New York, US, June 29, 2021 (GLOBE NEWSWIRE) -- In Vitro Fertilization Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “In Vitro Fertilization Market Information by Type, Devices, Reagents, End Users, and Region - Forecast till 2028”, the market is predicted to reach USD 33 Billion by 2028 at 6% CAGR.
Market Scope and Drivers:
The increasing demand for infertility therapies has prompted the creation of new technologies with the highest success rates. Due to the high cost of IVF care, this is especially important. To counter this, funding and reimbursements for such in-vitro fertilization treatments are becoming more widely available, which is expected to boost market growth.
The rise in infertility cases is fueling the development of advanced technologies like lensless sperm imaging, which is expected to usher in a new era of growth in the in vitro fertilization market share in the coming years. The low cost of superior healthcare facilities offered by doctors and surgeons trained at leading institutes in the US and Europe encourages in vitro fertilization trends. Fertility tourism is being encouraged in developing countries, owing to lower treatment rates, high-quality treatments, and non-interventionist laws about IVF treatment.
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Market Restraints:
Owing to the lack of reimbursement plans, the cost of IVF care varies, potentially impeding global development. As a result, the astronomical cost of assisted reproductive technologies, as well as the lack of insurance coverage for the procedure, are limiting the market's expansion. The increase in household spending is expected to put severe constraints on the growth of the in vitro fertilization market share in the near future.
Competitive Analysis
Prominent Players profiled in Report are:
- Cook Medical
- Cooper Surgical Fertility
- Merck KGaA
- Thermo Fisher Scientific,
- INVO Bioscience
- Irvine Scientific
- GENEA BIOMEDIX
- Vitrolife
- Oxford Gene Technology
- Genea Limited
These players primarily use product approval, expansion, strategic acquisitions, and partnerships as key competitive strategies which influence growth.
Browse In-depth Market Research Report (80 Pages) on In Vitro Fertilization (IVF): https://www.marketresearchfuture.com/reports/in-vitro-fertilization-market-2289
Market Segmentation:
The global in-vitro fertilization devices market is segmented on the basis of product, type, end-user, and region. In-vitro fertilization products are broadly segmented into devices and reagents. Due to the increased usage of imaging systems in IVF procedures, devices account for the largest share of the industry. Furthermore, during the forecast era, the devices segment is expected to rise at the fastest CAGR.
Various types of in-vitro fertilization include intrauterine insemination (IUI), in-vitro fertilization (IVF), intracytoplasmic sperm injection (ICSI), and IVF using donor eggs. The IUI segment accounts for the majority of the market and is widely favored due to its low invasiveness and high success rate. During the forecast period, the IVF segment is projected to rise at the fastest pace, with a CAGR of 11.68 percent.
Fertility clinics, hospitals, clinical testing centers, and others are among the end users of IVF approaches. The fertility clinics segment accounts for the majority of the market's revenue. The hospital segment is the second largest, with a CAGR of 12.92 percent expected; hospitals have expanded their service offerings for infertility issues, resulting in the segment's rapid growth.
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Regional Analysis
Europe has the largest share of the global IVF system market. The presence of well-established healthcare infrastructure, as well as a high budget for health care expenses, are among the main factors driving the market's growth. Western European countries such as Germany, the United Kingdom, and France are leading the way in terms of business development in Europe. During the forecast period, the Europe IVF devices market is projected to develop at a CAGR of 10.94%.
The IVF devices market in the Americas is the second largest regional group. The region has a high concentration of leading players and a high adoption rate of advanced technologies, both of which have aided in the market's growth. The demand for IVF devices in the Americas is led by North America.
During the forecast era, Asia Pacific is the fastest growing regional market, with the highest CAGR. Advanced diagnostic methods are in high demand and demand in the field. The rapidly evolving healthcare industry presents enormous business growth opportunities. The increasing medical tourism in the area for IVF is expected to help complement the growth of the Asia-Pacific in vitro fertilization IVF industry. When compared to industrialized regions, the cost of IVF in Asia-Pacific is significantly lower, especially in India. As compared to advanced regions, India's fertility centers can provide more patient-centered therapies, which is driving the growth of the IVF disposables market in the area.
In the meantime, the Middle East and Africa has the smallest market share and is projected to rise at the slowest pace. This is partly due to the region's inclusion of Africa, which has a high concentration of developing economies with a high demand for basic healthcare.
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