The human birth rate has dropped drastically from 4.979 births per woman in 1960 to 1.432 per woman in 2017, says the World Bank. A number of factors, including women as well as men’s individual health and lifestyle choices, are responsible for this. For instance, women who smoke carry 50% lesser chances of conceiving. Then, there are numerous fertility-related disorders and sexually transmitted diseases (STD), which also play a part. Therefore, to up their chances of having children, people are rapidly going for in vitro fertilization (IVF), which involves fertilizing the egg outside the human body and then transplanting the embryos in the uterus.
This is expected to propel the IVF devices and consumables market to $5.0 billion by 2023, from $1.6 billion in 2016, at a CAGR of 17.9% between 2017 and 2023. With the increasing demand for the procedure, the requirement for the various accessories, disposables, reagents, media, and instruments used for it will rise too. Among these, the highest increase in requirement would be seen for instruments in the coming years, as the preference for fast IVF procedures and easily usable equipment is increasing and the instruments are themselves undergoing advancements in their technology.
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Another reason for the robust rise in the demand for IVF devices and consumables in APAC is the growth of fertility tourism. Just like medical tourism, fertility tourism involves people from developed countries coming to developing nations to get the job done. The primary reason behind this is the high cost of artificial insemination procedures in developed countries. For instance, one IVF cycle costs $10,000–$15,000 in North America, whereas in Thailand, is costs merely $6,059, which is why people prefer developing countries to developed ones.
Hence, with some people not able to conceive naturally and others deliberately delaying the process, the requirement for the consumables and devices used in artificial insemination procedures will continue increasing.