[227+ Pages Report] According to Facts and Factors, the global in vitro fertilization (IVF) market was worth around USD 628.50 million in 2021 and is estimated to grow to about USD 1,036.7 million by 2028, with a compound annual growth rate (CAGR) of approximately 8.7% over the forecast period. The report analyzes the in vitro fertilization (IVF) market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the in vitro fertilization (IVF) market.
In vitro fertilization (IVF) enables reproduction technology to be applied in real life and helps couples conceive kids that have complications in doing so in a natural manner. Increasing sedentary lifestyles and improper habits have led to an increase in impotency and other fertility issues across the world and hence propelled the demand for in vitro fertilization (IVF) which are advanced fertility clinics capable of treating reproductive issues.
The increasing popularity of in vitro fertilization (IVF), rising availability of in vitro fertilization (IVF) procedures, and increasing healthcare expenditures are expected to be prominent trends driving in vitro fertilization (IVF) market growth through the forecast period. However, the high costs associated with these procedures will have a restraining effect on the in vitro fertilization (IVF) market growth.
The COVID-19 pandemic created a major negative trend for the in vitro fertilization (IVF) market and completely obliterated the market gains that it had made in the past years. Lockdown restrictions and highly unexpected economic situations enveloped the world in the pandemic and led to multiple changes in lifestyles and decisions across the world and altered the way our world functions.
Strict lockdown regulations caused the closure of multiple IVF clinics and this led to a major drop in IVF procedures performed across the world and hence plunged the in vitro fertilization (IVF) market growth into an unknown abyss. Not only did it affect procedures in this period but also led to the cancellation of multiple procedures that were planned by couples and hence had a far-reaching effect on the market.
The negative trend of the market is expected to diminish as the world returns to normal and multiple in vitro fertilization (IVF) centers resume operations as normal and growing economic stability is also expected to have a positive impact on the in vitro fertilization (IVF) market growth in the post-pandemic era.
The increasing evolution of the human population has bought the median age of first-time mothers to a substantially high number owing to the rising number of women preferring late marriages and choosing careers over family planning as opposed to the past trends. Effective use of contraceptives has also played a crucial role in shaping first-time mother's median age trend and this is expected to majorly drive the in vitro fertilization (IVF) market growth over the forecast period.
In vitro fertilization (IVF) procedures have been known to be costly across the world and this is the major factor that will hinder the in vitro fertilization (IVF) market potential over the forecast period. Lack of insurance coverage makes this situation worse in countries with healthcare is expensive and irregularities in reimbursements of these procedures also have a hampering effect on the overall in vitro fertilization (IVF) market growth.
The global in vitro fertilization (IVF) market is segregated based on type, cycle, product, end-use, and region.
By End-User, the in vitro fertilization (IVF) market is segmented into fertility clinics, hospitals & surgical centers, cryobanks, and research institutes. The fertility clinics segment will have a bright outlook over the forecast as governments across the world are focusing on establishing these clinics to ensure public health and awareness of fertility to promote birthrate.
Report Attribute |
Details |
Market Size in 2021 |
USD 628.50 Million |
Projected Market Size in 2028 |
USD 1,036.7 Million |
CAGR Growth Rate |
8.7% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
The Cooper Companies Inc. (US), Cook Group (US), Vitrolife (Sweden), Thermo Fisher Scientific, Inc. (US), Esco Micro Pte. Ltd. (Singapore), Genea Limited (Australia), IVFtech ApS (Denmark), FUJIFILM Irvine Scientific (US), The Baker Company, Inc. (US), Kitazato Corporation (Japan), Rocket Medical plc (UK), Hamilton Thorne Ltd. (US), ZEISS Group (Germany), FERTIPRO NV(Belgium), and Gynotec B.V. (Netherlands), among others. |
Key Segment |
By Type, Cycle, Product, End-User, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
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Asia Pacific region will be the most lucrative market for in vitro fertilization (IVF) industry over the forecast and this trend is expected to be driven by multiple factors. The rising availability and popularity of in vitro fertilization (IVF) procedures and the increasing preference of couples to adopt such procedures will be the major trends that will propel in vitro fertilization (IVF) market growth in this region over the forecast period. India and China are expected to be at the forefront of the growth curve in this region through 2028. Increasing medical tourism, increasing number of in vitro fertilization (IVF) centers, rising focus on fertility, increasing adoption of reproductive technology, and growing healthcare expenditures are expected to be other prominent trends influencing in vitro fertilization (IVF) market growth over the forecast period.
Some of the main competitors dominating the global in vitro fertilization (IVF) market include -
The Global in vitro fertilization (IVF) market is segmented as follows:
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