Pune, India, Aug. 09, 2018 (GLOBE NEWSWIRE) -- Fertility Services Market Detail Overview:
The Global Fertility Services Market is projected to experience growth at a CAGR close to 8.50% and reach a significant valuation over the forecast period of 2018-2023, reveals Market Research Future (MRFR) in a minutely analyzed report. Growing urbanization, and changing, unhealthy lifestyles have affected the fertility rate consequently which intensifies the need for adopting fertility services. With the rise in female literacy rate, women are increasingly joining the workforce which results in delayed marriages and late conception.
Moreover, factors such as the prevalence of ovulatory disorders, and excessive smoking and alcohol intake among women are also significant causes for infertility among women which has escalated in the fast few years and driven the fertility services market. Fertility services are comparatively less expensive in emerging markets such as Asia Pacific and MEA. It encourages medical tourism and boosts the market growth.
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There has been a significant rise in the numbers of male fertility rates caused by an unhealthy lifestyle and smoking and drinking habits. Advancements in fertility treatments have also boosted the market growth. However, the market growth might be hindered by high procedural costs and stringent surrogacy laws, but, favorable reimbursement scenario is expected to reflect positively on the market growth over the forecast period.
Competitive Landscape
The Global Fertility Services Market is currently dominated by a few players who are focusing on expanding their footprint on the market via partnerships and collaborations. The global fertility services market is highly competitive Notable players in the global fertility services market include Merck KGaA (Germany), Irvine Scientific (U.S.), CARE Fertility Group Limited (U.K.), Vitrolife (U.S.), Cook Medical (U.S.), CooperSurgical Inc (U.S.), Ferring Pharmaceuticals Inc. (U.S.), and Monash IVF Group Limited.
Industry Updates
In July 2018, Gina Bartasi, former founder of Progyny, launched a new women's healthcare company that offers fertility solutions in New York and New Jersey. Named Kindbody, the company team comprises of veteran executives from the medical field.
In July 2018, Ovation Fertility announced a partnership with Midwest Fertility Specialists, the largest fertility center in Indiana. Through this partnership, both the companies will merge their laboratory and will help increase Ovation Fertility's presence in the Midwest.
Segmentation
The Global Fertility Services Market has been segmented based on underlying causes and type of treatment. By underlying causes, the market has been segmented into male fertility and female infertility. The female fertility segment is dominating the market owing to factors such as the elapsed age of motherhood, endometrial tuberculosis, prevalence of obesity, and other medical conditions among females. By type of treatment, the market has been segmented into assistive reproductive technology (ART) and infertility drugs. The ART segment has been further segmented into artificial insemination, in-vitro fertilization (IVF), frozen embryo replacement (FER), and others. ART is the leading segment owing to high success ratio of ART procedures which makes it the preferred treatment for infertility. Besides, IVF treatments have a high adoption rate since it is increasingly being covered under most reimbursement policies.
APAC: Improvement in Healthcare Infrastructure to Fuel Market Growth
The key regions in the Global Fertility Services Market include the Americas, Europe, Asia Pacific, and the Middle East & Africa. Europe is the largest market for fertility services and accounts for 34.6% share of the global market. Presence of a high number of IVF clinics & laboratories, low fertility rates and delayed marriages in the region will help Europe to achieve a growth rate of 8.50% over the forecast period. In addition, government funding and favorable reimbursement policies for fertility treatments support the growth of the market in Europe.
Geographical Overview:
The Americas are the second largest market for fertility services. The region has a robust healthcare sector and is technologically advanced which contributes to the growth of the market. Moreover, falling birth rates, the prevalence of infertility support the growth of the market. However, limited availability of donors and surrogates, stringent government regulations pertaining to fertility services such as embryo transfer and high expense of fertility services in the region are hindrances to the market growth. Asia Pacific is slated to emerge as the fastest growing market for fertility services over the forecast period.
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The Asia Pacific market is likely to expand over the forecast period due to factors such as improving healthcare infrastructure, adoption of advanced healthcare technologies, and prevalence of infertility in the region. The cost of fertility treatments are considerably low in the region which encourages medical tourism for fertility services; however, lack of proper reimbursement policies and strict legal and ethical concerns regarding fertility treatments are impediments to the growth of the Asia Pacific market. The Middle East & Africa market is expected to witness steady growth over the forecast period. The governments in the MEA region have endeavored to educate and raise awareness among people regarding infertility complications. Moreover, available treatment options and a substantial investment in the healthcare sector acts as a tailwind for the fertility services market.
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Global Infertility Market Information Report; by Sex (Males, Females And Unexplained), By Diagnosis (Men Diagnostic Tests (Semen Analysis, Genetic Testing, Testicular Biopsy, And Other) And Women Diagnostic Tests (Hysteroscopy, Laparoscopy, Ovulation Testing, Hysterosalpingography And Others)) And General Diagnostic Tests (Genetic Testing, Hormone Testing, Microscopic Analysis, Imaging, And Others), By Drugs (Clomiphene Citrate, Letrozole, Serophene, Hormone Treatment And Others), By Techniques (Assisted Reproductive Technology (Art), Intrauterine Insemination, And Surgery (Laparoscopic Or Hysteroscopic Surgery, Tubal Surgeries And Others) And Others) - Forecast To 2023
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