According to the new market research report “In Vitro Fertilization Market by Product (Micromanipulators, Incubators, Cabinets, Imaging System, Laser System, Reagents & Accessories), Type (Conventional IVF, IVF with ICSI), End User (Fertility Clinics, Hospitals, Cryobanks) – Global Forecast to 2026″, published by MarketsandMarkets™, the global In Vitro Fertilization Market is projected to reach USD 987 million by 2026 from USD 638 million in 2021, at a CAGR of 9.1% from 2021 to 2026.
The median age of first-time mothers has been increasing worldwide, especially in developed countries. This is due to several factors, including women pursuing higher education and career opportunities, delayed marriage, and an increased acceptance of unmarried women having children.
This is driving demand for in vitro fertilization (IVF) services, as more couples are looking for fertility treatments in order to conceive. The rising median age of first-time mothers is expected to drive the growth of the in vitro fertilization market during the forecast period.
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The global in vitro fertilization market is expected to witness significant growth in the coming years, driven by the increasing number of medical tourists in emerging nations.
Medical tourism is a booming industry in the present day, driven by the desire of patients to seek better healthcare services in foreign countries. Patients from the emerging nations prefer to travel to the developed nations for better healthcare services, due to the availability of advanced medical technology and cost-effective treatments.
This trend is expected to drive the growth of the in vitro fertilization market, as the procedure is gaining popularity among couples in emerging nations. Furthermore, the increasing awareness regarding the availability of fertility treatments, due to the rise in the number of infertility clinics and hospitals, is expected to drive the growth of the in vitro fertilization market in the coming years.
The rise in number of IVF with ICSI procedure to support the market growth during the forecast period.
The success rate of fertilization with ICSI procedure and the growing utilization of the ICSI during IVF procedure are anticipated to boost the adoption of IVF with ICSI procedures, accelerating the growth of the segment during the forecast period. Moreover, the growing focus of players in expanding their product offerings in ICSI is anticipated to contribute towards the rapid adoption of IVF with ICSI procedures during the forecast period.
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Asia Pacific likely to emerge as the fastest-growing in vitro fertilization market, globally.
Geographically, the emerging Asian countries, such as China, India, Japan and Singapore, are offering high-growth opportunities for market players. The Asia Pacific point of care market is projected to grow at the highest CAGR of 10.1% from 2021 to 2026. Expansion of healthcare infrastructure and increase in disposable personal income, rising medical tourism in Asian countries, increasing healthcare expenditure, and growing awareness among people about infertility are supporting the growth of the in vitro fertilization market in the region.
Prominent players in this market are The Cooper Companies Inc. (US), Cook Group (US), Vitrolife (Sweden), Thermo Fisher Scientific, Inc. (US), FUJIFILM Irvine Scientific (US), Kitazato Corporation (Japan), and Hamilton Thorne Ltd. (US), among others.
