According to the latest report by IMARC Group, titled “Fertility Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global fertility services market size reached US$ 16.3 Billion in 2018. Fertility services refer to the procedures which are utilized as a treatment for infertility issues. There are various clinics and hospitals, which offer these services, which are widely being adopted by couples, single parents and members of the LGBT community who are unable to conceive or carry a full-term pregnancy. Some of the most common treatment options include fertility drugs, surrogacy, artificial insemination, In Vitro Fertilization (IVF), egg-freezing or oocyte cryopreservation, and Assisted Reproductive Technology (ART) procedures.
Global Fertility Services Market Trends:
A significant rise in infertility rates and inflating per capita income levels have led a majority of the population to opt for fertility services. On account of hectic working schedules and sedentary lifestyle habits, there has been a significant increase in the incidences of stress, obesity and polycystic ovarian syndrome (PCOS), which have impelled the demand for fertility services across the globe. The rising trend of late pregnancies, especially among the expanding career-oriented population base, is also creating a positive outlook for the market. Nowadays, people prefer to have children later in life when they are more mature and financially stable. Additionally, several women and couples are opting for the freezing of eggs, which can be utilized when they wish to have children. Other factors, such as technological advancements, growing awareness regarding fertility services and enhanced access to improved healthcare facilities, are further driving the market growth. On account of the aforementioned factors, the market is expected to reach a value of US$ 27.0 Billion by 2024, expanding at a CAGR of 8.8% during 2019-2024.
- On the basis of the cause of infertility, the market has been bifurcated into male and female infertility. Amongst these, female fertility accounts for the majority of the total market share.
- Based on the procedure, the market has been divided into in vitro fertilization with intracytoplasmic sperm injection (IVF with ICSI), surrogacy, in vitro fertilization without intracytoplasmic sperm injection (IVF without ICSI), intrauterine insemination (IUI) and others.
- On the basis of the service, the fresh non-donor segment exhibits a clear dominance in the market. Other major segments include frozen non-donor, egg and embryo banking, fresh donor and frozen donor.
- Based on the end user, the market has been categorized into fertility clinics, hospitals, surgical centers, clinical research institutes and cryobanks. At present, fertility clinics represent the largest end user in the market.
- On the geographical front, Asia Pacific holds the leading position in the market. Other major regions include Europe, North America, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been analyzed with the detailed profiles of the key players operating in the market. Some of these include Instituto Bernabe, INVO Bioscience, Monash IVF Group, Apollo Hospitals Enterprise, Care Fertility Group, Carolinas Fertility Institute, Genea Limited, The Cooper Companies, Virtus Health, Vitrolife, The Johns Hopkins Health System, Medicover Group, Ovascience, Progyny and Xytex Cryo International.
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