LONDON, Sept. 21, 2023 /PRNewswire/ -- According to a comprehensive research report by Brandessence Market Research (BMRC), "Assisted Reproductive Technology Market Size, Share & Trends Analysis Report By Product, Accessory & Disposable, Reagents & Media By Technology, By End-User Based On Region, And Segment Forecasts, 2022 - 2029". The Assisted Reproductive Technology Market was valued at USD 32.37 Billion in 2022 and expected to reach USD 63.88 Billion by 2029, amplifying with a CAGR of 10.2% over 2022-2029.
The market trend report curated by Brandessence Market Research aims at empowering industry participants with an extensive overview of this marketplace. It offers detailed insights into the key growth drivers, restraints, the market trends, opportunities, and challenges, that are shaping the profit trajectory of this industry vertical. A scrutiny of the listed segments and geographical landscape is entailed in this report. It further contains a country-wise breakdown of each region with detailed insights on the size of industry, revenue streams, opportunities, and projected market share, just to name a few. The report enumerates the key players operating in the market. It sheds light into the market size of a company, their product portfolio, market positioning, strategies, revenue, pricing trends, and other crucial aspects associated with each player.
Assisted reproductive technology is a cumulative term given to the set of medical techniques used to address infertility. This technology primarily involves the manipulation of sperms, eggs, and embryos. Common ART procedures include in vitro fertilization (IVF), artificial insemination intracytoplasmic sperm injection (ICSI), surrogacy fertility treatments, gamete intrafallopian transfer (GIFT), and zygote intrafallopian transfer (ZIFT). These procedures may involve the use of fertility drugs to stimulate ovulation, the collection and preparation of sperm and eggs, and the transfer of embryos to the uterus. ART has enabled millions of couples and individuals to conceive a child, but it is not without risks or ethical considerations. Some of the risks associated with ART include multiple pregnancies, ovarian hyperstimulation syndrome, and ectopic pregnancy. The ethical considerations surrounding ART include issues related to the selection of embryos for transfer, the disposition of unused embryos, and the possibility of creating designer babies.
Key Takeaways:
- The growing prevalence of infertility among both men and women, changing lifestyle trends of the masses, and rising cognizance about the benefits of ART are aiding market growth.
- By product, the accessory & disposable segment is reckoned to amplify substantially due to the growing number of people facing infertility issues.
- Europe is anticipated to lead the region in terms of revenue owing to the growing prevalence of infertility, presence of skilled professionals in the field.
Assisted Reproductive Technology Market Scope:
Report Metric | Details |
Assisted Reproductive Technology Market Revenue forecast in 2029 | USD 63.88 Billion |
Market Size in 2022 | USD 32.37 Billion |
Market Growth Rate | CAGR of 10.2% over the forecast period. |
Base Year | 2021 |
Study Period | 2022-2029 |
Key Players/Companies | Cook Medical Inc., Fujifilm Holdings Corporation (Irvine Scientific Sales Company, Inc.), Genea Biomedx, Merck KGaA (EMD Serono, Inc.), Millendo Therapeutics, Inc., Oxford Gene Technology, Progyny Inc., The Cooper Companies, Inc. (CooperSurgical, Inc.), Thermo Fisher Scientific, Inc., Vitrolife AB, others |
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Assisted Reproductive Technology Market is valued at USD 32.37 Billion in 2022 and is expected to accumulate a projected market share of USD 63.88 Billion by 2029 with a CAGR of 10.2% over the forecast period.
Elaborating the key trends and dynamics of this market:
The growing prevalence of infertility among both men and women, changing lifestyle trends of the masses, and rising cognizance about the benefits of ART are primarily augmenting the outlook of this business sphere. Alongside, increasing healthcare expenditure worldwide, rising pervasiveness of lifestyle and chronic ailments which eventually lead to reproductive issues, along with technological advances in the field are leading to an increased market size market share. Moreover, rising R&D activities in the field, growing instances of same-sex marriage legalization, coupled with rapidly evolving healthcare infrastructure are aiding the expansion of Assisted Reproductive Technology Market.
Major Growth Drivers:
Rising Prevalence of Infertility:
There has been a growing prevalence of infertility and other reproductive issues across the globe. This is predominantly ascribed to the unhealthy lifestyle habits of the masses, genetic issues, rising occurrences of lifestyle and chronic diseases, and rising stress levels, among others. Apart from that, delayed childbearing due to professional or personal issues and environmental factors are also resulting in reproductive issues among the masses. This in turn has increased the demand for assisted reproductive technology as it is effective in helping infertile couples to conceive.
