Fertility Services Market Synopsis:
A radical shift in lifestyle has led to a decline in fertility rates. It is anticipated to boost the demand for fertility services over the next couple of years. The global fertility services market report, according to Market Research Future (MRFR)’s assessment, is projected to expand at 8.5% CAGR during the review period 8.5% 2018 to 2023. The decrease in birth rate is projected to have a favorable impact on the expansion of the fertility services market.
Urban lifestyle has prompted the prevalence of chronic diseases which is prognosticated to generate demand for fertility services in the years to come. Increasing awareness about the availability of these services has catalyzed the expansion of the fertility services market in the years to come.
The increasing healthcare expenditure across the world is another major factor anticipated to have a favorable influence on the expansion of the fertility services market over the review period. In addition, the increasing cases of late pregnancies are projected to accelerate revenue creation in the foreseeable future. The rising women working population has led to drastic changes in lifestyle which is forecasted encourage the growth pace of the fertility services market across the assessment period.
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Fertility Services Market Segmentation:
On the basis of Underlying cause, the global fertility services market has been segmented into male infertility and female infertility. The female fertility segment has captured over 50% of the market share and is poised to expand at the highest CAGR over the forecast period. The factors that are expected to boost the growth pace of the segment are increasing obesity rate, changes in lifestyle, late pregnancies, etc.
On the basis of treatment type, the fertility services market has been bifurcated into assisted reproductive technology (ART), and infertility drugs. The assisted reproductive technology (ART) segment has been further sub-segmented into IVF, Frozen Embryo Replacement (FER), and Artificial Insemination. It is also expected to lead the growth of the market and had control over 76% market share in 2017. Increasing demand for IVF treatments is anticipated to boost the revenue creation of the segment in the years to come.
Fertility Services Market Regional Analysis:
The global fertility services market, by region, has been segmented into Europe, Americas, Asia Pacific, and the Middle East & Africa (MEA). Europe holds the largest share of the market and is expected to lead the market growth in the years to come. It is projected to expand at 8.5% CAGR across the review period. The low fertility rate in the region is projected to accelerate revenue creation over the next couple of years. In addition, the implementation of favorable reimbursement policies is also prognosticated to favor market growth.
Americas is projected to retain the second spot in the upcoming years. The developed healthcare system, in conjunction with the adoption of technologies, is expected to influence the expansion of fertility services market positively over the next couple of years. Furthermore, the high obesity rate prevailing in the U.S. is also prognosticated to favor market expansion.
Asia Pacific is forecasted to expand at the highest CAGR during the assessment period. Rapid urbanization, in conjunction with changes in lifestyle, is fueling the need for fertility services in the region. In addition, the increasing number of favorable reimbursement policies is projected to encourage the expansion of the regional market.
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Fertility Services Market Competitive Dashboard:
The key players operating in the global fertility services market are Cook Medical (U.S.), Merck KGaA (Germany), Irvine Scientific (U.S.), CooperSurgical Inc (U.S.). Other players include Ferring Pharmaceuticals Inc. (U.S.), CARE Fertility Group Limited (U.K.), and Vitrolife (U.S.)