Portland, OR, Dec. 14, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global IVF devices and consumables market generated $1.85 billion in 2020 and is anticipated to reach $10.13 billion by 2030, manifesting a CAGR of 19.7% from 2021 to 2030. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players.
Delayed pregnancies, increase in global infertility rates, rise in disposable income, technological progress in IVF devices, surge in gamete donation, increase in success rates, and rise in healthcare expenditure worldwide fuel the global IVF devices and consumables market growth. On the other hand, cost constraints, complications associated with IVF treatment, and lower awareness levels hinder the growth of the market. On the contrary, a rise in the trend of fertility tourism, high growth potential in emerging countries, rise in the number of fertility clinics, and increase in same-sex marriage create lucrative market opportunities.
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Impact of COVID-19 on IVF Devices and Consumables Market-
- The COVID-19 pandemic had a negative impact on the growth of the global IVF devices and consumables market due to lockdown implementation.
- The COVID-19 pandemic put pressure on the healthcare systems in the world, owing to rise in the number of COVID-19 cases.
- During the pandemic, non-essential medical procedures were canceled including in vitro fertilization. This negatively impacted the market.
- All the embryo transfer procedures were halted due to rise in the incidence of COVID-19 cases. This caused a decline in the growth of the IVF devices and consumables market.
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The report segments the global IVF devices and consumables market on the basis of technology, product, end-user, and region.
Based on the technology, the fresh embryo IVF segment contributed to the highest market share in 2020, attributing to nearly two-thirds of the total market share, and is anticipated to dominate the market during the forecast period. The same segment is expected to manifest the fastest CAGR of 20.2% from 2021-2030. The report also covers other segments such as frozen embryo IVF, donor egg IVF.
Based on end-user, the fertility clinics segment contributed to the highest market share in 2020, attributing to nearly three-fifths of the total market share, and is anticipated to lead during the forecast period. The same segment is expected to manifest the fastest CAGR of 20.3% from 2021-2030. The report also covers other segments such as hospitals, surgical centres, and clinical research institutes.
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Based on region, Asia-Pacific, followed by Europe and North America contributed to the highest share in 2020, holding nearly two-fifths of the total share, and is expected to lead during the forecast period. The global IVF devices and consumables market across the Asia-Pacific region is anticipated to exhibit the fastest CAGR of 20.9% during the forecast period. The report covers the North America, Asia-Pacific, Europe, and LAMEA region.
Key players of the global IVF devices and consumables market analyzed in the research include Cook Medical Inc., Sysmex Corporation, Tempest Therapeutics, Inc., Genea Limited, Progyny Inc., Fujifilms Holdings Corporation, The Cooper Companies, Inc., Thermo Fisher Scientific, Inc., Merck KGaA, and Vitrolife AB.
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