Assisted Reproductive Technology Market to Hit USD 38.48 Billion by 2030 | Research by SNS Insider
According to SNS Insider’s research, the assisted reproductive technology market is experiencing robust growth, driven by a combination of technological advancements, changing demographics, supportive government policies, and global medical tourism.
Pune, Oct. 30, 2023 (GLOBE NEWSWIRE) —
“The Assisted Reproductive Technology Market, as per the SNS Insider report, is projected to attain a value of USD 38.48 billion by 2030, having been valued at USD 24.7 billion in 2022. It is anticipated to experience a compound annual growth rate (CAGR) of 5.70% during the forecast period from 2023 to 2030.”
Assisted Reproductive Technology (ART) refers to medical interventions that assist couples in achieving pregnancy when natural conception proves difficult. These advanced techniques are employed when issues such as infertility, genetic disorders, or medical conditions hinder the natural reproductive process. ART procedures include in vitro fertilization (IVF), intracytoplasmic sperm injection (ICSI), egg donation, surrogacy, and embryo transfer, among others.
The assisted reproductive technology market has experienced rapid technological advancements, including innovations in in vitro fertilization (IVF), intracytoplasmic sperm injection (ICSI), and pre-implantation genetic testing (PGT). These breakthroughs have significantly enhanced success rates, making ART a viable option for more couples. The rising incidence of infertility, attributed to factors such as lifestyle changes, delayed pregnancies, and environmental factors, propels the demand for ART services. As awareness grows and societal taboos surrounding infertility diminish, more couples are seeking professional assistance, thereby boosting the market. Many governments worldwide have recognized the importance of fertility treatments and have implemented supportive policies and initiatives. These include financial assistance programs, insurance coverage for fertility treatments, and regulations promoting safe and ethical practices. Such measures not only make ART more accessible but also stimulate market growth.
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Major Players Listed in this Report are:
- Fujifilm Irvine Scientific
- European Sperm Bank
- Bloom IVF Centre
- Merck KGaA
- Ferring B.V.
- Cosmos Biomedical
- CooperSurgical & Other Players
Assisted Reproductive Technology Market Report Scope:
|Market Size in 2022||US$ 24.7 Bn|
|Market Size by 2030||US$ 38.48 Bn|
|CAGR||CAGR of 5.70% From 2023 to 2030|
|Key Regional Coverage||North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)|
Key Takeaway from Assisted Reproductive Technology Market Study
- The IVF segment’s dominance in the market can be attributed to its high success rates and continuous innovations. With the integration of cutting-edge technologies such as pre-implantation genetic testing (PGT) and time-lapse embryo imaging, IVF procedures have become more precise and effective.
- In tandem with the rise of the IVF segment, fertility clinics and other related facilities have become the backbone of the assisted reproductive technology market. These establishments play a pivotal role in providing comprehensive care and personalized solutions to couples facing fertility challenges.
- BPEA EQT, a prominent Asian investment firm, has successfully acquired a majority stake in Indira IVF, one of the leading names in the fertility treatment industry. The deal, which was finalized after meticulous negotiations, sees BPEA EQT taking control of a substantial portion of Indira IVF, thereby cementing its position as a key player in the rapidly evolving fertility solutions market.
- Two prominent fertility companies, AIVF and Genea Biomedx, have joined forces to revolutionize In Vitro Fertilization (IVF) care. This strategic partnership aims to optimize the IVF process, offering new hope to countless individuals and couples striving to conceive.
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Market Dynamics Analysis
“Increasing Prevalence of Infertility and Supportive Government Initiatives”
One of the significant drivers propelling the market growth is the increasing prevalence of infertility issues globally. Rising awareness about available ART treatments and advancements in medical technology further bolster the market, empowering individuals and couples to explore fertility options. Moreover, the changing lifestyles, delaying family planning, and the growing trend of same-sex couples opting for ART methods have expanded the market horizons. However, amidst the promising growth, there exist certain restraints and challenges. Ethical concerns and legal complexities often pose barriers to the widespread adoption of ART methods. Additionally, the high cost associated with these treatments creates a financial hurdle for many prospective patients. Furthermore, regulatory challenges and varying success rates across different ART procedures contribute to the market’s intricacies. In this landscape, threats loom in the form of inadequate healthcare infrastructure, especially in developing regions, which limits accessibility to ART treatments. Additionally, social stigmas surrounding infertility and ART methods can deter individuals from seeking these solutions. Navigating these dynamics requires a comprehensive approach, involving not only technological innovations but also education, policy reforms, and societal acceptance to ensure equitable access and progress in the assisted reproductive technology market.
Assisted Reproductive Technology Market Key Segmentation:
- In-Vitro Fertilization
- Artificial Insemination
By End-Use Outlook
- Fertility Clinics & Other Facilities
- Hospitals & Care
Key Regional Developments
North America is leading the assisted reproductive technology market, driven by advanced healthcare infrastructure, extensive research and development activities, and high awareness levels among the populace. Europe exhibits a steady rise in ART procedures, attributed to the increasing acceptance of non-traditional family structures and changing societal norms. Countries like Denmark, Spain, and the UK are leading the way, with comprehensive healthcare systems and government support for fertility treatments. The Asia-Pacific region is witnessing a rapid expansion of the ART market, driven by the growing middle-class population, improving healthcare infrastructure, and rising awareness about fertility treatments.
Impact of Recession on Assisted Reproductive Technology Market Growth
Recession often prompts individuals to reevaluate their expenses, including healthcare costs. In many countries, insurance coverage for ART procedures may be limited or nonexistent. As a result, the financial burden of fertility treatments falls entirely on the patients. By addressing the economic barriers and fostering an environment conducive to research and innovation, the assisted reproductive technology market can overcome the hurdles posed by the recession and continue to fulfill the dreams of parenthood for individuals and couples worldwide.
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Table of Contents
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Assisted Reproductive Technology Market Segmentation, by Type
9. Assisted Reproductive Technology Market Segmentation, by End Use Outlook
10. Regional Analysis
11. Company Profile
12. Competitive Landscape
13. USE Cases and Best Practices
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