVF with ICSI
- IVF with Donor Eggs
- Others
By End User
- Fertility Clinics
- Hospitals & Surgical Centers
- Cryobanks
- Research Institutes
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