Aggravated number of infertility cases to drive the market growth at 7.4% CAGR
During the forecast period, the global assisted reproductive technology (ART) market is anticipated to see tremendous development. One of the main drivers of ART market growth is the growing amount of instances of infertility worldwide. For example, Centers for Disease Control and Prevention (CDC) estimates that 12.1% of females aged between 15-44 years in the United States suffer from impaired fecundity while 6.7% of married females in the same age group are infertile. In turn, this is anticipated to boost demand for ART techniques like in-vitro fertilization (IVF) and artificial insemination (AI). It is therefore anticipated that the increase in infertility instances worldwide will increase market growth over the forecast period.
Growth in the worldwide Assisted Reproductive Technology (ART) market is mainly attributable to variables such as infertility incidence, advanced maternal age, elevated rates of obesity, higher levels of alcohol and tobacco consumption, low understanding of fertility issues and favorable reimbursement policies. However, owing to strict regulatory standards and elevated treatment costs connected with infertility treatment, the industry faces difficulties. The market is defined by leading trends such as strategic alliances development and technological development in multiple ART-based infertility treatment processes.
IVF technology to be the primary driver of the global market
The market was dominated by in-vitro fertilization in 2017. Some variables contributing to market growth are favorable reimbursement policies and the introduction of new technology. Standardization of processes through automation, regulatory reforms, and egg / sperm storage public funding are some of the IVF market’s contributing variables. The government offers experimentation funding that can assist patients with better achievement rates and cost-effectiveness. ART is used to treat infertility and the most prevalent and efficient form of ART is in vitro fertilization (IVF). Whereas the most prevalent complication connected with ART is numerous pregnancy. The main variables driving this market’s development are the increase in the amount of instances of infertility due to obesity, increased stress and pollution, and a growing number of smokers worldwide.
Fresh non donor segment generated highest revenue in the global market
The highest revenue size in 2017 was represented by the Fresh Nondonor Procedure segment. High live birth rates will be a high-impact factor for segmental development with the assistance of new nondonor. According to the 2015 National Summary Report, about 35% of the transfers of eggs / embryos led in live births from new non-donors in the United States. Optimum success rate of new nondonor processes will result in a significant rise in segment size over the forecast period.
Europe dominated the global market
Europe captured the biggest market share in the global ART market and is anticipated to maintain its dominance over the forecast period due to increased knowledge among individuals about infertility treatment, technological advances, public initiatives to encourage suitable ART equipment and growing numbers of infertility instances in the region. The National Public Health Action Plan was created by the Centers for Disease Control and Prevention (CDC) with the objective of preventing, detecting and managing infertility instances around the globe.
Cook Medical, Irvine Scientific, Merck, and ThermoFisher Scientific are some of the main players working in the global assisted reproductive technology market. Companies are embracing new product launch and geographic expansion to target new markets and expand enterprise reach.