Business

IVF Devices and Consumables Market Growth and Demand Forecast

IVF Devices and Consumables Market Overview

The inclination of couples toward pregnancy delays will spur the IVF devices and consumables market growth. Furthermore, the fertilized egg is prone to genetic disorders because of delayed pregnancies. As women surpass 40 years, the reproductive eggs become less effective and become unsuitable for mating with the male spermatozoa. This is because aging reduces the capability of the female reproductive system to produce healthy eggs, surging the threat of genetic disorders. This will augment growth in the market.

The major drivers in the global IVF devices and consumables market are the increasing infertility rate. Surging adoption of bad lifestyles, the trend of delaying pregnancy. Fewer innovations, offering extravagant opportunities for market players. Thus, there is an enormous potential for this market in the coming years. The snowballing requirement for easy-handling equipment and time-efficient processes. Moreover, every third couple in emerging economies is suffering from infertility. Thereby creating lucrative opportunities for the market players including Thermo Fisher Scientific Inc. and Oxford Gene Technology, Progyny Inc. to gain a competitive edge.

Business Strategies

Furthermore, according to the World Bank, fertility among women is declining gradually over the past few years. Additionally, every third infertile person has a problem in the reproductive system. This can be ascribed to the surging adoption of an unhealthy lifestyle. Which affects the health of the individuals tremendously. This, in turn, will deteriorate the health of the infused zygote. For instance, the probability of pregnancy is reduced to 50% because of smoking. This rising infertility rate is also on account of the spread of certain fertility-related diseases and sexually transmitted diseases.

The trend of fertility tourism will also drive the IVF devices and consumables market. A study revealed that 80% of the patients traveling abroad for IVF are older than 35 years. It was also revealed that Spain is the fertility hotspot with approximately 23% of the total global patients in 2020. Hence, this trend opens up closed opportunities for the market players to attain a bigger market share. In addition, this will also lead to an influx of foreign exchange in these fertility hotspots including Cyprus and the Czech Republic.

Trends and Developments

Within the product segment, the instruments category will exhibit the highest CAGR in the IVF devices and consumables market in the coming years. This can be attributed to the skyrocketing demand for easy-to-use equipment and time-efficient procedures. This surging demand is owing to the busy lifestyle of the growing population and their affinity toward convenience. Moreover, cabinets will hold the largest share among the instruments in the future, propelling growth in the market.

Geographically, Europe was dominating the IVF devices and consumables market in the past years. Being home to the largest count of fertility tourism hotspots. This can be credited to large reimbursement ratios for IVF treatment. Surging healthcare awareness, and fast integration of advanced technologies. Additionally, three-parent IVF procedures and the legally-abiding pre-implantation genetic diagnosis have created enormous growth opportunities. Furthermore, the APAC will grow at the swiftest CAGR on account of the rising population. Increasing integration of IVF processes, high infertility rates, and surging fertility tourism.

Share Analysis

As per P&S Intelligence, the growing trend of delayed pregnancy is a key factor propelling the in-vitro fertilization (IVF) devices and consumables market advance around the world. This is because as age increases. Men and women lose the ability to produce healthy reproductive cells and carry the embryo inside the womb. This is why couples are going for IVF instead of conventional intercourse. As the IVF regimen is usually accompanied by a range of prenatal genetic tests.

Competitive Benchmarking

Moreover, the declining birth rate is another reason for the rising volume of IVFs. As per the World Bank, the global fertility rate declined from 4.797 in 1950 to 2.402 in 2019. This can be attributed to genetic factors, increasing paternal and maternal age, and a range of lifestyle habits, such as excessive alcohol and tobacco consumption. This is driving the volume of IVFs and, in turn, the demand for the various devices and consumables used during these procedures.

On the basis of technique, the IVF devices and consumables market is categorized into fresh-embryo, frozen-embryo, and donor-egg IVF, out of which fresh-embryo IVF is the largest category. This is attributed to the rising number of couples who are conceiving after the age of 30. Likewise, those who want to have kids at an even greater age, when the female body has stopped producing the ova, have their eggs and sperms frozen at a younger age, for usage later. Moreover, donor-egg IVF is used by infertile men and women and homosexual couples, whose numbers are growing in developed countries.

Revenue Shares

For all these procedures, a variety of instruments, accessories, and disposables are used, of which accessories and disposables are consumed in the higher amounts. This is because once procured, their stocks dwindle as the procedures are conducted.

These advancements include the usage of imaging systems and associated software to track the development of embryos on the screen, while still inside the incubator. This allows doctors to select the healthy eggs for transplantation, to give people the highest chances of conceiving a child. Another technological development is pre-implantation genetic diagnosis (PGD), which enables the detection of any genetic disorder the embryo has, for timely action, to minimize the chances of the begotten child inheriting it.

Trends & Dynamics

All these devices and consumables are utilized in frozen-embryo, fresh-embryo, and donor-egg IVF procedures. Of these, the fresh-embryo approach has been the most sought-after, as people are intentionally delaying pregnancy. As per the Centers for Disease Control and Prevention (CDC), the number of women becoming pregnant for the first time between 35 and 39 years of age is increasing among all ethnic groups. In eight federal districts and states in the U.S., this rate grew by 40% in the last few years.

Strategies, and Future Analysis

Another reason for the robust rise in the demand for IVF devices and consumables in APAC is the growth of fertility tourism. Just like medical tourism, fertility tourism involves people from developed countries coming to developing nations to get the job done. The primary reason behind this is the high cost of artificial insemination procedures in developed countries. For instance, one IVF cycle costs $10,000–$15,000 in North America, whereas in Thailand, is costs merely $6,059, which is why people prefer developing countries to developed ones.

The end user segment of the IVF devices and consumables market is divided into fertility clinics, surgical centers, hospitals, and clinical research institutes. Among these, fertility clinics hold the largest share because they are preferred by people. Being dedicated to IVF, these clinics are expected to offer the best treatments. Moreover, their services are cheaper than those offered at full-fledged hospitals, which leads to the highest procurement of IVF devices and consumables by fertility clinics around the world.

Business Opportunities and Top Manufacture

Currently, the IVF rate and, resultingly, the demand for such devices and consumables is the highest in Europe. This is ascribed to the advanced healthcare infrastructure and high public awareness of IVF. Further, the open mindset of most European countries has allowed homosexual couples to flourish, thereby driving the volume of IVFs.

Hence, the demand for IVF consumables and devices will keep rising with the growing trend of delayed pregnancies and rising infertility concerns.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button