The global In-Vitro Fertilization (IVF) market, valued at $1.25 billion in 2021, is projected to grow at a healthy rate of 8% by 2026. This growth is driven by several key factors, including the rise in the median age of first-time mothers, advancements in IVF technology, increasing IVF tourism, the proliferation of fertility clinics worldwide, declining fertility rates, growing instances of male infertility, and a favorable funding environment.
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IVF: A Crucial Assisted Reproductive Technology
In-vitro fertilization (IVF) remains a pivotal assisted reproductive technology (ART) that involves a series of complex procedures aimed at aiding fertility, preventing genetic issues, and assisting in the conception of a child.
Covid-19 Impact on the IVF Market
The Covid-19 pandemic significantly impacted numerous industries, including the IVF market. The rapid spread of the virus, coupled with lockdowns and social distancing measures, led to the temporary closure of many IVF clinics, reducing the number of treatments and halting IVF tourism. However, the market is currently in recovery mode as clinics work to address the pent-up demand caused by canceled treatments.
The pandemic also accelerated digital adoption within the IVF sector, leading to increased use of telehealth to maintain operational efficiency. Clinics have adapted by cross-training staff and replacing physical consultations with digital communication, ensuring adherence to Covid-safety protocols. The shift to online consultations is expected to become a lasting change in the IVF industry.
Technological Advancements Fuel Market Growth
Continuous technological advancements in IVF equipment, reagents, media, accessories, and technologies are major drivers of market growth. Notable advancements include:
- Cook Medical’s Launch of MINC+™ Benchtop Incubator: In May 2022, Cook Medical introduced the MINC+™ Benchtop Incubator for clinical embryologists and IVF clinics in the US and Canada. The MINC+ is an evolution of the MINC® Mini Incubator, a staple in IVF clinics for over 20 years.
- Multiply’s AI-Based Platform: In December 2021, the US-based startup Multiply launched an AI-based platform designed to streamline data management in IVF clinics. The platform organizes patient data, treatment details, tests, equipment usage, and appointments, consolidating information from various clinic sources into an accessible and secure system.
The Rise of IVF Tourism
IVF tourism is an increasingly popular trend, with patients traveling to different states or countries for fertility treatments. Top destinations include India, Spain, Czech Republic, Greece, Turkey, and Denmark. Factors driving this trend include:
- Lower treatment costs
- Availability of advanced IVF clinics with skilled professionals
- Expertise in a wide range of IVF treatments and diagnostic methods
- Legal restrictions in home countries
- Long waiting lists and limited treatment availability for certain patient groups (e.g., single individuals, same-sex couples)
- Greater donor options and control over fertilization results
Countries like the US, where pre-implantation genetic diagnosis (PGD) is permitted, are particularly attractive for patients seeking genetic screening options that might be restricted in their home countries.
Strategic Moves by Market Players
Key players in the IVF market are employing both organic and inorganic growth strategies to strengthen their positions. Significant developments include:
- CooperSurgical’s Acquisition of Cook Medical’s Reproductive Health Portfolio: In February 2022, CooperSurgical entered into an $875 million deal to acquire Cook Medical’s reproductive health portfolio, encompassing fertility, obstetrics, gynecology, and IVF medical devices.
- Vitrolife AB’s Acquisition of Igenomix S.L.: In July 2021, Vitrolife AB agreed to acquire Igenomix S.L., combining their expertise and product portfolios to create a global leader in reproductive health and genetic testing services.
Positive Market Outlook
The outlook for the IVF market is optimistic, driven by continuous technological advancements, supportive government initiatives, the emergence of new cost-effective IVF tourism destinations, and the increasing use of fertility treatments by single parents and same-sex couples.
Competitive Landscape
The IVF market features prominent players such as The Cooper Companies Inc., Vitrolife, Thermo Fisher Scientific, Esco Medical, IVFtech ApS, FUJIFILM Irvine Scientific, Kitazato Corporation, FERTIPRO NV, and Gynotec B.V.
Discover more insights and trends in our comprehensive PDF brochure: https://meditechinsights.com/in-vitro-fertilization-ivf-market/request-sample/
