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Assisted Reproductive Technology Market is Projected to Surge at a CAGR of 6.3%, Alarming Rise in Infertility to Propel the Demand - TMR
ALBANY, New York, Aug. 14, 2019 /PRNewswire/ -- According to Transparency Market Research, the global Assisted Reproductive Technology Market is estimated to be worth US$37,789.6 mn by the end of 2025 from US$22,100.0 mn in 2016. During the forecast years of 2017 and 2025, the global market is projected to surge at a CAGR of 6.3%.
Assisted reproductive technology (ART) is a type of fertility treatment in which eggs are surgically removed from ovaries of a woman and are combined with the sperms in a laboratory. Later, these eggs are returned to the ovaries or are donated to another women. ART can be used to avoid the fertility problems while preserving the genetic connection.
The world's first test tube baby was born in 1978 in Britain and by 2012, about 1.5 million ART cycles were performed annually worldwide. In May 2013, parallabs launched embryoscope, a time lapse monitoring system. Hence, development of such products is anticipated to increase the success rate of assisted reproductive technology treatment during forecast period.
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The number of infertile women across the globe has grown considerably in the last one or two decades. According to various national health surveys, the number of women facing secondary infertility was 10.5% in 2010 and since then the figure is increasing. Stats also reveal that nearly 50 million couples across the globe experience infertility. Fallopian tube damage or blockage is considered as one of the key factors behind infertility. Other reasons include ovulation disorders, endometriosis, uterine or cervical abnormalities, primary ovarian insufficiency (early menopause), and cancer and its treatment. Apart from these, some crucial factors are increasing smoking habits, high consumption of alcohol, and obesity.
To counter increasing infertility and to release taboo linked with it; assistive reproductive technology is one such way. In vitro fertilization, surrogacy, and artificial insemination are some of the most preferred assisted reproductive technology used by the people experiencing infertility. Among these, in vitro fertilization technology is popular among people as they aware of it and its benefits. Standardization through regulatory reforms, automation, and government funding to store egg-sperm are the main factors rising demand for in vitro fertilization.
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Legalization of Same-Sex Relationships to Boost Growth
The surge in acceptance of same-sex marriages is expected to be a key trend that will gain traction fuelling the assisted reproductive technology market in fertility clinics over the forthcoming years. According to statistics, one in six couples globally experience some form of infertility and prevalence was found to be 9% for women aged between 20 to 44 years. It is estimated that over 5 million babies have been born since first IVF procedure till 2014. Assisted reproductive technology market is expected to grow further due to increasing number of infertility cases, government support for infertility procedures, rising disposable income, increasing number of smokers, obese population and stress levels.
Moreover, government funding is also used for experiments that will later benefit in reducing cost and increase the success rate of these technologies. For example, in Canada, the Toronto Centre for Advanced Reproductive Technology (TCART) offered free in virto fertilization to at least 60 women to experiment with the AUGMENT rejuvenating technique. It was the first Canadian Clinic to take such an initiative. In this technique, older cells are allowed to rejuvenate by collecting smaller cells from the external layer of the ovary. Thus, this technique helped to harvest of young cells and resulted in providing higher treatment success rates.
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Players to Focus on Expanding Geographical Presence to Gain Momentum
The assisted reproductive technology market is highly a competitive one, and features moderately fragmented competitive landscape. Vendors are largely expected to focus on expanding their geographical presence and extending their product portfolios, while adopting strategies such as mergers and acquisitions to increase their market footprint.
Key vendors in the global assisted reproductive technology market are Esco Micro Pte. Ltd., Merck & Company, Irvine Scientific, Planer PLC, Nidacon International AB, and Vitrolife AB.
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The study presented here is based on a report by Transparency Market Research (TMR) titled "Assisted Reproductive Technology Market - (Technology - In Vitro Fertilization (Intra-cytoplasmic Sperm Injection (ICSI) and Preimplantation Genetic Diagnosis (PGD)), Artificial Insemination (Intrauterine Insemination (IUI) and Intracervical Insemination (ICI)), and Surrogacy; Procedure - Frozen Donor, Frozen Non Donor, Fresh Donor, Fresh Non Donor, and Embryo Banking; End User - Fertility Clinics and Hospitals) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025".
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