The declining fertility rate, rising prevalence of delayed pregnancy, increasing disposable income, and growing awareness about in-vitro fertilization (IVF) treatment options are driving the IVF devices and consumables market. It gathered a revenue of $1.6 billion in 2016, and it is expected to grow at a 17.9% CAGR during the forecast period (2017–2023). The artificial fertilization of an ovum in a laboratory setting to be later implanted into the uterus is termed as in-vitro fertilization.
The key driving factor for the IVF devices and consumables market is the rising infertility rate, worldwide. In developing nations, one in every four couples is affected by infertility. As per the World Bank, the fertility rate came down to 2.4 in 2015 from 4.7 in 1970. Smoking, which has a negative impact on health, is a major cause of infertility. Smoking reduces the chances of pregnancy in women by 50.0%. The Human Reproduction Journal of the Oxford Press said that about 7.7 million women will be diagnosed with infertility by 2025.
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The IVF devices and consumables market is witnessing an increase in gamete donation. This is due to the rising health issues and increasing same-sex marriages. The financial benefits that donors receive are leading to the rise in sperm donation in the Asia-Pacific region. The success rate of IVF procedures performed using donated ova has increased by 24.0%, thereby driving the market forward.
Based on technique, the subdivisions of the IVF devices and consumables market are fresh embryo, donor egg, and frozen embryo. The fresh embryo IVF technique is expected to generate a revenue of $3.0 billion by 2023, exhibiting an 18.2% CAGR during the forecast period. Further, the end users are surgical centers, hospitals, clinical research institutes, and fertility clinics. In 2016, fertility clinics were the largest revenue accumulator with a 60.1% share. This category is also expected to lead the market during the forecast period due to the noticeable increase in the number of fertility centers, globally.
Therefore, the market for IVF devices and consumables is slated to advance during the forecast period, owing to technological advancements in IVF treatment, which are providing numerous infertile couples a chance to experience parenthood.