Brussels, Belgium, June 13, 2022 (GLOBE NEWSWIRE) --
Description:
In-vitro fertilization (IVF) is a widely known type of assisted reproductive technology (ART) that involves complex series of procedures that are used to help with fertility or prevent genetic problems and assist with the conception of a child.
Covid-19 Impact on the In-Vitro Fertilization Market
The news of the outbreak of the Covid-19 virus adversely impacted the IVF market in terms of the number of treatments and fertility services as IVF clinics had to shut down their businesses to reduce the spread of the virus. The virus also halted IVF tourism in several cost-effective destinations. However, the global IVF market is now in a recovery phase due to the efforts of IVF clinics to meet the pent-up need that was caused by the canceled treatments.
The Covid-19 pandemic paved the way for digital adoption in the IVF sector to gain operational efficiency and telehealth adoption to survive and thrive in unprecedented times. To overcome the challenges caused by the virus, IVF clinics have cross-trained their staff and replaced physical patient interactions with digital communication. To resume operations, IVF clinics are now stringently following Covid-safety protocols and in-person consultations are fast being replaced with online consultations. IVF clinics are further expected to embrace the new-age model of online consultations and video consultations are likely to be the new norm in the in-vitro fertilization market.
Technological Advancements in IVF Devices Drives the In-Vitro Fertilization Market
The IVF market comprises an array of equipment, reagents & media, accessories, and technologies that continue to witness technological advancements. For instance,
- In May 2022, Cook Medical launched MINC+™ Benchtop Incubator for clinical embryologists and IVF clinics in the US and Canada. The MINC+ is the next generation of the MINC® Mini Incubator, a benchtop incubator that has been a standard component in IVF clinics for more than 20 years
Growing IVF Tourism Boosts the IVF Market
In recent years, there has been a growing trend toward IVF tourism. It is a type of medical tourism in which patients travel to other states or countries seeking fertility treatments in various forms. India, Spain, Czech Republic, Greece, Turkey, and Denmark have emerged as top IVF destinations. The key reasons why people travel abroad for IVF treatments are:
- Relatively lower cost of the treatment in another country
- Availability of well-equipped IVF clinics with high-class infrastructures and skilled professionals
- The treatments are not legally available in the home country or availability is limited
- Specific countries can provide the desired genealogy, among others
“IVF tourism is a key factor driving the IVF market. The growing prominence of lesser-known destinations such as Grand Cayman Island and Barbados due to favourable regulations, low treatment cost, and availability of PGD (pre-implantation genetic diagnosis) is a pivotal contributing factor propelling it’s the IVF market.” - Director, Leading IVF Equipment Manufacturer, United States
Organic and Inorganic Growth Strategies Adopted by Players to Establish Their Foothold
The players operating in the IVF market adopted both organic and inorganic growth strategies such as new product launches, and partnerships to garner market share. For instance,
- In February 2022, CooperSurgical entered into an $875 million deal to purchase Cook Medical's reproductive health portfolio, which includes medical devices for fertility, obstetrics, gynecology, and in vitro fertilization.
The outlook for the in-vitro fertilization market looks promising due to constant technological advancements in IVF devices, increasing government initiatives to promote IVF treatments, the emergence of new low-cost IVF tourism destinations, and the growing use of fertility treatment options by single parents and same-sex couples.
Competitive Landscape Analysis: In-Vitro Fertilization Market
The global in-vitro fertilization market is marked by the presence of players such The Cooper Companies Inc., Vitrolife, Thermo Fisher Scientific, Esco Medical, IVFtech ApS, FUJIFILM Irvine Scientific, Kitazato Corporation, FERTIPRO NV, Gynotec B.V., among others.
Explore Detailed Insights on In-Vitro Fertilization (IVF) Market @ https://meditechinsights.com/in-vitro-fertilization-ivf-market/
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