Portland, OR, May 12, 2021 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Fertility Services Market by Procedure (IVF with ICSI, IUI, IVF without ICSI, Surrogacy, and Others), Service (Fresh Non-donor, Frozen Non-donor, Egg & Embryo Banking, Fresh Donor, and Frozen Donor), and End User (Fertility Clinics, Hospitals, Surgical Centers, and Clinical Research Institutes): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global fertility services industry garnered $20.38 billion in 2019, and is expected to generate $25.70 billion by 2027, witnessing a CAGR of 15.9% from 2020 to 2027.
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Drivers, restraints, and opportunities
Continuous decline in fertility rates, delayed pregnancies in women, and technological advancements with respect to fertility treatment drive the growth of the global fertility services market. However, high treatment costs in developed countries and inadequate reimbursement policies hinder the market growth. On the other hand, surge in fertility tourism creates new opportunities in the coming years.
Covid-19 Scenario
- Most of the fertility clinics across the globe stopped taking new cases of infertility treatment during the Covid-19 pandemic due to the possibility of cross-contamination.
- Surgeries were conducted only in extreme cases due to the reallocation of staff to take care of Covid-infected patients. Non-urgent surgeries were postponed. In addition, R&D activities for fertility treatments were stopped in many countries as the focus shifted to Covid patients.
The IVF with ICSI segment to continue its lead position throughout the forecast period
Based on procedure, the IVF with ICSI segment accounted for the largest market share in 2019, contributing to nearly three-fifths of the global fertility services market, and is expected to continue its lead position throughout the forecast period. Moreover, this segment is estimated to portray the highest CAGR of 16.7% from 2020 to 2027. This is due to availability of healthcare facilities and rise in healthcare and research expenditure.
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The fresh non-donor segment to continue its leadership status during the forecast period
Based on services, the fresh non-donor segment held the largest share in 2019, accounting for more than half of the global fertility services market, and will continue its leadership status during the forecast period. This is attributed to low cost, less stress, and convenience offered by this service. However, the egg & embryo banking segment is expected to witness the fastest CAGR of 18.1% from 2020 to 2027, owing to ability to retrieve eggs from women and freeze them directly to fertilize in the near future.
Asia-Pacific, followed by North America, maintain its dominance in terms of revenue by 2027
Based on region, Asia-Pacific, followed by North America, held the highest share in terms of revenue in 2019, accounting for nearly half of the global fertility services market, and will maintain its dominance in terms of revenue by 2027. Moreover, this region is expected to register the highest CAGR of 18.1% during the forecast period. This is attributed to rise in fertility tourism, increase in number of fertility clinics, and opportunities from emerging countries.
Leading Market Players
- Apollo Hospitals Enterprise Ltd.
- Carolinas Fertility Institute
- Care Fertility Group
- The Johns Hopkins Health System Corp.
- Genea Limited
- Monash IVF Group
- Medicover Group
- Progyny Inc.
- OvaScience Inc.
- Xytex Cryo International
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