With 2015 coming to a close, it is easy to say that global medical tourism had a strong year. This year, 1.2 million U.S. residents traveled abroad for a variety of treatments, and IVF was at the top of the list.
That’s because IVF procedures have emerged as a preferable choice for the fertility treatments in clinical industry. The market is poised to witness a remarkable growth, primarily due to the related technological advancements such as pre-implantation genetic diagnosis (PGD) and three-parent IVF procedures.
The global IVF market is expected to reach $11.3 billion by 2021, at a Compounded Annual Growth Rate (CAGR) of 7.0% from 2015 to 2021. Reduction in conception rates mainly in women aged 40 years or above, delayed pregnancy in women suffering from gynecological conditions, changing lifestyle and fertility disorders are the major factors that drive the market growth. Other factors responsible for the market growth are favorable reimbursement scenario and the delayed parenthood opted by couples due to professional and financial constraints. On the other hand, ethical concerns in particular countries, high cost of the IVF procedures and low awareness, especially in under-developed economies such as Nigeria are likely to restrain the market growth.
The rising initiatives towards commercialization of cost-efficient treatments and emerging medical tourism, mainly in developing nations would offer lucrative growth opportunities for IVF service providers in future. Further, the growing clinical research initiatives for the development of novel IVF technologies would provide a platform for growth of the global IVF market.
To provide a detailed market assessment, the report segments the global IVF market on the basis of end-users and geography. The end-users IVF market is categorized into fertility clinics, hospitals, surgical centres and clinical research institutes. Fertility clinics and hospitals were the leading end-user segments globally, accounting for around three-fourths of the market in 2014.
Geographically, the market is segmented across North America, Europe, Asia Pacific and LAMEA regions. In terms of number of IVF cycles performed, the Asia-Pacific region dominates the global IVF market. Asia Pacific IVF market is set to grow at a promising CAGR of 8.9% from 2015 to 2021, due to the factors such as wide availability of IVF clinics, high IVF success rates and the rising trend of fertility tourism. In Asia-Pacific region, China is the leading country accounting for majority of the market share and is expected to maintain its position during the analysis period. In terms of revenue, North America dominates the global IVF market, owing to the favorable reimbursement scenario. The market is expected to reach around $4.0 billion by 2021, at a CAGR of 7.9% over the forecast period.