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The global in vitro fertilization market is projected to register a CAGR of 5.9% from 2022 to 2030 and reach USD 37.4 billion by 2030. Escalation in the number of infertility cases of males and females, especially due to lifestyle changes, and the growing reprotourism are the major factors driving the market growth. The government-initiated reimbursement policies and constant efforts by the market players for better outcomes have also positively impacted the market growth.
The rising trend for delayed pregnancies and freezing eggs among the female population caused by huge focus on careers is driving the in vitro fertilization market growth. With the technological advancements in IVF, its popularity is expanding significantly among the global population, especially in the U.S. Although, the sub-markets of in vitro fertilization witnessed limited growth during the COVID-19 worldwide lockdown resulting in cancellations of several IVF treatments, the recent surge in disposable income in developing economies has been acting as a contributing factor for IVF market growth.
IVF is widely used among couples facing fertility problems and difficulties. However, the ethical concerns alongside restrictive regulations and involved risk factors are disadvantageous to the in vitro fertilization market growth. Another major drawback is the sensitivity of the people attached to infertility, particularly those from developing countries. The majority of the population in these places are hesitant to discuss about opting for or undergoing IVF treatments publicly.
Advanced IVF technology helps prevent the transfer of genetic disorders through genomic testing facilities during in vitro fertilization, which is expected to further promote market growth. Owing to market developments, insurance companies have started providing coverage for IVF procedures. This has led to moderate treatment costs and competitive pricing for the market to indulge in more standardization and treatment automation.
In the Asia Pacific region, several developing countries are adopting legal reforms that encourage IVF treatment adoption. For example, the Government of India, in February 2020 sanctioned a regulation bill for clinics that offers reproduction assistance services like surrogacy, IVF treatment, and artificial insemination. North America is also projected to witness rising demand for in vitro fertilization treatment during the forecasted year. Factors like standardization through automation, regulatory reforms, initiatives and funding from the governments, and expansion of IVF treatments by the major industry players are expected to further enhance the market growth.
Research Support Specialist, USA