Global In-vitro Fertilization (IVF) Device Market – Overview
Infertility is a serious problem that our society is facing at present. In-vitro fertilization is and assisted reproductive technology which is commonly known as IVF and is a very common method for infertility treatment.
According to a recent study published by the Market Research Future analysts, the global In Vitro Fertilization Market is at a decent double digit growth rate. The growth of this market is mainly due to the rising cases of infertility, growing awareness of the in-vitro fertilization technology, and growing acceptance of IVF procedure. Apart from that, Medical tourism in developing countries like India, Singapore, Malaysia, Pakistan and few others are driving the market for IVF Device market in those regions.
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Furthermore IVF is one of the broadly known treatments, which has helped couples with infertility issues, single parents and the LGBT group to reproduce/procreate. The global IVF device market would witness a generous development in future attributed to rising rate of infertility cases, rising pattern of delayed pregnancies among women, innovative developments in IVF procedures/methods and expanded events of gamete donations.
On the other hand, there are some hindering factors which are restricting the market growth such as side effects and complications during procedure, high cost of procedure, high prices of devices, and lack of surety etc. The market is expected to show large opportunities in the coming future with the advancement of technology in developing countries and new products with increased accuracy. However, some of the challenges which the market is expected to face includes competition from new entrants or medical device industry giants entering the business or market and the continuous advancements in the product.
Key Players:
EMD Serono Inc. (U.S.), Irvine Scientific (U.S.), Cooper Surgical Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Genea Biomedx (Australia), Auxogyn Inc.(U.S.), Oxford Gene Technology (U.K), OvaScience Inc (U.S.), Vitrolife AB (Sweden), Cook Medical Inc.(U.S.), and Esco Micro Pte. Ltd (Singapore) are some of the prominent players at the forefront of competition in the global In-vitro fertilization (IVF) Device Market and are profiled in MRFR Analysis.
Global In-vitro Fertilization (IVF) Device Market- Competitive Landscape
Global In-vitro fertilization device market is a dynamic market with growing demand for the IVF procedures and the devices associated with the IVF treatment. There are number of companies involved in the in-vitro fertilization business. Companies are developing devices in order to accelerate the time of the procedure. Moreover some are developing software to enhance the accuracy of the IVF. Companies have adopted strategies such as product launches, mergers and acquisitions in order to sustain the competition and enhance the business.
In January 2022, A team of researchers from Worcester Polytechnic Institute (WPI) and Stanford University, developed a SPARTAN sperm sorting device that Could Improve IVF Success. The device uses an “obstacle course” to sort and select faster and healthier sperm cells which can be used in IVF treatment.
In November 2022, The Cooper Companies, Inc. announced the acquisition of Wallace, the in-vitro fertilization (IVF) segment of Smiths Medical by CooperSurgical. The acquisition provides strategic benefit to CooperSurgical’s existing IVF portfolio as Wallace brings the gold standard of embryo transfer catheters along with some of the premier products like oocyte retrieval needles.
In June 2022, CooperSurgical acquired Reprogenetics UK of Oxford, United Kingdom. Reprogenetics UK is a terrific addition to CooperSurgical’s industry leading ART portfolio of IVF and genetic testing solutions.
Regional Analysis:
Depending on geographic region, Americas region dominated the market of in-vitro fertilization (IVF) devices. The region is estimated to take more than 40% of the market share in the global market. This massive share is majorly attributed to the number of IVF companies based in this region. These companies are continuously developing new technologies to improve the efficiency of IVF procedure. Apart from that, rising rates of infertility in the American region, growing acceptance of the IVF technique for conceiving the child, and high disposable income of average population which can afford the high prices of the procedure. All these factors are creating high demand for the INF devices in the region which is ultimately boosting the market growth.
Europe is the second-largest market for IVF Device. This is mainly because of the financial support from the government for research and development in the region. Apart from that, increasing infertility rates and high demand for assisted reproduction technology in the region, and payer’s capacity to afford the high cost of the procedure have enhanced the market in the European region.
Asia Pacific is expected to be fastest growing market for IVF Device. Countries like India are going through a transitional phase where the transgender marriages are being accepted, LGBT population is getting there rights. People are accepting single parenting and promoting the use of in-vitro fertilization. These all factors have definitely impacted the growth of the IVF device market in this region. Apart from that, medical tourism business in the some of the Asian countries like Singapore, India and many others has been pushing the growth of the IVF industry in the region.
Middle East & Africa region is still in its budding stage in in-vitro fertilization device market. The major reason of this is the less infertility cases, and low demand for the IVF technology. Apart from that, lack of awareness, affordability issues, and lack of advanced medical infrastructure are some of the factors that thwart the growth of the IVF device market in these regions.
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