Growing ART Awareness Levels:
As more people become aware of the availability and effectiveness of ART, there is a growing acceptance of these technologies as a viable option for couples struggling with infertility. This increased awareness and acceptance are driving demand for ART services, particularly in developed countries where access to these technologies is more widespread. Also, government authorities are making robust investments to cater to the development of the healthcare sector. These factors together are stimulating the outlook of Assisted Reproductive Technology Market.
Challenges:
High Cost:
The high expense associated with ART is hindering the remuneration scope of this industry. People with limited income levels cannot afford to undergo advanced fertility treatments. Apart from that, healthcare facilities also various regions do not have enough fund to accommodate ART based treatments. Also, lack of skilled individuals, absence of proper awareness and social stigma associated with fertility treatments are further obstructing industry growth.
Competitive Landscape of Assisted Reproductive Technology Market:
The noteworthy players operating in this industry vertical are-
- Cook Medical Inc.
- Fujifilm Holdings Corporation (Irvine Scientific Sales Company, Inc.)
- Genea Biomedx, Merck KGaA (EMD Serono, Inc.)
- Millendo Therapeutics, Inc.
- Oxford Gene Technology
- Progyny Inc.
- The Cooper Companies, Inc. (CooperSurgical, Inc.)
- Thermo Fisher Scientific, Inc.
- Vitrolife AB
- Others
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Segmental Assessment:
By product, the accessory & disposable segment has emerged as one of the fastest growing product segments due to the growing number of people facing infertility issues and escalating demand for in vitro fertilization procedures.
Based on technology, the in-vitro fertilization is slated to dominate the market in terms of volume share. This is ascribed to the decreasing costs of IVF procedures and growing trends of delayed pregnancy, among others.
Geographical analysis & landscape:
Europe Assisted Reproductive Technology Market:
Europe is anticipated to lead the region in terms of revenue share. This is attributable to the growing prevalence of infertility, presence of skilled professionals in the field, and technological advancements in the field.
North America:
North America is reckoned to capture a substantial market share over 2022-2029. This is credited to the rising instances of same-sex marriage recognition, growing disposable income levels of the masses, and increased healthcare spending in the region.
Opportunities:
High demand for genetic testing:
There has been an elevating demand and acceptance of genetic screening among couples undergoing ART. Rapid advancements in genetic testing technologies are create a fertile ground for businesses to offer specialized genetic testing services within the Assisted Reproductive Technology Market. This not only benefits couples seeking fertility treatments but also contributes to the overall improvement of reproductive healthcare. These factors together are creating lucrative market growth opportunities.
Major Developments in Assisted Reproductive Technology Market:
In September 2019, Monash IVF Group announced the acquisition of a fertility services provider based in Queensland named Buderim.
Porter's Five Forces Analysis:
Threat of New Entrants:
The threat of new entrants in the Assisted Reproductive Technology Market is relatively low. This is due to the significant barriers to entry. Establishing a presence in this market requires substantial financial investment to acquire specialized equipment, set up facilities, and employ skilled personnel. Also, newcomers must navigate complex regulatory requirements and meet stringent healthcare standards, which can be a time-consuming and costly process.
Bargaining Power of Suppliers:
Bargaining power of suppliers in the ART market is moderate. While ART clinics rely on specialized equipment and materials, there are several suppliers available, reducing dependency on any single source. This allows for some negotiation on pricing and quality, but overall, suppliers do not hold overwhelming leverage.
Bargaining Power of Buyers:
The buyers witness a high bargaining power in this market. Patients have a wide range of ART clinics and providers to choose from, enabling them to easily compare services, success rates, and costs. This abundance of choice gives patients substantial influence over their selection and the ability to negotiate competitive prices.
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Threat of substitutes:
There is a moderate threat of substitutes in the Assisted Reproductive Technology Market. While traditional methods and adoption are alternatives to ART, they often yield lower success rates in treating infertility. Patients typically opt for ART due to its higher chances of success.
Competitive Rivalry:
Competitive rivalry is high among ART clinics and providers. This intense competition fosters ongoing innovation and improvements in service quality. Providers strive to differentiate themselves through higher success rates, superior patient care, and the adoption of cutting-edge technology, ultimately benefiting patients with better options and outcomes.
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