One of the major factors driving the growth of the ART market is the increasing number of infertility cases across the world. For instance, according to estimates of Centers for Disease Control and Prevention (CDC), in the United States, 12.1% of women aged in between 15-44 suffer from impaired fecundity, whereas, 6.7% of married women in the same age group are infertile. This, in turn, is expected to propel the demand for ART technologies. Hence, the rise in infertility cases across the world is expected to boost market growth over the forecast period. Other factors such as the rise in the number of single women and same-sex couples and increase in awareness for IVF and surrogacy is expected to drive the growth of the market over the forecast period.
Technological advancements is also one of the contributing factors for the market growth. In January 2018, VitriCell SA announced the closure of USD 1.2 million. These funds are expected to enable the company to introduce products based on aseptic vitrification (new cell cryopreservation technique). This is expected to have a positive impact on the ART market in the coming years.
Key Market Trends
In-Vitro Fertilization (IVF) Segment is Expected to Grow Steadily in the Forecast Years
The IVF is expected to grow during the forecast period due to the high procedural success rate coupled with continuous advancement. The increasing number of IVF treatments has encouraged more insurance providers to cover these procedures. This has ultimately led to competitive pricing and has moderated the treatment costs. In 2016, the Ontario government announced a USD 50 million fertility program to cover IVF treatment for 5,000 people.
The market is driven by increasing incidence of infertility owing to lifestyle changes, government initiatives to provide better reimbursement policies. This is projected to positively influence the market growth in forecast years.
Europe is Expected to Dominate the Assisted Reproductive Technology Market
Europe dominates the ART market and is expected to retain its dominance over the forecast period owing to rising awareness among people for infertility treatment, technological advancements, government initiatives to promote appropriate ART facilities, and increasing number of infertility cases in the region. The Centers for Disease Control and Prevention (CDC) have developed the National Public Health Action Plan with an aim to prevent, detect, and manage the infertility cases around the world. Most of the EU Member States have considered infertility a medical condition and their national policies fund ranges from the entire treatment to some portion of infertility treatment. All the afore mentioned factors are expected to propel the growth of this market over the forecast period.
The major player in Assisted Reproductive Technology (ART) market includes - Bloom IVF Centre, CooperSurgical Inc., Ferring B.V., Hamilton Thorne Inc., FUJIFILM Irvine Scientific, Inc., Laboratoire CCD, Microm Ltd, Nidacon International AB, OvaScience Inc., and Vitrolife.
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