Fertility Services Market Insights
Rapid urbanization rates and changing lifestyles have affected fertility rates. But fertility services help in conceiving and offer a better alternative to surrogacy. According to a detailed Market Research Future report, the global fertility services market is expected to grow by almost 8.50% CAGR during the forecast period, 2018-2023.
The increase in the number of women in the labor market and their tendency towards higher education led to late family planning. This factor may contribute to market demand in the coming years. In addition, advancement in fertility treatment has given women the opportunity to have children later, which has increased market demand. The high costs of fertility treatments can be a challenge to market growth. However, reimbursement systems can have a positive impact on the market during the forecast period. Some of the factors that support the success of this segment are the prevalence of obesity, maternity age, endometrial tuberculosis, and other medical conditions. However, lack of awareness about the latest treatment procedure for infertility in developing countries and rural areas is predicted to hamper the growth of the global infertility services market.
Fertility Services Market Segmentation
Types of treatments include Assisted Reproductive Technology (ART) and infertility medications. The antiretroviral treatment segment is also segmented into artificial insemination, in vitro fertilization (IVF), frozen embryo replacement (FER), and others. The ART segment should be the preferred treatment for infertility due to the high success rate. In addition, the introduction of in vitro fertilization treatments, the availability of reimbursement systems that cover these options, and the patients' disposable income may stimulate segment demand over the forecast period.
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Fertility Services Market Regional Outlook
Europe has the largest market share of 34.6% due to the low fertility rate in this region. The tendency to delay family planning also contributes to market growth. The reimbursement policy in most European countries is also favorable to the demand for fertility services. Due to the convenience of advanced medical facilities and economic development, Western Europe is the most important market compared to Eastern Europe. The most important markets in this region are France, Italy, Germany, Spain, and the United Kingdom.
The Americas is the second-largest regional market, and North America accounts for most of the market revenue for the same reasons as in Europe. North America generates higher market revenues due to the presence of major market players, high obesity rates in the United States, and the subsequent decline in fertility rates. As a result, more women are turning to fertility services, leading to market growth. After the United States, Canada has the largest market share. A considerable portion of the market revenue also comes from Latin America.
The Asia Pacific region can grow at the fastest rate during the forecast period due to rapid urbanization, increasing fertility problems, and changing lifestyles. The use of advanced technologies and an increasingly favorable payment policy can foster fertility services market growth in countries such as India and Japan. Australia, China, and South Korea are other important markets in this region. An analysis of the other countries in the Asia-Pacific region presented in this report predicts the huge contribution to some other countries' market revenues.
Market growth in the MEA region is low due to lack of awareness, limited availability of skilled health workers, various social constraints due to many religious and cultural factors, less investment in healthcare, and lack of advanced medical facilities.
Fertility Services Market Major Players
The leading players supporting the growth of the global fertility services market comprise Irvine Scientific, Merck KGaA, Cook Medical, CooperSurgical Inc, Ferring Pharmaceuticals Inc., CARE Fertility Group Limited, and Vitrolife.
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Fertility Services Industry Updates
A leading organization in egg freezing, Extend Fertility, announced about its IVF related approach to include infertility treatments and in vitro fertilization in its service offerings. The company has been a leading name in the cryopreservation, completing around 1,000 cycles in 2018.