According to a new report by Grand View Research, Inc., the global market of IVF is anticipated to reach USD 36.2 billion by 2026, and during the forecast period, it will expand at a CAGR of 10.2%.
Usually, the market is driven by the rise in infertility, which is caused by lifestyle changes, government initiatives to provide better policies, and constant effort by industry contributors. Apart from all this, the fertility procedures for treating male infertility such as ICSI will influence the growth in future.
What more will drive the market is the availability of genomic testing and the methods to prevent the transfer of genetic disease, during the IVF procedure. The increase in the number of IVF Treatments has encouraged insurance providers to cover these procedures. It has ultimately led to competitive pricing and a decrease in the treatment cost, which will operate the market with more treatment standardization and automation.
There has been a significant shift in society due to the decreased Total Fertility Rate (TFR). This shift can be seen as an increase in working women, advanced maternal age, switch from rural to urban societies, decrease in marriage rates, and delay in marriages. During the forecast period, such factors are important in IVF market.
Another important factor leading to an increase in infertility is Obesity. The fat on women’s abdomen prevents pubertal development. Whereas in the male, rising fat deposits decrease testosterone levels, which will result in lowered sperm production.
“The men should lose weight before fertility treatments and maintain a proper Body Mass Index (BMI). Although, the U.S. Endocrine Society has established the use of Letrozole to increase the testosterone levels in obese patients. But, it is strongly advised to reduce weight in the best possible natural way”, cites Dr. Shweta Goswami.
The Department of Defense for Sperm and Egg Freezing coverage is implementing USD 50 million 5-year plan. It is the presence of favourable reimbursement framework, which will drive the regional growth over the next six years. A sudden increase in several clinics is also using new techniques to offer better fertility success rate and to boost the local demand.
In Europe, the NHS has covered three IVF cycles and provides coverage for gamete freezing, as well. Moreover, the region is a major attraction for international clients as well as several countries such as Spain which have the highest number of egg donors.
The Asia Pacific Initiative on Reproduction (ASPIRE) has a team of clinicians and scientists who are dedicatedly involved in monitoring and managing fertility and Assisted Reproductive Technology (ART). Such initiatives help in promoting awareness among consumers and drive the growth of the IVF market.