Rising Demand for Fertility Clinics Aids Growth of Assisted Reproductive Technology Market
Added: (Tue Jan 08 2019)
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The assisted reproductive technology market comprises various medical procedures used to help conception and reduce the chances of abnormalities in the ensuing pregnancy. The market has picked up steam in recent years due to the rising prevalence of infertility and related conditions and the rising disposable income of consumers, which is allowing an increasing number to obtain medical solutions. The increasing social acceptance of assisted reproductive technology has also aided the global market for the same, which is likely to exhibit rapid progress in the coming years. According to Transparency Market Research, the global assisted reproductive technology market is estimated to be worth US$37,789.6 mn by the end of 2025 from US$22,100.0 mn in 2016. During the forecast years of 2017 and 2025, the global market is projected to surge at a CAGR of 6.3%.
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By technology, the global assisted reproductive technology market is segmented into in vitro fertilization, surrogacy, artificial insemination, and others. In vitro fertilization accounted for a major share of the global assisted reproductive technology market in 2016 and is likely to retain a dominant share in the coming years thanks to the rising number of citizens who are aware of the ease and efficacy of in vitro fertilization procedures. In vitro fertilization is further segmented into intra-cytoplasmic sperm injection (ICSI), and preimplantation genetic diagnosis (PGD). Preimplantation genetic diagnosis is likely to play an important role in the growth of the global assisted reproductive technology market in the coming years, due to the rising amount of information available on the risk of congenital genetic disorders and their treatment.
Based on procedure, the assisted reproductive technology market is segmented into frozen donor, frozen non donor, fresh donor, fresh non donor, and embryo banking. Of these, the fresh non donor segment is likely to dominate the global assisted reproductive technology market in the coming years. It benefits primarily from the desire of most parents to have children with their own genetic makeup rather than having another person involved at any stage.
Geographically, Asia Pacific is expected to show remarkable progress in the global assisted reproductive technology market in the forthcoming years. Initiatives taken by the governments in the emerging economies to help families struggling with infertility are expected to drive this regional market. North America is also likely to remain a key contributor to the global assisted reproductive technology market in the coming years due to the growing prevalence of reproductive conditions in the region. Meanwhile, Europe is expected to show tremendous progress as assisted reproductive technology is supported with a public funding provision in the region.
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One of the key drivers for the global assisted reproductive technology market is the rising number of fertility clinics in developing regions and the gradual lifting of the social taboos around the topic. Though developed countries remain by far the leading contributors to the global assisted reproductive technology market, developing regions such as Asia Pacific are likely to emerge as key markets for assisted reproductive technology in the coming years.
The assisted reproductive technology market has also been boosted by the rising demand from same-sex couples. The growing demand for legalization of same-sex relationships in various regions is thus likely to be a crucial driver for the global assisted reproductive technology market in the coming years.
Key players in the global assisted reproductive technology market include Merck, CooperSurgical, Inc., Irvine Scientific, Vitrolife AB, Hamilton Thorne, Inc., Nidacon International AB, Laboratoire CCD, Planer PLC, Esco Micro Pte. Ltd. (Esco Group), and Nikon Corporation. Merck holds a dominant share in the global assisted reproductive technology market due to its widespread portfolio.
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