The market witnessed impressive growth in recent times. Increasing awareness, rising success rates of IVF, and disorders due to the delayed onset of pregnancy have stimulated the demand for in vitro fertilization techniques across the world.
The proportion of women who are intentionally delaying pregnancies beyond the age of 35 years has been increasing in the past few years. Delay in pregnancy is a major cause of infertility. Delayed pregnancies, in many cases, lead to pregnancy-associated complications and an increased chance of infertility. It has been estimated that the global average fertility rate, currently, is around 2.5%, and the major reason attributed to this is delayed pregnancies.
Moreover, the increasing trend of delayed pregnancy is contributing to the higher adoption of IVF techniques. However, the complications associated with the IVF technique and socio-ethical issues involved are expected to restrict the growth of the market studied, over the forecast period.
Key Market Trends
The IVF Culture Media Segment is Estimated to Hold the Largest Share in Terms of Revenue Generated
- The IVF culture media segment is expected to hold the largest share by revenue generated, during the forecast period. The large share can be attributed to the high volume of culture media. Other products, such as IVF cabinet and micromanipulator, are capital equipment requiring one time investments.
- However, culture media is required in every IVF procedure. Semen processing media, ovum processing media, cryopreservation media, and embryo culture media are the major culture media types used during IVF procedures.
- Fertility centers across the world are using the latest generation of culture media, to maximize the success of the procedure. Furthermore, the rising success rate of the IVF and continuous advancements by market players are contributing to the market growth.
Asia-Pacific is Expected to Register a Rapid Growth
- Asia-Pacific is anticipated to witness high growth during the forecast period, owing to the less stringent regulatory environment, associated with in vitro fertilization. The low cost of IVF in Asia-Pacific, especially in India, when compared to developed countries, like the United States and Germany, and the growing medical tourism for IVF are also supplementing the growth of the market in the region.
- Hospitals and fertility centers in India are providing specialized services for international patients. Due to less stringent legal measures and regulatory requirements, the fertility centers in India can provide more patient-oriented treatments when compared with the developed regions, which is leading to the expansion of the market in the region.
In the field of high technology and capital equipment, such as micromanipulators, the market studied is fairly consolidated, with a few global players controlling a significant market share. However, several local players have control over a significant share of the market, in spite of the presence of major global players, such as Merck KGaA and Thermo Fisher Scientific Inc.
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