Market Trends of Global IVF Devices And Consumables Industry
Fertility Clinics are Expected to Hold a Significant Market Share During the Forecast Period
Fertility clinics provide specialized care and advanced infrastructure necessary for complex IVF procedures. The presence of experienced specialists and the ability to offer tailored treatment plans contribute to the growing market share. Additionally, the increasing acceptance of infertility as a medical issue reduces stigma, encouraging more individuals to seek help. Fertility clinics are poised to capture a substantial market share, driven by the rising adoption of assisted reproductive technology (ART) and escalating global infertility rates.
The growing demand for infertility treatment and increasing visits to fertility clinics for treatment are expected to contribute to the segment growth. For instance, in April 2024, the Society for Assisted Reproductive Technology (SART), representing America's fertility clinics, unveiled its latest national and clinic-specific data on assisted reproductive technologies (ART). The number of babies born through IVF rose from 89,208 in 2021 to 91,771 in 2022. This increase signifies that 2.5% of all United States births stem from successful ART cycles. Despite challenging legislation and potential political interference, the rising number of cycles underscores a robust demand for fertility services. At the 368 SART member clinics, the total IVF cycles surged by over 6% from 2021, climbing from 368,502 to 389,993 in 2022. As a result, increasing awareness of IVF treatments is projected to drive the segment growth in the coming years.
Similarly, the establishment of fertility clinics is another factor in the growth of the segment. For instance, in June 2024, Kindbody, a prominent national network of fertility clinics and a global provider of family-building benefits for employers, inaugurated a cutting-edge fertility clinic in California, United States. Similarly, in June 2024, Nahyan bin Mubarak officially opened the ART Fertility Clinic in Al Ain City. This state-of-the-art facility elevates the standards of IVF services and stands as a significant boon for the residents of Al Ain. Such launches will likely increase market growth in the future.
Additionally, in September 2022, Indira IVF, a leading fertility clinic chain in India, announced its intention to acquire multi-center IVF clinics in Tamil Nadu and Kerala. This move aims to bolster Indira IVF's foothold in South India. As these fertility clinics expand across various districts and states, the demand for IVF devices and consumables during treatment procedures is anticipated to rise, fueling growth in this segment.
Given the rising awareness of fertility treatments and the expanding number of fertility clinics, the segment is poised for substantial growth during the forecast period.
North America is Expected to Hold a Significant Market Share During the Forecast Period
North America is expected to hold a significant market share owing to the rising prevalence of infertility, the high availability of infertility clinics, and technological advancements in IVF devices and consumables by market players.
The increase in the treatment of IVF in the United States is expected to increase demand for IVF devices and consumables. It is expected to propel the growth of the market during the forecast period. For instance, in April 2024, the Society for Assisted Reproductive Technology (SART) reported that the United States conducted 389,993 IVF cycles in 2022, marking a rise of over 6% from the previous year. Among these, 29,803 were egg-freezing cycles, a notable increase from 24,560 in 2021. Thus, increasing adoption of IVF in the region is expected to drive demand for IVD devices and consumables, contributing to market growth.
Low birth rates also contribute to the growth of the market. According to an article from Statistics Canada in March 2022, Canada has low fertility rates. If the fertility rate continues to decline in the coming years, Canada could be grouped with countries with the lowest fertility rates, defined as 1.3 or fewer children per woman. Therefore, the high infertility prevalence in the region is expected to boost the demand for IVF procedures, which is expected to propel the market growth during the forecast period.
The strategic initiatives adopted by industry players, such as product launches, partnerships, and expansions, are another factor in the growth of the market. For instance, in March 2024, TMRW Life Sciences (TMRW) unveiled CryoLink, a cutting-edge workstation designed to oversee frozen specimen inventories in fertility clinics digitally. With the launch of CryoLink, clinics can easily incorporate TMRW's Digital Specimen Management system, regardless of whether they use TMRW's automated storage solutions. Hence, such partnerships will expand the IVF treatment options in the region, which is expected to propel the demand for IVF devices and consumables during the forecast period.
Therefore, due to the above factors, such as the high availability of fertility clinics and growing treatment, low fertility rate, and rising strategic initiatives by market players, the market is likely to grow in the future.
