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The In Vitro Fertilization (IVF) Market held a value of USD 25.2 billion in 2023 and is projected to reach a valuation of USD 38.96 billion by 2031, at the compound annual growth rate of 5.6% over the forecast period of 2024-2031.
Rising Demand for Fertility Treatments Drives Global IVF Market
The In Vitro Fertilization (IVF) market growth is fueled by a concerning rise in infertility, impacting 17.5% of couples worldwide according to the WHO. With later marriages and egg freezing becoming more common, the demand for IVF is on the rise.
To improve success rates, new technologies like egg freezing and advanced sperm retrieval techniques are emerging. A recent example is the collaboration between AIVF Ltd. and Genea Biomedx, which combined AI and time-lapse technology to personalize IVF treatments.
Building trust is crucial in this market, especially since infertility can be a sensitive topic. Clinics and hospitals need a strong online presence to raise awareness. To establish credibility, they can showcase certifications, introduce their team of doctors and scientists, and provide clear contact information.
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List of In Vitro Fertilization (IVF) Companies Profiled in Report:
- The Cooper Companies Inc.
- S. Fertility
- Vitrolife
- Thermo Fisher Scientific Inc.
- Cook Medical LLC
- Bayer AG
- Boston IVF
- TFP Thames Valley Fertility
- Ferring B.V.
- FUJIFILM Irvine Scientific (FUJIFILM Holdings Corporation)
- EMD Serono Inc
Innovation Drives Growth in IVF Market, But Regulations Remain Strict
The IVF market is constantly evolving with new technologies. Advancements like pre-implantation genetic testing and AI-powered time-lapse imaging are improving success rates, making IVF a more viable option for couples struggling with infertility.
However, strict regulations play a major role in this market. Government bodies like the FDA closely monitor drugs, devices, and lab practices used in IVF procedures. This ensures patient safety but can also limit the pace of innovation.
While mergers and acquisitions haven’t been frequent, they are expected to rise as competition among IVF clinics intensifies. Consolidation allows clinics to achieve economies of scale and offer more competitive services. An example is the acquisition of Conceptions Reproductive Associates by Reproductive Medicine Associates in August 2023.
Product and service expansion is also on the rise. Leading companies are investing in innovative solutions, such as CNY Fertility’s program that combines IVF or egg freezing with discounted medication packages. This trend is expected to continue, offering patients more treatment options and potentially making IVF more accessible.
In Vitro Fertilization (IVF) Industry Segmentation as Follows:
By Procedure Type
- Fresh Non-Donor
- Frozen Non- Donor
- Fresh Donor
- Frozen Donor
By Instrument
- Disposable Devices
- Culture Media
- Cryopreservation Media
- Embryo Culture Media
- Ovum Processing Media
- Sperm Processing Media
- Equipment
- Sperm Analyzer Systems
- Imaging Systems
- Ovum Aspiration Pumps
- Micromanipulator Systems
- Incubators
- Gas Analyzers
- Laser Systems
- Cryosystems
- Sperm Separation Devices
- IVF Cabinets
- Anti-vibration Tables
- Witness Systems
- Other
By Providers
- Fertility Clinics
- Hospitals and other settings
Culture Media Leads the Way in IVF Instrumentation
The in-vitro fertilization (IVF) service market relies on various instruments for successful procedures. Among these, culture media takes the lead, holding the largest market share due to rising research and funding focused on improvement. This specialized solution nourishes embryos during their development in a lab setting.
Highlighting the innovation in culture media, a key example is FUJIFILM Irvine Scientific’s launch of Heavy Oil for Embryo Culture in July 2022. This sterile mineral oil tackles challenges in IVF by maintaining optimal pH and osmolality levels, while its weight ensures proper media preservation – all crucial factors for successful embryo development.
How War and Economic Downturn Disrupt IVF Market?
The war in Ukraine disrupts supply chains for IVF equipment, impacting affordability and accessibility. Travel restrictions and regional instability further dampen demand, especially in Ukraine, previously a popular medical tourism destination for IVF.
Economic slowdowns can also hinder the IVF market. Tightened budgets may lead couples to delay or forego IVF due to cost. Reduced insurance coverage or investment in the healthcare sector can further limit access to these services.
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Europe Leads the IVF Market
Europe reigns supreme in the IVF market, capturing the largest share (36.7%) in 2023.
Europe has become a popular destination for medical tourism, attracting individuals seeking affordable IVF treatments. The Czech Republic, for example, offers cost-effective options compared to other regions, drawing patients like Americans.
The European Union’s (EU) progressive medical device regulations have paved the way for commercially available AI tools specifically designed for embryo assessment. An example is Fairtility, which received EU approval in July 2022 to utilize AI in this manner. This integration has the potential to significantly improve IVF success rates, further solidifying Europe’s position at the forefront of IVF innovation.
Recent Developments in the IVF Market
- June 2023, FUJIFILM Irvine Scientific enhanced its Presagen’s Life Whisperer platform, empowering clinicians with improved decision-making tools for IVF procedures.
- May 2023, Merck KGaA launched the ‘Fertility Counts’ initiative, tackling social and economic challenges contributing to low birth rates in the Asia Pacific region.
- May 2023, The merger of Ovation Fertility and US Fertility created a comprehensive platform offering advanced fertility care and IVF services across the United States.
Key Takeaways for Considering the In Vitro Fertilization (IVF) Market Report:
- Gain insights into the projected growth of the IVF market (estimated at 5.6% CAGR) and understand the key drivers like rising infertility rates, delayed childbearing, and technological advancements.
- Identify the dominant regions in the market (Europe with 36.7% share) and explore factors contributing to their success, such as medical tourism and AI integration in Europe.
- Be aware of potential challenges that can influence the market, including economic downturns that may limit discretionary spending and investment, and geopolitical conflicts that disrupt supply chains and travel.
- Learn about the latest innovations in IVF technology like AI-powered tools and improved culture media, potentially leading to higher success rates and potentially more affordable treatment options.
- Understand the importance of regulations in the IVF market and the varying levels of strictness across regions.
- Stay updated on the latest advancements like platform expansions (FUJIFILM Irvine Scientific), regional initiatives (Merck KGaA’s Fertility Counts), and mergers and acquisitions (Ovation Fertility & US Fertility).
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Table of Content
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 In Vitro Fertilization (IVF) Market Dynamics
Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)
Chapter 5 Value Chain Analysis
Chapter 6 Porter’s 5 forces model
Chapter 7 PEST Analysis
Chapter 8 In Vitro Fertilization (IVF) Market Segmentation, By Sales Channel
Chapter 9 In Vitro Fertilization (IVF) Market Segmentation, By Application
Chapter 10 Regional Analysis
Chapter 11 Company profile
Chapter 12 Competitive Landscape
Chapter 13 Use Case and Best Practices
Chapter 14 Conclusion
Continued…
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