Worldwide assisted reproductive technology market is anticipated to surpass US $32.5 billion by the year 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.
Increasing instances of infertility around the globe along with the growing awareness regarding assisted reproductive technology (ART) will augment the technology market over the projected time period. Rising disposable income and changing social factors will foster the market growth.
As per the report, procedures like in-vitro fertilization are provided at low price in emerging countries like India, hence many people having issues with getting pregnant or staying pregnant choose this treatment in these countries, leading to market growth. Rising awareness about assisted reproductive technology procedure and its success rates will further propel the demand of this technology in the upcoming years.
Late child bearing is one of the main factors for growing adoption of ART. Many initiatives such as ASPIRE (Asia Pacific Initiative on Reproduction), an exclusive task force of clinicians and scientists working on ART and fertility management, will support the market growth. However, high price associated with assisted reproductive technology treatment will hinder market expansion to a certain extent over the forecast timeframe.
Based on the procedure, embryo/egg banking segment is estimated to amass US $5.8 billion by the year 2024, owing to the ability of these banks to preserve a couple’s reproductive future. These cryo preserved embryos/eggs can be defrosted later and utilized for in-vitro fertilization.The report claims that more than 1,000 children are conceived with the help of egg/embryo banking in Southern California.
Based on technology, ART market from FER (Frozen Embryo Replacement) technology segment is predicted to register 6.1% growth over the forecast period. This technology has higher success rate than fresh embryo transfer cycles as it provides better planning for embryo transfer. It is because approximately 85% of embryos survive the defrosting procedure, reducing the need for repetitive procedures. All these features will foster the segmental growth in the coming years.
Considering the end-use spectrum, ART market from hospitals segment was worth US $6.8 billion in 2017. Growing occurrence of infertility problems, along with rising awareness regarding ART and its success rate will propel the demand for the procedure in the segment over the analysis timeline. As per the CDC data, around fifteen states in the U.S. offer insurance coverage for infertility treatment, thereby driving the market outlook.
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In terms of regional landscape, Germany ART market is expected to accrue US $2.2 billion by the year 2024, due to increasing awareness regarding the technology and its rising adoption in the country. Late childbearing is reported to be the main driver for ART industry growth in the region.
Meanwhile, India ART market is presumed to witness 6.9% gain over the analysis timeframe. This growth can be attributed to high adoption of in-vitro fertilization and low cost of assisted reproductive technology procedures in the country. Growing number of fertility clinics and numerous initiatives undertaken to create awareness about ART will boost the regional growth.
Some prominent players operating in assisted reproductive technology market include Hamilton Thorne, Thermo Fisher Scientific, Irvine Scientific, Cooper Surgical, and Merck among others. The market players are investing heavily in developing low-cost products to gain competitive edge in the growing markets of emerging regions like APAC.