Market Analysis
The global fertility services market is predicted to grow at an 6.02% CAGR between 2020-2027, states the latest Market Research Future (MRFR) report. Fertility services comprise of various procedures used for treating fertility and genetic issues and help with conception. Services such as frozen embryo replacement (FER), in-vitro fertilization (IVF), artificial insemination, and infertility drugs help infertile couples, the LGBT community, and single parents to procreate and begin a family. These services help in conceiving as well as offer a safe and better alternative to surrogacy.
Various factors are propelling the fertility services market growth. Some of these factors, according to the Market Research Future report, include increasing incidence of different medical ailments such as sexually transmitted diseases (STDs), polycystic ovarian syndrome (PCOS), and endometrium tuberculosis which may cause infertility, lack of financial stability, expanding career-oriented population base, and increase in marketing and advertising of medical facilities for promoting artificial reproduction. Additional factors pushing market growth include health insurance portability, an increase in disposable income, easy availability of advanced medical technologies in IVF devices, an increase in infertility rates, and an increase in the prevalence of delayed pregnancies.
On the flip side, low awareness levels, reimbursement issues associated with fresh IVF cycles, and high costs of fertility services are factors that are likely to deter the fertility services market growth over the forecast period.
Market Segmentation
Segmental analysis of the fertility services market divides it on the basis of underlying cause, treatment type, and region. Underlying causes of fertility problems have been segmented into male infertility and female infertility. The female infertility segment has captured 54% of the market and is expected to grow at the highest CAGr. Increasing obesity rates, increase in various lifestyle-related health problems and increasing late family planning have played a significant role in the segments leadership position.
Treatment types are divided into assisted reproductive technology (ART), and infertility drugs. ART has established itself as the leading segment with a share of over 76% in 2017. Increased demand for IVF treatments has been observed to be responsible for the segments growth and market size.
Main geographies expounded in MRFR’s report include Europe, Asia Pacific, the Americas, and the Middle East and Africa.
Regional Outlook
Europe has the largest market share of 34.6% due to the low fertility rate in this region. The tendency to delay family planning also contributes to market growth. The reimbursement policy in most European countries is also favorable to the demand for fertility services. Due to the convenience of advanced medical facilities and economic development, Western Europe is the most important market compared to Eastern Europe. The most important markets in this region are France, Italy, Germany, Spain, and the United Kingdom.
The Americas is the second-largest regional market, and North America accounts for most of the market revenue for the same reasons as in Europe. North America generates higher market revenues due to the presence of major market players, high obesity rates in the United States, and the subsequent decline in fertility rates. As a result, more women are turning to fertility services, leading to market growth. After the United States, Canada has the largest market share. A considerable portion of the market revenue also comes from Latin America.
The Asia Pacific region can grow at the fastest rate during the forecast period due to rapid urbanization, increasing fertility problems, and changing lifestyles. The use of advanced technologies and an increasingly favorable payment policy can foster fertility services market growth in countries such as India and Japan. Australia, China, and South Korea are other important markets in this region. An analysis of the other countries in the Asia-Pacific region presented in this report predicts the huge contribution to some other countries’ market revenues.
Market growth in the MEA region is low due to lack of awareness, limited availability of skilled health workers, various social constraints due to many religious and cultural factors, less investment in healthcare, and lack of advanced medical facilities
Key Players
Notable players profiled in the fertility services market report include Vitrolife (US), Ferring Pharmaceuticals Inc. (US), CARE Fertility Group Limited (UK), CooperSurgical Inc (US), Irvine Scientific (US), Cook Medical (US), and Merck KGaA (Germany). Key players have incorporated several strategies to suffice the needs of the customers and stay ahead in the competition. These strategies include partnerships, collaborations, joint ventures, recent developments, mergers and acquisitions, and innovations.
Industry News
November 2019: American Hospital Dubai has recently entered into a partnership with the largest provider of IVC, Livio AB, with an aim to facilitate the creation of an IVF center that offers the finest possible pregnancy outcomes in the Middle East.
1 EXECUTIVE SUMMARY
1.1 OVERVIEW 13
1.1.1 MARKET SYNOPSIS 13
2 MARKET INTRODUCTION
2.1 SCOPE OF THE STUDY 14
2.2 RESEARCH OBJECTIVE 14
2.3 LIST OF ASSUMPTIONS & LIMITATIONS 14
3 RESEARCH METHODOLOGY
3.1 OVERVIEW 16
3.2 DATA MINING 16
3.3 SECONDARY RESEARCH 17
3.4 PRIMARY RESEARCH 18
3.4.1 PRIMARY INTERVIEWS AND INFORMATION GATHERING PROCESS 18
3.4.2 BREAKDOWN OF PRIMARY RESPONDENTS 19
3.5 FORECASTING TECHNIQUES 20
3.6 RESEARCH METHODOLOGY FOR MARKET SIZE ESTIMATION 21
3.6.1 BOTTOM-UP APPROACH 22
3.6.2 TOP-DOWN APPROACH 22
3.7 DATA TRIANGULATION 23
3.8 VALIDATION 23
4 MARKET DYNAMICS
4.1 OVERVIEW 24
4.2 DRIVERS 25
4.2.1 GROWTH IN THE MEDIAN AGE OF FIRST-TIME MOTHERHOOD AND DECLINING FERTILITY RATE 25
4.2.2 TECHNOLOGICAL ADVANCEMENTS IN FERTILITY TREATMENT 25
4.2.3 INCREASING PREVALENCE OF OBESITY AND CONSUMPTION OF ALCOHOL/CIGARETTES 25
4.2.4 DRIVERS IMPACT ANALYSIS 26
4.3 RESTRAINTS 26
4.3.1 HIGH PROCEDURAL COSTS OF ASSISTED REPRODUCTIVE TECHNIQUES IN DEVELOPED MARKETS 26
4.3.2 ETHICAL AND SOCIAL CONCERNS 27
4.3.3 RESTRAINTS IMPACT ANALYSIS 27
4.4 OPPORTUNITIES 28
4.4.1 REIMBURSEMENT FOR FERTILITY TREATMENTS 28
5 MARKET FACTOR ANALYSIS
5.1 PORTER’S FIVE FORCES MODEL 29
5.1.1 THREAT OF NEW ENTRANTS 29
5.1.2 BARGAINING POWER OF SUPPLIERS 30
5.1.3 THREAT OF SUBSTITUTES 30
5.1.4 BARGAINING POWER OF BUYERS 30
5.1.5 INTENSITY OF RIVALRY 30
5.2 VALUE CHAIN ANALYSIS 31
5.2.1 R&D AND DESIGNING 31
5.2.2 MANUFACTURING 32
5.2.3 DISTRIBUTION 32
5.2.4 MARKETING & SALES 32
5.2.5 POST-SALES MONITORING 32
5.3 COVID-19 IMPACT ANALYSIS 33
5.3.1 IMPACT ON GROWTH RATE 33
5.3.2 IMPACT ON MAJOR PLAYERS 33
5.3.3 IMPACT ON MAJOR REGIONS 33
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