(PharmaNewsWire.Com, November 23, 2021 ) According to a new market research "In Vitro Fertilization Market by Product (Imaging System, Incubator, Cabinets, Sperm Separation System, Cryopreservation media, Embryo Culture media), Type of Cycles & End Users (Fertility Clinics and Surgical Centres, Cryobanks) - Global Forecast to 2022", published by MarketsandMarkets™, the global market is projected to be valued at USD 505.2 Million in 2017 and is expected to grow at a CAGR of 10.9% to reach to USD 847.8 Million by 2022.
The key factors propelling the growth of this market include growth in the median age of first-time motherhood, declining fertility rates, rising male infertility, rise in consumption of alcohol and cigarettes, and growing public awareness about infertility and the available treatment options.
By product, the reagents segment is expected to grow at the highest growth rate during the forecast period
By product, the in vitro fertilization market is segmented into reagents and equipment. Reagents are estimated to account for the largest share in the global market in 2017. This large share can be attributed to the fact that increasing number of IVF procedures would lead to increase in the usage of reagents
By end user, the fertility clinics and surgical centers segment to record the highest CAGR during the forecast period
On the basis of end users, the global IVF market has been segmented into fertility clinics and surgical centers, hospitals and research laboratories, and cryobanks. The fertility clinics and surgical centers segment is estimated to command the largest share of the global market in 2017. This segment is also projected to register the highest CAGR during the forecast period. The increasing number of fertility centers coupled with the growing infertility rates across the globe are the key factors driving the growth of the fertility and surgical centers segment.
Asia Pacific to account for the largest market size during the forecast period.
The APAC region is expected to hold the largest share of the global in vitro fertilization market in 2017. The region is also expected to grow at the highest growth rate during the forecast period. The large share and high growth rate of the APAC region can be attributed growth in the median age of first-time motherhood, rising infertility rates, growing prevalence of PCOS, increasing incidence of obesity, the rise in fertility tourism, and government initiatives. Europe is anticipated to be the second largest region in terms of market size in the IVF market. This can be attributed to the increasing obesity rates and PCOS in the UK, rising age of first-time pregnancy and rising obesity rates in France, declining birthrates in Germany, favorable regulatory amendments for IVF in Italy, and rise of IVF tourism in Spain.
Key Market Players CooperSurgical, Inc. (US), Vitrolife AB (Sweden), Cook Medical, Inc. (US), Irvine Scientific (US), Thermo Fisher Scientific Inc. (US), EMD Sereno Inc. (US), Genea Limited (Australia), Esco Micro Pte. Ltd. (Singapore), IVFtech ApS (Denmark), The Baker Company, Inc, (US), Kitazato Corporation (Japan), Rocket Medical Plc. (UK), Hamilton Thorne, Inc. (US), Shivani Scientific (India), BIOGENICS, Inc. (US), Nidacon International AB (Sweden), Lotus Bio (Israel), Eppendorf AG (Germany), Okolab Srl (Italy), IKS International (Netherlands), Hunter Scientific (UK), Thomas Medical (US), Labotect GmbH (Germany), Shivani Scientific (India), Olympus Corporation (Japan), and RI.MOS.srl (Italy)
Recent Developments - In January 2017, Genea and Merck opened a Fertility Centre of Excellence in Bangkok.
- In November 2016, Cooper surgical Inc. acquired Wallace Pharmaceuticals (India) to further strengthen its existing IVF product portfolio.
- In June 2016, Esco Micro Pte. Ltd. received 510(k) certification from Food and Drug Administration (FDA) for its Miri Time-Lapse Embryo Incubator.
- In October 2015, Irvine Scientific entered into a partnership with Biotech Inc. (US). With this partnership Irvine Scientific gained exclusive distribution rights for the CRYOLOCK vitrification device.
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