Global In-Vitro Fertilization Market is estimated to witness a decent growth of 8% by 2026
Technological innovations in IVF devices, growing IVF tourism, rising number of fertility clinics, falling fertility rate, rising cases of male infertility are some of the key factors driving the in-vitro fertilization market.
In-vitro fertilization (IVF) is a known type of assisted reproductive technology (ART) which involves series of procedures which are used to help with fertility or prevent genetic problems and assist with the conception of a baby.
Covid-19 Impact on the Global In-Vitro Fertilization Market
The news of the outbreak of the Covid-19 pandemic has impacted the In-vitro fertilization market in terms of number of treatments and fertility services available as IVF clinics were closed to reduce the spread of the infection. Covid-19 pandemic had also halted IVF tourism in several regions. However, the global IVF market is now in a recovery phase due to the efforts of IVF clinics.
Covid-19 pandemic has paved way for the digital adoption in the IVF sector to gain operational efficiency and telehealth adoption to survive and thrive in hard times. To overcome the challenges caused by the Covid-19, IVF clinics have cross-trained their staff and replaced physical patient interactions with online communication. To resume physical operations, IVF clinics are now following Covid-safety rules and regulations and in-person consultations are being replaced with online consultations. IVF clinics are further projected to embrace the new-age model of online consultations and video consultations are likely to be the new trend in the in-vitro fertilization market.
Technological Innovations Drives the In-Vitro Fertilization Market
The global in-vitro fertilization market comprises of a wide range of equipment, reagents & media, accessories, and technologies that continue to witness technological innovations. For instance,
• In May 2022, Cook Medical launched MINC+™ Benchtop Incubator for clinical embryologists and IVF clinics in United States and Canada.
Rising In-Vitro Fertilization Tourism Boosts the In-Vitro Fertilization Market Growth
In recent years, there has been a growing trend towards IVF tourism. It is a type of medical tourism in which patients travel to other regions, states or countries to seek fertility treatments. India, Spain, Czech Republic, Greece, Turkey, and Denmark have emerged as the top IVF destinations. The key reasons why people travel for IVF treatments are as follows:
• Relatively lower cost of treatments in other regions.
• Availability of well-equipped IVF clinics with high-class infrastructures and skilled medical professionals.
• The fertility treatments are not available in their home country or medical availability is limited.
• Specific countries can provide the genealogy, among others.
“IVF tourism is a key factor driving the In-vitro fertilization market. The growing prominence of lesser-known destinations such as Grand Cayman Island and Barbados due to favourable regulations, low treatment cost, and availability of PGD is a pivotal contributing factor propelling it’s the IVF market.” -Director, Leading IVF Equipment Manufacturer, United States
Efficient Growth Strategies Adopted by Market Companies to Establish Their Foothold in the In-Vitro Fertilization Market
The key players operating in the IVF market have adopted both reliable growth strategies such as new product launches, collaborations and partnerships to garner higher market share in the IVF market. For instance,
• In February 2022, CooperSurgical entered into an $875 million deal to purchase Cook Medical's reproductive health portfolio, which includes medical devices for fertility, gynecology and in vitro fertilization.
The future of in-vitro fertilization market looks quite promising due to the significant technological innovations in IVF devices, rising government initiatives to promote IVF treatments, the emergence of new low-cost IVF tourism destinations and an increasing use of fertility treatments by single parents and same-sex couples.
Competitive Landscape Analysis: In-Vitro Fertilization Market
The global in-vitro fertilization market is marked by the presence of top market players such The Cooper Companies, Vitrolife, Thermo Fisher Scientific, Esco Medical, IVFtech ApS, FUJIFILM Irvine Scientific, Kitazato Corporation, FERTIPRO NV, Gynotec B.V..
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