Fertility Services Market Size Worth USD 37,357.51 Million by 2027 Witnessing a CAGR of 6.02% - Report by Market Research Future (MRFR)
Fertility Services Market Insights and Industry Analysis by Underlying Cause (Male Infertility, Female Infertility), By Treatment Type (ART, Infertility Drugs) and Region (Americas, Europe, Asia-Pacific and the Middle East & Africa), Competitive Market Size, Share, Trends, and Forecast to 2027
/EIN News/ -- New York, US, July 08, 2021 (GLOBE NEWSWIRE) -- Fertility Services Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Fertility Services Market Information by Underlying Cause, Treatment Type, and Region - Forecast till 2027”, the market was valued USD 26,332.00 Million in 2019 and is estimated to reach 37,357.51 Million by 2027 at a CAGR of 6.02%.
Market Scope:
Treatments or procedures that aid in conception and the treatment of genetic and fertility abnormalities are referred to as reproductive services. Single parents, infertile couples, and members of the Lesbian, Gay, Bisexual, and Transgender (LGBT) community can use Assisted Reproductive Technology (ART) procedures and medications to start a family. Infertility affects both males and women of childbearing age. Furthermore, the most prevalent causes of male infertility are low sperm count or poor sperm motility, both of which can be attributable to hormonal imbalance. As a result, for men and women to be fruitful, both the hypothalamus and pituitary gland must function properly. Increasing alcohol and drug use, increased stress levels, frequent smoking, obesity, and environmental factors have all contributed to an increase in infertility risk.
Market Drives
Fertility services have seen rapid expansion in recent years as a result of late marriages, newer contraceptive techniques, and an increasing number of women choosing their jobs above establishing a kid, resulting in an increase in the median age of first-time parenthood. The dropping fertility rate, technical developments in fertility treatments, growth in the median age of first-time parenthood, and rise in obesity, combined with the consumption of alcohol/cigarettes, are all driving the worldwide fertility services industry.
Furthermore, several significant market companies are interested in the development of innovative equipment for fertility treatments, which adds to the market's growth. Additionally, increased health knowledge about reproduction concerns, the availability of fertility therapies, an increase in disposable income, and advantageous reimbursement regulations all contribute to market expansion. The need for fertility equipment is expected to rise in the future as a result of recent advances in IVF technology, such as the embryoscope and capsule IVF. Furthermore, the increased number of new fertility clinics and same-sex marriages are expected to provide profitable growth opportunities in the future. Furthermore, the rise in fertility tourism is likely to create significant prospects for growth, particularly in developing economies.
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Competitive Landscape:
The Prominent Players in the Global Fertility Services Market are
- Merck KGaA
- Cook Medical
- Irvine Scientific Company Inc.
- Copper Surgical
- Kitazato Cooperation
- Vitrolife
- Ferring B. V
- Invo Bioscience
- Monash IVF Group
- Care Fertility
COVID-19 Analysis:
The global impact of the COVID-19 pandemic was considerable. The fertility services industry has suffered as a result of this epidemic. In addition, until the crisis looks to be under control, most fertility clinics throughout the world have postponed accepting new cases of infertility treatment for the next six months. Because of the risk of cross-contamination, most reproductive clinics throughout the world ceased accepting new cases of infertility treatment during the Covid-19 outbreak. Due to the reallocation of manpower to care for Covid-infected patients, surgeries were only performed in exceptional circumstances. Non-emergency surgeries were rescheduled. Furthermore, in many countries, R&D for fertility therapies was halted as the attention switched to COVID patients.
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Market Restraints:
However, difficult device maintenance, high device costs, numerous pregnancies connected with reproductive treatments, such as the delivery of twins, triplets, and others, and ethical concerns are expected to stymie market expansion.
Market Segmentation
Global Fertility Services Market has been segmented based on underlying cause and treatment type.
Based on underlying cause, the market is bifurcated into male infertility and female infertility. The male infertility segment is expected to register the highest CAGR of 6.23% during the forecast period.
On the basis of treatment type, the market is bifurcated into infertility drugs and assisted reproductive technology (ART). The ART segment accounted for a larger market share with a value of USD 19,777.39 Million in 2019.
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Regional Analysis:
Global Fertility Services Market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
Due to a reduced fertility rate, an increase in obesity cases, an increase in IVF tourism in Spain, and an increase in the median age of motherhood, Europe is predicted to command the highest market share.
The United States commands a sizable portion of the global market. The high adoption rate for IVF treatment, late pregnancies, well-established healthcare systems, and diminishing fertility rates can all be liable for this.
Due to changing lifestyle conditions, declining fertility rates, delay in pregnancy in women suffering from gynecological conditions, and fertility disorders, followed by favorable reimbursement scenarios, and delayed parenthood opted by couples due to professional and financial constraints, Asia-Pacific is expected to command the third-largest share in the global market.
The Middle East and Africa fertility services market is predicted to increase steadily due to a well-developed healthcare sector and steadily dropping fertility rates.
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