Major assisted reproductive technology market players include Cook Medical, Fujifilm Irvine Scientific, The Cooper Companies Inc., Hamilton Thorne and Thermo Fisher Scientific.
Selbyville, Delaware, Nov. 22, 2021 (GLOBE NEWSWIRE) —
The assisted reproductive technology market size is anticipated to record a valuation of USD 34 billion by 2027, according to the most recent study by Global Market Insights Inc. Ongoing technological advancements along with the mounting government support towards educating consumers regarding its benefits will boost the market growth. The increasing number of women employees across the world has resulted in the growing incidences of infertility as well as the prevalence of first-time pregnancies that lead to challenges in conceiving.
The delays in childbearing on account of several reasons have steered the increasing number of pregnancies amongst older women, complimenting the need for artificial or assistive means of reproduction procedures.
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The rise in the number of fertility clinics across several countries is another ideal factor for the industry expansion. The CDC (Centers for Disease Control and Prevention) had reported that around 498 fertility clinics performed assisted reproductive technology procedures in the U.S. in 2017.
Some major prospects influencing the growth curve of this business avenue are as follows:
Soaring demand for frozen nondonor procedures
The assisted reproductive technology market from procedures is expected to record a 7.1% CAGR in the forecasted timeframe owing to growing adoption of frozen non-donor procedures in comparison to several others. This can be accredited to their lower costs over cycles that make use of fresh donors or non-donors.
Rising preference for these procedures considering their less invasiveness and the minimalized need for the receiver to perform the drug stimulation procedures will favor the market progression.
Rising presence in fertility clinics
Fertility clinics will hold more than 53% of the assisted reproductive technology market share through 2027 driven by the rising instances of infertility. The surging awareness amongst consumers regarding the techniques has amplified the presence of IVF centers and fertility clinics. This can be ascribed to the surging awareness that leads to the growing penetration of these procedures in these settings.
Rising number of initiatives like awareness campaigns, digital marketing, and advertisements in the fertility clinics through social media channels will positively drive the market outlook.
Asia Pacific to record significant footprint
The assisted reproductive technology market size is expected to witness a substantial boom in the Asia Pacific up to 2027 owing to rising social acceptance among the regional population and higher prevalence of infertility. According to the National Health Portal, over 15% of reproductive-aged couples are affected by infertility across the globe.
The surge in the number of medical facilities, such as fertility clinics along with the influx of several initiatives has led to mounting awareness regarding assisted reproductive techniques in the region.
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Competitive business strategies
Leading industry players are actively working towards new product launches together with investments and acquisitions to offer better effectiveness and features. For instance, Fujifilm Irvine Scientific, in September 2019, introduced Vit Kit-NX as an addition to its current vitrification portfolio. This development helped in attaining a high success rate while providing competitive benefits to the firm.
Furthermore, the surging consumer awareness trend and changing infrastructure have made way for higher procedure demand. The increasing birth rate worldwide and growing number of government initiatives and healthcare facilities are other factors influencing the assisted reproductive technology market progression.
For instance, RESOLVE, a well-known national consumer organization in the U.S. offers support to women and men experiencing problems pertaining to infertility. It also aims at rendering timely support and information through mass education and advocacy across the nation.
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